French Minister Says Societe Generale Controls Failed
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PARIS, Feb. 4 -- French Finance Minister Christine Lagarde gave Societe Generale a mild rebuke Monday in a report that largely backs up the bank's account of how it lost $7.1 billion last month in the largest trading scandal in banking history.
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The board of French bank Societe Generale met Wednesday with its top executive under intense pressure over the loss of $7.09 billion blamed on a rogue trader.
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Pressure mounted on Societe Generale on Monday as a prosecutor said rogue trader Jerome Kerviel was questioned about his trades in November, and as investors sued the French bank for insider trading.
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French bank Societe Generale has lost $10bn, the bulk of which was lost through fraud by a trader.
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Societe Generale said Sunday that a trader who evaded all its controls to bet $73.5 billion Â more than the French bank's market worth Â on European markets hacked computers and "combined several fraudulent methods" to cover his tracks, causing billions in losses.
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Financial institution failed to operate effective security measures to protect customers from data theft, government watchdog agency says.
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Societe Generale , the French  bank hit by a trading scandal, faced further pressure on Monday  with a government report set to criticize its risk control and  as an unrelated money-laundering trial starts.
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Exchange officials warned Societe Generale about Jerome Kerviel's deals late last year, a Paris prosecutor said on Monday, piling pressure on the French bank to explain how the junior trader almost brought it down.
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French bank Societe Generale disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses.
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French bank Societe Generale defended its handling of the world's biggest trading scandal on Sunday, but admitted its risk systems had failed to detect a 50-billion-euro ($73.3 billion) market bet by a lone trader.
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Societe Generale , the French bank hit by a trading scandal, faced further pressure on Monday with a government report set to criticize its risk control and as an unrelated money-laundering trial starts.
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Societe Generale is in crisis, France's economy minister said on Tuesday of the bank hit by losses piled up by a rogue trader, questions over its leadership, takeover speculation and a falling stock price.
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Internal controls at Societe Generale "did not work," French Finance Minister Christine Lagarde said Monday as she delivered a report on the multi-billion dollar rogue trade scandal at the bank.
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French bank Societe Generale faced tough  questions on Friday over how it failed to spot the biggest  rogue dealing fraud in history, in which a single young trader  triggered a $7 billion loss under the noses of top executives.
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The French government will not allow the crisis-hit bank Societe Generale to be the target of a "hostile" takeover bid, Prime Minister Francois Fillon warned on Tuesday.
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France&#039;s Industry Minister on Tuesday  expressed &quot;enormous caution&quot; over any future tie-up between  carmakers Renault  and General Motors .
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France warned foreign banks on  Tuesday not to try to grab control of Societe Generale  , as speculation of a takeover approach by rival BNP  Paribas  drove its shares more than 10 percent higher.