Skip to: Content
Skip to: Site Navigation
Skip to: Search

December 2, 2008 9:30:59 AM CST

Learn about Newser Points »

« Back to the grid | Next story »

Trader's Alleged Accomplice Released

Posted Feb 9, 08 1:31 PM CST in World 

(Newser) – Authorities today released a second suspect in the bank fraud case that cost Société Générale a dizzying $7.09 billion, the Wall Street Journal reports. But the suspect’s ex-colleague, Jerome Kerviel, remains jailed, as the bank and French officials insist he acted alone. Still, prosecutors labeled the second man an assisted witness, which makes him a witness without being charged, AFP explains.

Prosecutors are investigating messages he sent Kerviel before the case broke. “You have done nothing illegal in terms of the law,” one read. SocGen says Kerviel overstepped his authority but concedes he didn’t appear to profit personally from his trades. SocGen’s crippling loss has left it to vulnerable to takeover bids from rivals, Forbes notes.

Sources: Wall Street Journal, Forbes, AFP

0 comments | Print E-mail | Digg Seed this on Newsvine Add this link to Del.icio.us StumbleUpon

Related Newser Stories

  • Hackers Get Bank Accounts of Sarko's Dad, Ex-Wife

    Oct 31, 08 3:01 PM CDT
    Hackers Get Bank Accounts of Sarko's Dad, Ex-Wife The same hackers who stole small amounts of money from Nicolas Sarkozy’s bank account appear to have gotten into the accounts of his father and first wife as well, the Times of London reports. They didn't steal money but rather set up phony cell-phone accounts. Police initially thought the thieves found Sarko's account by accident, but now they're looking into a larger plot, possibly to dig up dirt on him and his family.
    More »

  • Paris Festival Unveils 'Feminist' Pornos

    Oct 12, 08 11:15 AM CDT
    Paris Festival Unveils 'Feminist' Pornos A group of French intellectuals is staging Paris’ first pornographic film festival in an attempt to integrate hardcore erotica into mainstream cinema, the Guardian reports. Many argue the "feminism-friendly" videos are revolutionary, despite names like Strap-on Motel and Post-Apocalyptic Cowgirls. "For women it can be a sort of empowerment,” insisted a self-described “pro-sex feminist” festival organizer.
    More »

  • Paris Lifts 30-Year Ban on High Rises

    Sep 27, 08 1:09 PM CDT
    Paris Lifts 30-Year Ban on High Rises Ambitious new towers will soon be thrusting into the Paris sky now that the city has decided to drop a ban on tall buildings, the Times of London reports. The Eiffel Tower is likely to remain the city's tallest, but by 2012 it will share the skyline with a 590-foot glass pyramid said to resemble a giant blade or a witch's hat—the first of six innovative towers to be built on the city's outskirts.
    More »

  • Riot Police Move In on Parisian Gang War

    Sep 18, 08 8:52 AM CDT
    Riot Police Move In on Parisian Gang War French riot police have been deployed to contain a gang war in the northeast of Paris, as fighting between youths from two rival housing projects has left several bystanders dead, reports the Guardian. Unlike earlier violence in France, this battle is taking place not in suburban ghettos but in the capital, where locals complain that they're being pushed out by the forces of gentrification.
    More »

  • Father, Son Killed in Paris Tourist Boat Accident

    Sep 14, 08 7:49 AM CDT
    Father, Son Killed in Paris Tourist Boat Accident A father and his 6-year-old son were killed yesterday when a small Paris tourist boat stuck a bridge near Notre Dame Cathedral in the Seine, the BBC reports. The boat sank, trapping the two French passengers under water. They were declared dead at a local hospital. The other 10 passengers survived the accident. Investigators are trying to determine if a crash with another tourist boat in the busy river may have caused the tragedy.
    More »

Societe Generale bank employees stand outside the bank headquarters in a show of support for Chief Executive Daniel Bouton, Wednesday Jan. 30, 2008 in La Defense, outside Paris. The board of scandal-marred...   (Associated Press)
View of the Financial Police headquarters, Sunday, Jan. 27, 2008 in Paris. The head of the financial section of the Paris prosecutor's office, Jean-Michel Aldebert, said the questioning of Jerome Kerviel,...   (Associated Press)
French bank Societe Generale's lawyer Jean Veil, left, answers the press after a Paris court ordered French trader Jerome Kerviel to be jailed while investigations continue into billions of euros (dollars)...   (Associated Press)
In this photo of an electoral leaflet for the 2001 municipal elections in Pont l'Abbe, western France, French trader Jerome Kerviel is seen, listed as a candidate for the town's council. Kerviel, who...   (Associated Press)
In this pool photo made available Wednesday, Feb. 6, 2008, French trader Jerome Kerviel is seen at his lawyer Elisabeth Meyer's office in Paris, Tuesday, Feb. 5, 2008. Potential legal troubles for French...   (Associated Press)
« Prev« Prev | Next »Next » Slideshow
Our editors also recommend:

Threads (
1
 of 1)

Tags

France • Paris • Société Générale • Jérôme Kerviel • bank fraud



Today's Most Popular

Loading...

Other World Stories

What is Newser?

2008 Codie Finalist

Face it: there's too much news. At Newser a team of editors and writers culls the most important stories from hundreds of U.S. and international sources and reduces them to a headline, picture, and two paragraphs. It's the Newser guarantee: we can take any report or column or video and pack what you need to know into 120 words or less. Newser's short-form aggregation, visual format, and unique information tools help you get more of the kind of news you want, in a quicker and more entertaining way. And we do it 24/7—you can come back morning, noon, night (and in between) for something new that matters. Read less, know more.

Learn more »