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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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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SociÃ©tÃ© GÃ©nÃ©rale said a junior trader who racked up more than $7 billion in losses misused computer access codes and falsified documents.
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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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Global stocks posted fresh gains on Friday, shrugging off an astounding $7 billion fraud at French bank Societe Generale, while commodities rallied as a U.S. tax stimulus package helped ease recession fears.
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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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A look at how Societe General's trading scandal unfolded:
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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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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 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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Global share prices rocketed Thursday, though fears of an economic slowdown lingered and markets were nervous as Societe Generale revealed a massive 7.15-billion-dollar fraud-related loss.
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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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French bank Societe Generale loses billions of dollars through fraud by one of its Paris-based traders.
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PARIS, Jan. 29 -- The 31-year-old trader accused of causing $7.1 billion in losses at France's Societe Generale bank told police investigators that his financial deals were so big that his bosses had to know about them, according to transcripts published Tuesday on two French Web sites.
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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 disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market 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.