The French trader accused of a multi-billion-dollar fraud at banking giant Societe Generale will go on trial next year, a lawyer for the bank said Tuesday.
Financial excitement has been in ample supply for ages. The second quarter of 2009 was no exception. Investors should hope that the dramatic rise in most of the world's stock markets in the period -- 15% or so in Europe and the U.S., almost 20% in Japan and more than 50% in some emerging markets -- marks the end of the thrills.
Oil prices settled above $70 a barrel Tuesday for the first time in seven months, as the dollar fell and expectations grew that the economy is headed for recovery.
The chairman of Societe Generale, the French bank whose reputation was hit by a massive trading scandal last year, said on Wednesday he would resign in the wake of repeated criticism over his performance.
All of a sudden, it's a bull market. The Dow Jones Industrial Index has risen by 21% since March 9, just crossing the traditional 20% threshold that some chart-watchers use to separate a mere rally from the real thing, But this three-week old may not live to a ripe age.
AIG gave in to demands from Congress Sunday, naming the banks that pocketed billions of dollars last fall as part of a federal bailout of the troubled insurer.
Europe's stock markets opened modestly higher after solid gains in Asia and amid mounting expectations that the European Central Bank and the Bank of England will aggressively cut borrowing costs
The French government is injecting €10.5 billion ($13.9 billion) into the country's six largest banks to help stabilize the economy and ensure the banks have adequate lines of credit.
European markets tumbled in early trading amid ongoing fears about the state of credit markets despite the British government's $87.5 billion rescue package for the banking system
Daniel Bouton will step down as chief executive of Société Générale in May, although he'll stay on as chairman, the French bank announced Thursday. Bouton, 58, is taking the fall for the bank's failings in the rogue trading affair involving Jérôme Kerviel, a junior stock arbitrager who ultimately cost the bank $7.5 billion in net losses.
The French trader accused of a multi-billion-dollar fraud at banking giant Societe Generale will go on trial next year, a lawyer for the bank said Tuesday.
Financial excitement has been in ample supply for ages. The second quarter of 2009 was no exception. Investors should hope that the dramatic rise in most of the world's stock markets in the period -- 15% or so in Europe and the U.S., almost 20% in Japan and more than 50% in some emerging markets -- marks the end of the thrills.
Oil prices settled above $70 a barrel Tuesday for the first time in seven months, as the dollar fell and expectations grew that the economy is headed for recovery.
The chairman of Societe Generale, the French bank whose reputation was hit by a massive trading scandal last year, said on Wednesday he would resign in the wake of repeated criticism over his performance.
All of a sudden, it's a bull market. The Dow Jones Industrial Index has risen by 21% since March 9, just crossing the traditional 20% threshold that some chart-watchers use to separate a mere rally from the real thing, But this three-week old may not live to a ripe age.
AIG gave in to demands from Congress Sunday, naming the banks that pocketed billions of dollars last fall as part of a federal bailout of the troubled insurer.
Europe's stock markets opened modestly higher after solid gains in Asia and amid mounting expectations that the European Central Bank and the Bank of England will aggressively cut borrowing costs
The French government is injecting €10.5 billion ($13.9 billion) into the country's six largest banks to help stabilize the economy and ensure the banks have adequate lines of credit.
European markets tumbled in early trading amid ongoing fears about the state of credit markets despite the British government's $87.5 billion rescue package for the banking system
Daniel Bouton will step down as chief executive of Société Générale in May, although he'll stay on as chairman, the French bank announced Thursday. Bouton, 58, is taking the fall for the bank's failings in the rogue trading affair involving Jérôme Kerviel, a junior stock arbitrager who ultimately cost the bank $7.5 billion in net losses.
In the early afternoon of Sunday, Jan. 20, Daniel Bouton, the chairman and chief executive of the huge French bank Société Générale, was in his 35th-floor office preparing for a board meeting that evening when one of his lieutenants, Jean-Pierre Mustier, came to break some calamitous news. Mustier, Société Générale's head of investment banking, had already alerted him about a 31-year-old junior trader in the stock arbitrage department named Jérôme Kerviel who had been caught making big unhedged bets on European stock futures.
An interim report issued Wednesday by independent board members of the French bank Societe Generale has concluded that a trader working alone was responsible for amassing trading losses that exceeded $7.2 billion.
A lawyer for the French trader accused of massive fraud at Societe Generale said bank bosses "condoned" his client's trades, contradicting bank statements that the trader acted on his own.
The individual pictured on the cover of the February 18, 2008 issue of FORTUNE magazine and his employer have no connection to Societe Generale, and Fortune did not mean to imply any connection, or to comment in any way on his or his employer's professional abilities.
Societe Generale on Monday launched a heavily discounted €5.5 billion (around $8 billion) rights issue as it attempts to fill a capital gap the French bank says was caused by trader Jerome Kerviel, while also lifting its net profit forecast for 2007.
Jerome Kerviel, the man at the center of a multi-billion trading scandal will be jailed while the investigation into his alleged fraud is conducted, his lawyer confirmed to CNN Friday.
A French government report into the massive losses at Societe Generale says banks should have greater suspicion about employee fraud and do a better job of notifying the government when the issue arises.
Two weeks after the scandal first broke, we still don't know exactly how Jérôme Kerviel, a lowly 31-year-old trader on the arbitrage desk at French bank Société Générale managed to build a $72 billion position in European stock index futures.
Rumors are rife in France that the beleaguered bank SociÉtÉ GÉnÉrale will be acquired by a hostile rival
The board of troubled French banking giant Societe Generale said Wednesday that chairman and chief executive Daniel Bouton will stay on despite massive trading losses of more than $7.2 billion.
The board of troubled French banking giant Societe Generale said Wednesday that Chairman and Chief Executive Daniel Bouton will stay on despite massive trading losses of more than $7.2 billion.
Concerns over the trading carried out by Jerome Kerviel, the trader accused of causing a $7.2 billion loss at Societe Generale, were raised as early as last November, a British newspaper reported Tuesday.
The French prosecutor who sought charges against trader Jerome Kerviel for a $7.2 billion loss at Societe Generale said Tuesday he plans to appeal a judge's decision to throw out a charge of fraud.
Alleged multibillion-dollar rogue trader Jerome Kerviel was freed Monday after French authorities preliminarily charged him with abuse of confidence and illegal access to computers.
French prosecutors said Monday they plan to pursue four charges, including fraud, against the trader who allegedly carried out a $7.2 billion fraud at French banking giant Societe Generale.
French prosecutors announced Monday that they had filed preliminary charges against the rogue trader who allegedly carried out a $7.2 billion fraud at French bank Societe Generale.
French bank Societe Generale described Sunday how one of its traders allegedly carried out a $7.2 billion (€4.9 billion) fraud, how the loss came to light and what it is doing to ensure such a case does not recur.
The trader accused of making fraudulent transactions that cost Societe Generale €4.9 billion ($7.2 billion) hacked computers and used "several techniques of fraud," the French banking giant has said.
The trader accused of making fraudulent transactions that cost French banking giant Societe Generale €4.9 billion ($7.2 billion) is being questioned in the case, the French national police said Saturday.
French police have visited the Paris home of alleged rogue trader Jerome Keruviel, who has been accused of costing bank Societe Generale $7.2 billion in fraudulent transactions.
A significant number of the bankers, regulators, credit agencies and other key players whose errors, omissions and greed contributed to the current financial crisis are at the World Economic Forum in Davos - and they all seem to be singing from the same hymn sheet.
French banking giant Societe Generale said Thursday it had uncovered an "exceptional" fraud case that cost it a staggering €4.9 billion ($7.2 billion).
U.S. stocks continued climbing at the start of trading Thursday, following up on the prior session's late-day surge.
U.S. stock futures slipped early Thursday after a disappointing outlook from eBay cast a cloud over the tech sector and investors awaited another batch of corporate earnings.
European shares returned to negative territory in choppy trade at midday on Friday as mining and chemical stocks slipped while concern mounted that a global credit crunch could slow growth.
European shares suffered their biggest one-day percentage decline in more than four years Friday, fueled by fears of a liquidity crisis stemming from problems in the U.S. subprime mortgage market.
Société Générale ranks no. 67 on FORTUNE's Global 500 this year, with $64.4 billion in revenues, up 98.8% from the previous year. The Paris, France-based company was ranked no. 152 on the 2005 list. Its 2005 profits were $5.5 billion, up 42.1% from a year earlier. 2005 was a banner year for most Global 500 companies.
Shares of German industrial conglomerate Siemens gained ground on Thursday as orders climbed 31%, offsetting potential disappointment from a 19% income slide.
The dollar shrugged off strong economic numbers and instead reached new record lows on high deficits.
Treasury prices climbed and the dollar hovered near eight-month lows against the euro Friday afternoon as traders worried about how soaring oil prices will affect the U.S. economy.
Economists are again reining in estimates for hiring and economic growth, saying companies are cautious amid rising oil prices, a newspaper reported Thursday.
Bonds ticked higher and the dollar was mixed against the euro and the yen following the release of July's personal income report that was weaker than analysts had expected.
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