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October 6, 2008 6:49:04 PM CDT

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Stories related to: Société Générale

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  • September 2008

    • OPEC Cuts Oil Production

      Financial Times (UK)  |  Sep 10, 08 2:23 AM CDT

      OPEC Cuts Oil Production

      (Newser) - The international oil cartel OPEC announced today it's reducing production by more than half a million barrels a day, the Financial Times reports. The decision by the cartel, which controls 40% of world oil production, stunned most analysts. The move comes as oil prices, after spiking to an all-time high in July, have dropped 30%, bringing relief to many world economies. More »

      Tags

      Saudi Arabia  • Hurricane Ike  • OPEC  • Société Générale  • economic slowdown  • crude oil prices

  • April 2008

    • SocGen CEO Resigns Over Rogue Trader

      Financial Times (UK)  |  Apr 18, 08 4:59 AM CDT

      SocGen CEO Resigns Over Rogue Trader

      (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 »

      Tags

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

  • February 2008

    • SocGen Posts Record $4.9B Q4 Loss

      Bloomberg  |  Feb 21, 08 9:54 AM CST

      SocGen Posts Record $4.9B Q4 Loss

      (Newser) - Societe Generale's annual profits plummeted a whopping 82% after a record $4.9 billion fourth quarter loss fueled by subprime woes and the actions of rogue trader Jerome Kerviel, reports Bloomberg. France’s second-largest bank today said net income was 947 million euros, compared to 5.22 billion euros in 2006. SocGen warned further losses could come in the first quarter. More »

      Tags

      subprime mortgages  • earnings reports  • corporate earnings  • Société Générale  • Jérôme Kerviel  • Daniel Bouton  • SocGen

    • SocGen: Lax Controls Led to $7.2B Fraud

      Wall Street Journal  |  Feb 21, 08 7:50 AM CST

      SocGen: Lax Controls Led to $7.2B Fraud

      (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 »

      Tags

      France  • Société Générale  • Jérôme Kerviel  • bank fraud  • rogue trader  • derivatives market  • risky trading

    • Credit Suisse Cuts Profits $1B on Trader Errors

      Bloomberg  |  Feb 19, 08 6:58 AM CST

      Credit Suisse Cuts Profits $1B on Trader Errors

      (Newser) - Credit Suisse share prices plummeted 10% today after the bank announced that some traders had overvalued asset-backed securities, prompting the bank to take a $2.85 billion writedown and drop first-quarter profit projections by $1 billion, Bloomberg reports. Switzerland’s second-largest bank suspended the traders and said it would review 2007 earnings. Markets, already skeptical about the health of the financial industry, reacted negatively. More »

      Tags

      subprime crisis  • corporate earnings  • banking  • Société Générale  • Jérôme Kerviel  • bank fraud  • financial institutions  • sovereign wealth funds  • Credit Suisse  • Qatar  • bank scandal

    • Lawyer: SocGen 'Condoned' Trader's Deals

      CNN  |  Feb 15, 08 11:26 AM CST

      Lawyer: SocGen 'Condoned' Trader's Deals

      (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 »

      Tags

      France  • crime  • Société Générale  • Jérôme Kerviel  • bank fraud  • trader

    • SocGen to Raise $8B With Discount Shares

      Bloomberg  |  Feb 11, 08 8:04 AM CST

      SocGen to Raise $8B With Discount Shares

      (Newser) - Societe Generale, the French bank hit with a $7 billion loss in a massive trading fraud, will replenish its cash reserves through an $8 billion stock offering at a heavily discounted rate, the company said today. Shares will be priced at €45.50, or 39% off the Feb. 8 closing price, lower than the 30% discount analysts predicted. Existing shareholders can buy one share for every four they own, Bloomberg reports. More »

      Tags

      France  • Société Générale  • Jérôme Kerviel  • stock offering

    • Trader's Alleged Accomplice Released

      Wall Street Journal  |  Feb 9, 08 1:31 PM CST

      Trader's Alleged Accomplice Released

      (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 »

      Tags

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

    • SocGen Trader Headed for Jail

      New York Times  |  Feb 8, 08 7:05 PM CST

      SocGen Trader Headed for Jail

      (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 »

      Tags

      France  • Paris  • Société Générale  • Jérôme Kerviel  • rogue trader

    • Cops Hold 2nd Trader in Probe

      Wall Street Journal  |  Feb 8, 08 8:49 AM CST

      Cops Hold 2nd Trader in Probe

      (Newser) - A broker who works for a Societe Generale subsidiary is being questioned by French authorities in connection with the $7 billion loss the bank suffered at the hands of rogue trader Jerome Kerviel, the Wall Street Journal reports. Prosecutors and bank officials previously said they believed Kerviel acted alone, but a series of instant messages suggest the second trader at least knew of the scheme. More »

      Tags

      Société Générale  • Jérôme Kerviel

    • For Reeling SocGen, the Taxman Cometh

      Wall Street Journal  |  Feb 7, 08 10:07 AM CST

      For Reeling SocGen, the Taxman Cometh

      (Newser) - As if the $7.17 billion Societe Generale lost at the hands of rogue trader Jerome Kerviel wasn’t enough pain for the French banking giant, it’s now looking at losing another chunk of change—this time to the taxman, reports the Wall Street Journal. Investigators say Kerviel earned $2.1 billion for the bank in 2007, before his deals headed south. More »

      Tags

      taxes  • Société Générale  • Jérôme Kerviel  • bank fraud

    • Trader Won't Be SocGen's 'Scapegoat'

      AFP  |  Feb 5, 08 3:28 PM CST

      Trader Won't Be SocGen's 'Scapegoat'

      (Newser) - Jerome Kerviel will not “be made a scapegoat” for the huge losses at Société Générale, he told AFP today in his first public comments since his trading scheme was discovered. Kerviel said he had been “designated” as the sole wrongdoer by the French bank, which he claims turned a blind eye so long as he was making profits. More »

      Tags

      France  • Société Générale  • Jérôme Kerviel  • insider trading  • rogue trader

    • SocGen Trader Was No Super Hacker

      PC World  |  Feb 4, 08 3:56 PM CST

      SocGen Trader Was No Super Hacker

      (Newser) - While he’s been called a computer genius, the access Jerome Kerviel obtained to the Société Générale’s systems was probably the result of terrible IT security, writes PC World, not a successful hack of the French bank’s computers. Managing a bank’s passwords is a task often given to the lowest-level IT employee, which Kerviel was before his infamous stint as a futures trader. More »

      Tags

      Internet security  • Société Générale  • Jérôme Kerviel  • writedowns  • security systems

    • What Does This Man Have to Do to Get Fired?

      Wall Street Journal  |  Feb 1, 08 11:27 AM CST