SocGen reels from record $7 billion rogue trader fraud
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A "massive fraud" by a junior rogue trader has punched a $7 billion hole in the finances of French bank Societe Generale, leaving its credibility in tatters and forcing it to get emergency cash.
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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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PARIS, Feb. 8 -- A French futures trader was jailed Friday while investigations continued into the billions of dollars in losses he is accused of causing at Societe Generale bank.
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US authorities are probing Societe Generale and events linked to the trading problems that cost the bank $7.19bn.
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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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The trader blamed for a $7 billion fraud at French bank Societe Generale is not on the run and will be questioned by police at an appropriate moment, the Paris prosecutors' office said on Saturday.
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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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French bank Societe Generale has uncovered a $7.14 billion fraud that, combined with a write-down from its subprime exposure, will force it to seek $8.02 billion in new capital, the bank said.
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French bank Societe Generale defended its handling of the world's biggest trading scandal on Sunday, but admitted its risk systems had failed to detect a 50-billion-euro ($73.3 billion) market bet by a lone trader.
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PARIS, Jan. 24 -- A "30-something" futures trader who worked on his bank's security systems and then allegedly used his skills to bypass those safeguards was accused Thursday of perpetrating one of the largest banking frauds in history.
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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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France's Societe Generale says fraud was hidden using "sophisticated and varied techniques."
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The French bank said that the fraud had been committed by a trader in charge of hedging on European index futures.
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Global stocks posted fresh gains on  Friday, shrugging off an astounding $7 billion fraud at French  bank Societe Generale, while commodities rallied as a U.S. tax  stimulus package helped ease recession fears.
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Societe Generale unveils an employee's $7.2 billion fraud, and a $3 billion subprime write-down.
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FSA warns City on risks The French software developer turned rogue trader who cost French bank SociÃ©tÃ© GÃ©nÃ©rale an estimated â¬4.9bn ($7.2bn) used co-workers' access codes to set up fraudulent transactions.â¦
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The 4.9 billion euro (7.15 billion dollar) rogue trader scandal at Societe Generale does not affect the "solidity and reliability of France's financial system," President Nicolas Sarkozy said Friday.