SocGen
SocGen news stories
Kerviel claims his accounts were in the black
Times (UK) 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 released on bail last month after 31 days in jail on charges of breach of trust, fabricating documents, and illegally accessing computers.
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Could derail rogue trader's chances of getting released
Bloomberg 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 broker was taken into custody, questioned, and released last month.
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Subprime writedowns and fraud drop bank's annual profit 82%
Bloomberg Feb 21, 08 9:54 AM CST
(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.
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