French government demands answers on rogue trade scandal
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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 police questioned a junior trader on Saturday blamed for causing a $7 billion loss at bank Societe Generale after keeping his superiors in the dark for months about thousands of illicit deals.
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France's involvement in Ivory Coast receives sceptical scrutiny in several papers.
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The French government Sunday scrambled to develop a response to kidnappers who grabbed two French journalists in Iraq, demanding Paris revoke a law banning Islamic head scarves in public schools.
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France's economy minister said Societe Generale, reeling from losses blamed on a rogue trader, is in crisis and may need to ditch its chairman.
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Lawmakers are questioning whether a French bank failed to comply with U.S. money-laundering laws, possibly helping Saddam Hussein manipulate the &#36;60 billion U.N. oil-for-food program. The bank denies any wrongdoing.
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France has reported a big increase in its trade deficit to a record of 29.2 billion euros (37 billion dollars), but Trade Minister Christine Lagarde blamed high oil prices.
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[World News]: New Delhi, Oct 27 : French Foreign Minister Michel Barnier Wednesday pressed Indian leaders for an early conclusion to a deal on selling submarines to New Delhi as an embarrassing controversy continued on alleged kickbacks paid in the sale
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Federal prosecutors are looking for U.S. ties to French bank Societe Generale's  trading scandal, for example transactions that went through a U.S. broker, The Wall Street Journal reported on Wednesday.
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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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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 the trades were not discovered earlier.
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Financial police in Paris were to question a trader who caused a $7.2 billion loss at SociÃ©tÃ© GÃ©nÃ©rale, officials said.
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The French government piled pressure on Societe Generale's chairman Tuesday over multi-billion dollar losses at the bank for which rogue trader Jerome Kerviel was charged.
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France complained to the United States over accusations that French nationals and businesses took bribes from Iraq made in a report by the chief US weapons inspector.
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French investigators were set to question accused rogue trader Jerome Kerviel for a third day Monday before deciding whether to release or place him under formal investigation over an alleged seven-billion-dollar fraud at Societe Generale.
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Dramatic new details of France&#39;s secret dealings with Saddam Hussein&#39;s regime have emerged as part of a fresh corruption investigation into alleged illicit oil deals.
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France's Justice Ministry orders an inquiry into Jean-Marie Le Pen's alleged claims about wartime Nazi occupation.