SocGen reveals how it was duped in trading scam
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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 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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French bank Societe Generale said Friday that the rogue trader who cost the bank $7.14 billion had been trading with a far bigger pool Â tens of billions of dollars.
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Profit-crazed traders, controllers out of their depth and executives who turn a blind eye: a former inspector at Societe Generale paints a damning picture of trading room anarchy at the scandal-hit bank.
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Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his supervisors and run up a $7 billion loss.
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A rogue trader who cost France's Societe Generale bank more than $7 billion by making bad stock market bets had been gambling on a much larger scale, officials said Â tens of billions of dollars of the bank's money.
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French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said.
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France's Societe Generale says fraud was hidden using "sophisticated and varied techniques."
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French bank Societe Generale , at the centre of a huge trading scandal, began investigating trades executed by junior trader Jerome Kerviel months before his unauthorized activities were exposed in January, the Financial Times reported.
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The French government demanded a full accounting Friday of how a rogue trader at Societe Generale managed to lose 7.0 billion dollars, as it emerged he gambled on over 73 billion dollars -- more than the bank's current value.
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Jerome Kerviel, the trader blamed by  Societe Generale for heavy losses, had a trading deficit of 2.2  billion euros ($3.2 billion) as early as June last year, an  adviser to his lawyer told Paris Match.
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Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital
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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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PARIS â A transcript of conversations between JÃ©rÃ´me Kerviel, the trader whom SociÃ©tÃ© GÃ©nÃ©rale says cost it nearly 5 billion euros ($7.2 billion), and a broker at one of the bankâs subsidiaries suggests that the second man had an intimate knowledge of Mr. Kervielâs surreptitious trading and that Mr. Kerviel was well aware of the gravity of his actions.
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French bank Societe Generale has admitted that a gap in control systems allowed a junior trader to take a $73 billion losing bet on European share prices, but defended its handling of the world's biggest trading scandal.
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France's financial market regulator said Tuesday that it has opened an investigation into French bank Societe Generale, which announced last week that the actions of a rogue trader caused it nearly euro5 billion (US$7 billion) in losses.
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French bank Societe Generale faced tough questions on Friday over how it failed to spot the biggest dealing scandal in history in which a lone trader triggered a $7 billion loss under the noses of top executives.