SocGen reels from record $7 billion rogue trader fraud
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A "massive fraud" by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash.
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The trader blamed for a $7 billion fraud at French bank Societe Generale is not on the run and will be questioned at an appropriate moment, the Paris prosecutors' office said on Saturday.
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French Finance Minister Christine Lagarde said Societe Generale followed market rules when it unwound unauthorized transactions by a rogue trader in a move that cost the bank billions, but urged tighter controls on banks in France.
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Senior French politicians stepped up calls for top managers at SociÃ©tÃ© GÃ©nÃ©rale to resign over a rogue traderâs deals that cost the bank more than $7 billion.
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French bank Societe Generale described Sunday how one of its traders allegedly carried out a $7.2 billion (&#8364;4.9 billion) fraud, how the loss came to light and what it is doing to ensure such a case does not recur.
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PARIS, Feb. 8 -- A French futures trader was jailed Friday while investigations continued into the billions of dollars in losses he is accused of causing at Societe Generale bank.
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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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The trader at the centre of a massive trading scandal reportedly says Societe Generale must have known of his risk taking.
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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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Societe Generale Chairman Daniel Bouton told a newspaper the French bank would overcome its "shock" at having discovered an alleged $7 billion euro (10.3 billion pound) internal fraud.
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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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Feds allege 1.7 million stolen credit card numbers were involved in global scam.
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Societe Generale said Sunday that a rogue trader suspected of incurring massive losses at the French bank held positions worth about 50 billion euros (73 billion dollars) when he was uncovered.
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Employee shareholders at Societe Generale said Wednesday they had started legal action following a multi-billion-euro rogue trader scandal at the French bank.
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The French bank said that the fraud had been committed by a trader in charge of hedging on European index futures.
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The day that SociÃ©tÃ© GÃ©nÃ©rale said JÃ©rÃ´me Kerviel, a rogue trader, had cost it billions, it announced a large subprime-related write-down.
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France's Societe Generale says fraud was hidden using "sophisticated and varied techniques."