French Bank Offers Details of $7 Billion Loss
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SociÃ©tÃ© GÃ©nÃ©rale said that a trader stole computer codes, falsified documents and employed other methods to cover his tracks.
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Swiss banking giant UBS said on Thursday it had suffered a net loss of 4.4 billion Swiss francs (4.0 billion dollars, 2.7 billion euros) in 2007 after losing billions in the US mortgage crisis.
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A junior computer whiz at French bank Societe Generale was accused of racking up a $7 billion loss in bad bets on stocks in the biggest trading scandal in banking history.
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French police were questioning a second trader about whether he knew of trades that led to billions in losses at bank SociÃ©tÃ© GÃ©nÃ©rale, according to a newspaper report.
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French bank Societe Generale disclosed one of the biggest alleged frauds in financial history on Thursday, adding to a wave of gloom surrounding world markets battered by credit market losses.
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French bank says family problems and mental fragility led its rogue trader to squander â¬4.9bn
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The French bank hit by eleven-figure losses thanks to a rogue employee probably wasn't harmed by poor IT systems, but by poor management of those systems, according to analysts.
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Morgan Stanley  on Wednesday said it has suffered a $3.7 billion loss stemming from its U.S. subprime mortgage exposure, which it expects will reduce fourth-quarter earnings by about $2.5 billion.
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Losses caused by one trader at a French bank aren't t necessarily from an IT failure but perhaps bungled deployment.
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AT&amp;T on Thursday reported a $7.1bn third-quarter loss because of an $11.4bn writedown of its assets after its retreat from consumer services and other restructuring charges.
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Societe Generale said Sunday that a rogue trader suspected of incurring massive losses at the French bank held positions worth about 50 billion euros (73 billion dollars) when he was uncovered.
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France's financial market regulator said Tuesday that it has opened an investigation into French bank Societe Generale, which announced last week that the actions of a rogue trader caused it nearly euro5 billion (US$7 billion) in losses.
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Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his supervisors and run up a $7 billion loss.
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Societe Generale  Chairman  Daniel Bouton told a newspaper the French bank would overcome  its "shock" at having discovered an alleged $7 billion euro  (10.3 billion pound) internal fraud.
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Societe Generale is in crisis, France's economy minister said on Tuesday of the bank hit by losses piled up by a rogue trader, questions over its leadership, takeover speculation and a falling stock price.
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A young trader blamed for losses that cost France's Societe Generale more than $7 billion hacked computers and used "several techniques of fraud," the bank said Sunday, as judicial officials said the man would remain in custody a further 24 hours.
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SociÃ©tÃ© GÃ©nÃ©rale said a junior trader who racked up more than $7 billion in losses misused computer access codes and falsified documents.