SocGen trader questioned for second day
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A junior dealer detained over the biggest fraud in banking history is helping investigators, police said on Sunday, as his employer revealed that he had bet 50 billion euros ($73.3 billion) of its money on illicit trades.
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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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A rogue trader who cost France's Societe Generale bank more than $7 billion by making bad stock market bets was taken into custody on Saturday for questioning, judicial officials said.
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Societe Generale has uncovered a fraud by one of its traders which will have a 4.9-billion-euro ($7.16 billion) negative impact on the group, France's second-largest listed bank said on Thursday.
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A senior prosecutor recommended that Daniel Bouton be questioned by judges in connection with accusations he has made about a rogue traderâs role in SociÃ©tÃ© GÃ©nÃ©raleâs  loss of billions of euros.
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Police have taken into custody the trader blamed for a $7 billion fraud at French bank Societe Generale, a judicial source said on Saturday.
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A senior prosecutor recommended that Daniel Bouton be questioned by judges in connection with accusations he has made about a rogue traderâs role in SociÃ©tÃ© GÃ©nÃ©raleâs loss of billions of euros.
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French rogue trader Jerome Kerviel, whose unauthorised deals at Societe Generale cost the bank billions of euros, was taken into custody Friday after a court hearing in Paris, his lawyer said.
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A second trader suspected of involvement in the multi-billion dollar losses at Societe Generale bank was taken Saturday for questioning by judges.
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French detectives interrogate trader who could have dealt with JÃ©rÃ´me Kerviel
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A French court on Friday ordered the detention of rogue trader Jerome Kerviel as the investigation into multi-billion dollar trading losses at Societe Generale bank widened with a second suspect held for questioning.
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French police had a second trader in custody Friday in their probe of trades that led to massive losses at bank Societe Generale, the newspaper Le Monde reported.
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French police were holding a second person for questioning about the loss of billions at bank Societe Generale, a judicial official said Friday.
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France stepped up efforts to restore confidence in the banking system as Societe Generale faced tough questions on Friday over why it failed to prevent the biggest financial dealing scandal in history.
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The trader accused of costing French bank Societe Generale $7.2 billion (3.7 billion pound) may yet carve out a new career for himself, judging by Thursday's bidding war for interviews with Nick Leeson, who brought down Barings.
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Business & money: Â· Doubt cast on SocGen claim of single perpetratorÂ· Employee of financial services firm is held
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The board of Societe Generale was expected to decide on Wednesday whether to ditch its chairman in the wake of rogue trading losses, with the future of France's second-biggest listed bank at stake as the government warned off predators.