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SocGen CEO Resigns Over Rogue Trader

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

By Jason Farago, Newser Staff

Posted Apr 18, 2008 4:59 AM CDT

(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... Read full story »

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France • resignation • bank fraud • Jérôme Kerviel • Société Générale • Daniel Bouton • rogue trader

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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»

Rogue Trader to Sue SocGen

Kerviel claims his accounts were in the black

(NEWSER) - The rogue trader whose $7.8 billion in transactions nearly sank Société Générale has filed papers in preparation for a wrongful dismissal lawsuit, the Times of London reports. Jérôme Kerviel will claim the French bank has failed to prove he did anything wrong. He was released on bail last month after 31 days in jail on charges of breach of trust, fabricating documents, and illegally accessing computers. 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»

Trader's Alleged Accomplice Released

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»

SocGen Trader Headed for Jail

Paris court rules Kerviel must spend investigation behind bars

(NEWSER) - A Paris court ruled today that rogue trader Jérôme Kerviel should be behind bars during the remainder of the investigation into his case, the New York Times reports. Kerviel is suspected of fake trading that cost French bank Société Générale $7 billion. When he heard the ruling, Kerviel looked like “the sky had fallen on his head,” said an opposition lawyer. More»

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SocGen CEO Resigns Over Rogue Trader

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

France • resignation • bank fraud • Jérôme Kerviel • Société Générale • Daniel Bouton • rogue trader

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More Newser Stories

SocGen: Lax Controls Led to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

Rogue Trader to Sue SocGen

Kerviel claims his accounts were in the black

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

SocGen Trader Headed for Jail

Paris court rules Kerviel must spend investigation behind bars

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