SocGen humbled by rogue trader scandal
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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.
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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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PARIS -- Some internal controls at Societe Generale failed or were not heeded before the banking giant suffered billions in losses precipitated by a rogue trader, French Finance Minister Christine Lagarde said Monday.
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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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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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Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.
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Societe Generale on Monday unveiled its bid to raise 5.5 billion euros to plug a hole left by a rogue trader scandal that dented confidence in the French bank and left it exposed to takeover bids.
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Will the SEC get in on the act? SociÃ©tÃ© GÃ©nÃ©rale may face a US inquiry on its handling of the rogue trader scandal that cost the company â¬4.9bn ($7.2bn).â¦
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In what appears to be the largest trading fraud ever carried out by a single person, a young trader at French bank Societe Generale is accused of making unauthorized bets on stock markets that cost the bank nearly $7.2 billion but may not have netted him a cent.
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The dealer blamed for a seven-billion dollar rogue trader loss at French bank Societe Generale told AFP Tuesday he had got "a bit carried away," but refused to be made a scapegoat for the whole scandal.
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Societe Generale chairman Daniel Bouton defended the bank's management in an interview published Saturday, saying the rogue trader scandal was not the fault of strategic errors.
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French police searched the apartment of the Societe Generale dealer blamed for running up a $7 billion loss on Friday, but his family said he was a scapegoat for the world's worst rogue trading scandal.
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A look at how Societe General's trading scandal unfolded:
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French trader Jerome Kerviel said on Tuesday he refuses to be a "scapegoat" for multi-billion euro rogue trade losses at Societe Generale bank, in an exclusive interview with AFP.
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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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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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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.