SocGen's Risk Mismanagement
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Could Societe Generale's $7.2 billion loss at the hands of a rogue employee have been prevented?
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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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Sector-based ETFs may be losing steam.
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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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Losses caused by one trader at a French bank aren't t necessarily from an IT failure but perhaps bungled deployment.
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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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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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Irregular hors d'ouevres, scheduling mishaps, and the stockbroker's eternal dilemma.
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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 is in crisis, France's economy minister said on Tuesday of the bank hit by losses piled up by a rogue trader, questions over its leadership, takeover speculation and a falling stock price.
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Societe Generale has uncovered a fraud by one of its traders which will have a 4.9-billion-euro ($7.16 billion) negative impact on the group, France's second-largest listed bank said on Thursday.
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Why looking only at a company's earnings can lead to disaster.
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Embattled French bank Societe Generale faces fresh troubles Monday when a trial opens in Paris involving a vast money laundering scam between France and Israel.
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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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Credit Suisse has written $2.85 billion off the value of its asset-backed investments and found mismarking and pricing errors on its books, it revealed on Tuesday, sending its shares plummeting.
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Many investors fall behind because they misunderstand.
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Aug. 20 (Bloomberg) -- If you&#39;re a money manager, there&#39;s a lesson to be learned from a scenario unreeled by the US Securities and Exchange Commission last week.