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September 6, 2008 11:37:46 AM CDT

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Stories related to: rogue trader

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10 Stories

  • April 2008

    • Rogue Trader Gets a Job

      Wall Street Journal  |  Apr 26, 08 2:37 PM CDT

      Rogue Trader Gets a Job

      (Newser) - Jérôme Kerviel is working once again, despite having cost France’s Société Générale $7.68 billion in unauthorized trading. Released from prison a few weeks ago, the rogue trader is employed as an IT consultant for a French company specializing in networks and security, the Wall Street Journal reports. The gig could also help keep Kerviel out of jail. More »

      Tags

      France  • Jérôme Kerviel  • rogue trader  • information technology  • Societe Generale

    • 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

    • Rogue Trader to Sue SocGen

      Times (UK)  |  Apr 3, 08 8:49 AM CDT

      Rogue Trader to Sue SocGen

      (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 »

      Tags

      France  • credit crisis  • Jérôme Kerviel  • bank fraud  • rogue trader  • Societe Generale  • SocGen

  • March 2008

    • Credit Suisse Warning Revives Rogue Trader Fears

      Financial Times (UK)  |  Mar 21, 08 8:28 AM CDT

      Credit Suisse Warning Revives Rogue Trader Fears

      (Newser) - Investment banks got a brief lift from Wall Street results this week, but surprising reports from Credit Suisse are likely to send their confidence back into the basement, the Financial Times reports. The Swiss firm issued an unexpected first-quarter profits warning yesterday—and said “intentional misconduct” from its own traders was partly to blame. Credit Suisse's shares took a 9% dive following the disclosure. More »

      Tags

      finance  • banking  • UBS  • writedowns  • investments  • Credit Suisse  • rogue trader  • asset management

    • France Frees Rogue Trader Kerviel

      Guardian (UK)  |  Mar 18, 08 8:50 AM CDT

      France Frees Rogue Trader Kerviel

      (Newser) - Jerome Kerviel, the trader accused of an $8 billion fraud that nearly brought down Societe Generale, has been freed by a Paris court after five weeks in detention, the Guardian reports. The trader, who faces charges including breach of trust and falsifying documents, will remain free while the case is investigated but won't be allowed to leave Paris. More »

      Tags

      Paris  • banking  • rogue trader  • securities fraud  • Societe Generale  • Jerome Kerviel

    • Second SocGen Broker Held in Kerviel Probe

      Bloomberg  |  Mar 12, 08 10:23 AM CDT

      Second SocGen Broker Held in Kerviel Probe

      (Newser) - Authorities have taken a second Societe Generale employee into custody and conducted a search of La Defense headquarters, as the probe into unauthorized securities trading that cost the French bank $7.6 billion expands, reports Bloomberg. Police are holding a broker from a bank subsidiary, said a SocGen spokeswoman. Another broker was taken into custody, questioned, and released last month. More »

      Tags

      rogue trader  • securities fraud  • Societe Generale  • risky trading  • SocGen  • Jerome Kerviel

  • February 2008

    • 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  • risky trading  • derivatives market

    • 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

    • 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

  • 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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