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Breakup Rumors Swirl Around SocGen

Fraud-plagued French bank may be too big for single bidder

By Jason Farago, Newser Staff

Posted Jan 29, 2008 12:11 PM CST

(Newser) – Wounded Société Générale is looking more and more like a takeover target, prompting France's prime minister to jump into the fray today and say the government would defend the country's second-largest bank against hostile raids, the Wall Street Journal reports. With a... Read full story »

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Nicolas Sarkozy • France • bank fraud • Jérôme Kerviel • Société Générale • Christine Lagarde

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SocGen CEO Resigns Over Rogue Trader

Bouton steps down at last; future remains grim for French bank

(NEWSER) - The CEO of Société Générale will step down, at last bowing to pressure in the wake of the $7.8 billion rogue trading scandal. Although investors and politicians—including French President Nicolas Sarkozy—had demanded Daniel Bouton's resignation immediately after the revelation of Jérôme Kerviel's massive fraud, the bank had insisted he stay on to keep SocGen from collapse, reports the Financial Times. More»

SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

(NEWSER) - Rogue SocGen trader Jerome Kerviel, whose unauthorized deals led to a $7.2 billion loss for the French bank, continued his trading for more than a year after the first warning flag was raised in the department that was supposed to detect risky trading, reports the Wall Street Journal. Kerviel wrote at least seven bogus emails flagged for anomalies, and his trades tripped 24 alarms over a 14-month period beginning in July 2006, the bank admits in a report released yesterday. More»

Lawyer: SocGen 'Condoned' Trader's Deals

Bank couldn't have missed billions in moves: Kerviel's rep

(NEWSER) - The French trader who lost Société Générale $7.2 billion acted with the tacit support of the banking giant's management, which "condoned" his trades, Jérôme Kerviel's lawyer says. The assertion contradicts executives' claims that Kerviel acted alone. "Jérôme is a smart trader, but not smarter than any other guy at SocGen," the lawyer told CNN. More»

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Second SocGen worker not charged as bank struggles to stay alive

(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. More»

Bank Was Warned About Rogue Trader

Prosecutor says Kerviel was after a big bonus with mammoth trades

(NEWSER) - The Eurex stock exchange alerted Société Générale to positions held by Jérôme Kerviel months before the bank discovered his staggering $7 billion fraud, the Independent reports. Kerviel produced fake documents to justify his actions to the bank and was motivated by a drive to impress his bosses with lucrative trades and earn a large bonus, according to the lead prosecutor in the case. More»

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Breakup Rumors Swirl Around SocGen

Fraud-plagued French bank may be too big for single bidder

Nicolas Sarkozy • France • bank fraud • Jérôme Kerviel • Société Générale • Christine Lagarde

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More Newser Stories

SocGen CEO Resigns Over Rogue Trader

Bouton steps down at last; future remains grim for French bank

SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

Lawyer: SocGen 'Condoned' Trader's Deals

Bank couldn't have missed billions in moves: Kerviel's rep

Trader's Alleged Accomplice Released

Second SocGen worker not charged as bank struggles to stay alive

Bank Was Warned About Rogue Trader

Prosecutor says Kerviel was after a big bonus with mammoth trades

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