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SUNDAY, NOVEMBER 22, 2009
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NEWS ABOUT: rogue trader

rogue trader stories: 11 news summaries

Rogue Trader Shocks
Oil Market

Crude hits highest
level in a year on unauthorized trades

Jul 3, 09 7:20 AM CDT
(Newser) - On Tuesday, the price of oil spiked unexpectedly to its highest level in 2009—a barrel of crude jumped from $71 to $73.50 in just one hour, for no apparent reason. Yesterday the reason became clear: a rogue broker in London with PVM, the world's largest petroleum brokerage, had... More »

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oil • petroleum • oil price • crude oil • rogue trader • oil futures

Rogue Trader Gets a Job

IT company hires
man behind biggest trading scandal
in history

Apr 26, 08 2:37 PM CDT
(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... More »

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

SocGen CEO Resigns Over Rogue Trader

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

Apr 18, 08 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 of Jérôme Kerviel's... More »

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

 Rogue Trader to Sue SocGen 

Kerviel claims his accounts were in the black

Apr 3, 08 8:49 AM CDT
(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... More »

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

Credit Suisse Warning Revives Rogue Trader Fears

'Intentional misconduct' behind billions in writedowns

Mar 21, 08 8:28 AM CDT
(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... More »

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

France Frees Rogue Trader Kerviel

He'll be under 'judicial control' during probe
of $8B SocGen loss

Mar 18, 08 8:50 AM CDT
(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... More »

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

Second SocGen Broker Held in Kerviel Probe

Could derail rogue trader's chances of getting released

Mar 12, 08 10:23 AM CDT
(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... More »

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

SocGen: Lax Controls Led
to $7.2B Fraud

French bank says 24 internal alarms were ignored over 14 months

Feb 21, 08 7:50 AM CST
(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.... More »

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

SocGen Trader Headed for Jail

Paris court rules Kerviel must spend investigation behind bars

Feb 8, 08 7:05 PM CST
(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... More »

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France • Paris • Jérôme Kerviel • Société Générale • rogue trader • Fimat • Moussa Bakir

Trader Won't
Be SocGen's 'Scapegoat'

Kerviel breaks silence, says bank turned a blind eye to scheme

Feb 5, 08 3:28 PM CST
(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... More »

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

Rogue Trader Says SocGen Looked the Other Way

Kerviel says he was up $2B at the end of 2007

Jan 31, 08 11:00 AM CST
(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... More »

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

11 Stories


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