Internal controls failed at Societe Generale, says finance minister
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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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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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The junior trader blamed for causing a $7 billion loss at French bank Societe Generale faced a second day of questioning on Sunday by finance police, who said he was cooperating with their inquiry.
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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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The junior trader blamed for causing a $7  billion loss at French bank Societe Generale faced a second day  of questioning by finance police on Sunday.
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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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French bank Societe Generale loses billions of dollars through fraud by one of its Paris-based traders.
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Scandal-hit Societe Generale shares the plight of people who take out an insurance policy to cover the remotest eventuality only to find it pays out a pittance, the French bank disclosed on Monday.
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Trader blamed for â¬4.9bn loss at SociÃ©tÃ© GÃ©nÃ©rale being questioned, reports say
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French banking giant Societe Generale said Thursday a single trader who fooled his bosses carried out a massive 4.9 billion euro (7.15 billion dollar) fraud -- one of the biggest in financial history.
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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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Exchange officials warned Societe Generale about rogue trader Jerome Kerviel's deals late last year, a Paris prosecutor said, piling pressure on the French bank to explain why his trades were not discovered sooner.
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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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Financial institution failed to operate effective security measures to protect customers from data theft, government watchdog agency says.
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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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Societe Generale was warned about alleged rogue trader Jerome Kerviel last year, a prosecutor says.
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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 bosses and run up a $7 billion loss -- while his family said he had been made a scapegoat.