Societe Generale says single trader responsible for 4.9 billion fraud
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Societe Generale said Thursday that a single trader was responsible for a massive 4.9 billion euro (7.15 billion dollar) fraud at the French banking giant.
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Police on Saturday questioned the young trader blamed for a massive fraud that cost France's Societe Generale bank more than $7 billion, as the country's president accused global financial institutions of having "gone haywire" and urged common sense.
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Societe Generale faces growing  embarrassment after it emerged the French bank was warned last  year about the suspect activities of Jerome Kerviel and its key  fraud accusation against the 31-year-old trader collapsed.
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Societe Generale was warned about alleged rogue trader Jerome Kerviel last year, a prosecutor says.
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French bank Societe Generale said Thursday it has uncovered a $7.14 billion fraud Â one of history's biggest Â by a single futures trader who fooled investors and overstepped his authority.
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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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The trader accused of making fraudulent transactions that cost Societe Generale &#8364;4.9 billion ($7.2 billion) hacked computers and used "several techniques of fraud," the French banking giant says.
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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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The biggest rogue trader scandal in history hit Societe Generale on Thursday as the French bank accused a junior employee of a fraud costing $7 billion.
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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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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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The trader alleged to have cost French Bank Societe General 4.9 billion euros in unauthorised financial deals was being questioned in police custody Saturday, a judicial source said.
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French bank Societe Generale said Thursday it has uncovered a 4.9 billion euro ($7.14 billion) fraud Â one of history's biggest Â by a single futures trader whose scheme of fictitious transactions was discovered as stock markets began to stumble in recent days.
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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 detailed Sunday how a young trader evaded all its controls to bet some $73 billion Â more than the French bank's market worth Â saying he hacked computers and used other "fraudulent methods" to cover his tracks, causing billions of dollars in losses.
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A failure of internal controls at Societe Generale contributed to the bank's multi-billion-dollar rogue trade scandal, France's finance minister said Monday, calling for tougher penalties for breaches of regulations.
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A second broker suspected of involvement in the Societe Generale affair appeared before French judges Saturday on suspicion of knowing about the multi-billion-euro losses being made by rogue trader Jerome Kerviel, a judicial source said.