Société Générale

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SocGen Trader Charged, Faces 7 Years

Kerviel didn't siphon off a cent, wanted to be 'a stand-out trader'

(Newser) - Jérôme Kerviel, the rogue trader who cost France's third-largest bank over $7 billion, was charged with attempted fraud by French authorities today, Bloomberg reports. Abuse of trust, the most serious of four charges, carries a potential 7-year sentence and $1.5-million fine. Police want him kept in custody,...

Rogue Trader Bet $73B —Twice SocGen's Worth

'Complicity' by others can't be ruled out

(Newser) - Maverick trader Jérôme Kerviel gambled with $73 billion, twice the market value of Société Générale, by stealing computer access codes and setting up fake email accounts, the French bank revealed as new details emerged in one of the biggest scandals in history. One executive also...

From Rogue Trader to Left-Wing Hero
From Rogue Trader to Left-Wing Hero
Jan 27, 2008 7:48 AM CST

From Rogue Trader to Left-Wing Hero

SocGen worker defended by family, strangers, Communists

(Newser) - For a man who nearly sank one of the largest and most venerable banks in France, rogue trader Jérôme Kerviel has certainly won a lot of support, writes the Observer. In a country that remains weary of so-called "Anglo-Saxon" business models, the Société Générale...

Rogue Trader in Police Custody
Rogue Trader in Police Custody
Jan 26, 2008 9:37 AM CST

Rogue Trader in Police Custody

Acquaintances paint portrait of Jérôme Kerviel as traumatized, desperate

(Newser) - Rogue trader Jérôme Kerviel is in the custody of French police today, the BBC reports, being held for questioning on the fraudulent trading scheme that cost Société Générale $7 billion. Police searched his flat in an upscale Paris neighborhood yesterday, leaving with a number of...

From Clerk to Rogue Trader to Facebook Laughingstock

SocGen fraudster's woes include poking

(Newser) - You don’t need a fancy education to lose $7.2 billion and become an Internet laughingstock. In the clubby world of French banking, Société Générale traders are usually the Gallic equivalent of Ivy League MBAs, but Jérôme Kerviel, a lowly biz school grad, worked...

Did SocGen Crash the Markets and Dupe the Fed?

Massive sell-offs might have exacerbated Monday's losses

(Newser) - When Société Générale execs uncovered the scale of rogue trader Jérôme Kerviel's fraud last weekend, they had no choice but to unwind his positions. And while they did warn French regulators, SocGen kept the Monday sell-off under wraps, to avoid even bigger losses than the...

'Rogue Trader' Identified, But Still on Loose

'Malicious' 31-year-old massively defrauded SocGen, did not benefit

(Newser) - Jérôme Kerviel, a trader at Société Générale, is the man who lost the French bank $7.2 billion in fraudulent trades, using an "intimate and malicious" knowledge of bank procedure to cover his tracks, the Wall Street Journal reports. The 31-year-old Kerviel got no...

SocGen Fraud Dominates Davos Talks
SocGen Fraud Dominates Davos Talks
Jan 24, 2008 12:43 PM CST

SocGen Fraud Dominates Davos Talks

Forum delegates worry about effects on trust in financial sector

(Newser) - The revelation of enormous fraud by a rogue trader at Société Générale pushed other issues aside today at the World Economic Forum in Davos, Switzerland, CNBC reports. A panel on sovereign wealth funds turned into an impromptu discussion on repercussions of the $7.3 billion cover-up. The...

SocGen Fraud: How Did One Man Lose $7B?

Low-level trader went past remit, covered up losses with fake trades

(Newser) - Société Générale has not named the trader responsible for the largest bank fraud in history—which caused the bank to announce a $7.16 billion writedown today—but the Telegraph reports that his responsibilities were modest. He took out "plain vanilla" futures on the European equities...

SocGen Admits Biggest Ever Bank Fraud of $7.3B

Finance world reacts with disbelief at scale of deception

(Newser) - One of the world's largest banks has admitted epic-scale fraud by a rogue trader that has led to $7.3 billion in losses. French banking group Société Générale had to issue nearly $8 billion in emergency shares after the announcement of "serious" illegal activity by an...

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