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October 11, 2008 3:58:37 AM CDT

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Stories related to: bank scandal

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3 Stories

  • October 2008

    • Fraud Case Breaches Venerable Swiss Secrecy

      New York Times  |  Oct 1, 08 10:50 AM CDT

      Fraud Case Breaches Venerable Swiss Secrecy

      (Newser) - Swiss authorities are cooperating with an American investigation into a tax fraud scandal, dealing a major blow to the nation's tradition of banking secrecy. Swiss bank UBS is alleged to have helped up to 20,000 American clients evade taxes by stashing their fortunes—collectively worth $20 billion—in undeclared accounts. Now, after initial resistance, Switzerland has agreed to hand over confidential data to the Justice Department, reports the New York Times . More »

      Tags

      Department of Justice  • Switzerland  • UBS  • tax evasion  • tax fraud  • Swiss bank  • bank scandal

  • February 2008
  • January 2008

    • Rogue Trader Says SocGen Looked the Other Way

      Der Spiegel  |  Jan 31, 08 11:00 AM CST

      Rogue Trader Says SocGen Looked the Other Way

      (Newser) - Jérôme Kerviel, the trader at the root of the $7.1 billion scandal roiling French banking giant Société Générale, says his bosses knew what he was up to, and they didn't stop him as long as he was generating huge profits—$2 billion by the end of 2007, he claims.  "As long as my results were positive, my superiors closed their eyes to the methods and the sums involved," he tells authorities in an interrogation transcript excerpted by Der Spiegel . “It’s impossible to generate such profits by taking small positions.” More »

      Tags

      Société Générale  • Jérôme Kerviel  • futures market  • rogue trader  • trader  • bank scandal

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