Jerome Kerviel, the rogue trader at France's Societe Generale who manipulated the company's computer system to enter large unauthorized bets under someone else's name that led to $7.7 billion in losses -- the biggest financial fraud in history -- is claiming he's being made into a scapegoat for the company's...
Caisse d'Epargne traders took unauthorised gambles on futures derivatives FRANCE'S FAVOURITE savings bank admitted yesterday that it had suffered a 600m (470m) loss caused by rogue trading in the futures market in a scandal that is eerily reminiscent of the 5bn Kerviel affair that rocked...
PARIS AFP — French rogue trader Jerome Kerviel, accused of gambling away billions of euros at Societe Generale, is a "very minor player" compared to the mega-losses run up by banks in the global financial crisis, his lawyers said Monday. "Kerviel is one of many and the crisis...
PARIS AFP — The 24-year-old assistant of French rogue trader Jerome Kerviel has been charged with complicity over the multi-billion-euro losses at Societe Generale, a judicial official said Monday. The Societe Generale employee, named as Thomas Mougard, was charged on Friday with "complicity to introduce false data into...
PARIS AFP — France's banking regulator Friday fined Societe Generale four million euros (6.3 million dollars) over "grave deficiencies" in its internal controls that enabled a massive rogue trade scandal at the bank. The banking commission, imposing a financial penalty at the upper end of the maximum possible...
PARIS AFP — French prosecutors are seeking charges against the assistant of Jerome Kerviel, the Societe Generale rogue trader accused of causing multi-billion-euro losses at the bank, officials said Thursday. The Paris prosecutor's office has asked investigating judges to charge the assistant, a man in his early 20s...
Had Ken Thompson been Wachovia’s CEO and Lanty Smith the chairman — instead of Thompson holding both roles—would the bank still have leapt feet-first into the overheated mortgage market and bought Golden West Financial at the height of the housing bubble?What if Société Générale’s Daniel Bouton hadn’t been both the...
PARIS AFP — French rogue trader Jerome Kerviel has told a psychologist his managers never reprimanded him despite "tonnes of alerts" sent to them over his dealings at Societe Generale, according to a document obtained by AFP. The 31-year-old trader, who has been charged with breach of trust...
PARIS AFP — The head of French bank Societe Generale, who faced pressure to resign over a massive rogue trader scandal, admitted in an interview published Tuesday that the bank's internal control systems had faults. Chairman Daniel Bouton, speaking to French Internet site Mediapart, said: "The controls were...
HONG KONG AFP — Disgraced banker Nick Leeson, who brought down Britain's oldest bank, on Tuesday joked that the rogue trader who rocked France's Societe Generale had helped revive his profile. Leeson, whose 1.5 billion dollars of failed trading forced the closure of Barings Bank in 1995, said...
Take that vacation! That recommendation is at the top of the list in a memorandum issued by the Financial Industry Regulatory Authority addressing ways to detect and prevent rogue trading. Traders, FINRA says, should be required to take 10 consecutive trading days of vacation time so any unauthorized...
Yes, this is another story hung on the hook of Jerome Kerviel and Societe Generale; but the French bank’s $7 billion loss was a rude awakening for financial services firms around the globe, which are now scrambling to examine their own employee fraud detection processes and practices, and turning to...
Business News IN BRIEF *Angry shareholders turned on the chairman of Societe Generale yesterday after it fell victim to the world's biggest rogue trading scandal. The backlash came at an AGM held five months after SocGen unveiled 4.9bn (3.75bn) in trading losses, blamed on unauthorised stock markets...
PARIS AFP — Shareholders heckled and jeered management of French bank Societe Generale at its annual general meeting on Tuesday, taking them to task for the loss of billions blamed on a rogue trader. Chairman Daniel Bouton, who has resisted heavy pressure to resign over the scandal, was...
Societe Generale's rogue trader, Jerme Kerviel, is said to have used at least three techniques across more than 1,000 different transactions in his attempt to hide his positions in the $4.9bn (3.9bn) losses discovered earlier this year. The 69-page report into Mr Kerviel's alleged fraud, which was...
Business News IN BRIEF *Investigators at Societe Generale said they suspect the former futures trader Jerome Kerviel was helped by an assistant to cover up massive trading positions that led to a multibillion-euro loss. They say the French bank's management failures and culture of risk- taking were...
PARIS AFP — Accused Societe Generale rogue trader Jerome Kerviel almost certainly had an accomplice in the huge deals which the French bank says cost more than seven billion dollars, according to a scathing internal report released Friday. Managers were "negligent" in their oversight of the 31-year-old junior...
PARIS AFP — French bank Societe Generale reported a big quarterly profits fall on Tuesday but exceeded analysts' expectations after huge losses inflicted by its rogue trader scandal. The bank said net profit in the first quarter fell by 23.4 percent to 1.096 billion euros (1.7 billion dollars),...
Burton Group , a research firmfocused on in-depth analysis of enterprise technologies, today announcedthat Nick Leeson , the securitiesbank trader responsible for the collapse of Barings Bank in 1995 willaddress compliance and risk management issues at CatalystConference North America to be held in San Diego, June 23...
I refer to the informative article "Know your enemy" (November 2006), which described the role of profiling in preventing and detecting fraud. The value of this technique was highlighted recently with the discovery of massive losses incurred by Societe Generale because of the alleged activities of Jerome Kerviel. While the...
Articles 2008-05-01
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