SocGen was warned about rogue trader last year
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Exchange officials warned Societe Generale about Jerome Kerviel's deals late last year, a Paris prosecutor said, piling pressure on the French bank to explain how his rogue trades were not uncovered earlier.
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French bank Societe Generale said fraud by a single trader had caused it a 4.9 billion euro ($7.1 billion) loss and that it would seek emergency funds as a result, shocking battered markets.
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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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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 rogue trader Jerome Kerviel, whose unauthorised deals at Societe Generale cost the bank billions of euros, was taken into custody Friday after a court hearing in Paris, his lawyer said.
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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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â¢ 2008: French bank Societe Generale uncovers an alleged $7.14 billion fraud by a futures trader who fooled investors and overstepped his authority.
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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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A junior computer whiz at French bank Societe Generale was accused of racking up a $7 billion loss in bad bets on stocks in the biggest trading scandal in banking history.
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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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Documents suggest that a trader at SociÃ©tÃ© GÃ©nÃ©rale was aware of JÃ©rÃ´me Kervielâs surreptitious trading and that Mr. Kerviel understood the gravity of his actions.
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French bank Societe Generale faced tough questions on Friday over how it failed to spot the biggest rogue dealing fraud in history, in which a single young trader triggered a $7 billion loss under the noses of top executives.
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Societe Generale (SocGen) , hit by massive losses it blamed on rogue trades, braced for fresh criticism on Tuesday after a government report highlighted major failings in its risk controls.
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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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France appeared on a collision course with the European Union on Thursday after Brussels warned Paris not to interfere with any foreign bids for Societe Generale in the wake of its rogue trading losses.
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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 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.