banking-commission – The Mail & Guardian

/ 18 February 2008

SociÃ©tÃ© GÃ©nÃ©rale trader faced earlier inquiry

Société Générale, at the centre of a huge trading scandal, began investigating trades executed by Jerome Kerviel months before his activities were exposed in January, a media report said on Monday. A senior executive of Fimat began investigating at the end of September deals executed by Fimat employee Moussa Bakir for Kerviel.

By Staff Reporter

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Article

/ 24 January 2008

French bank hit by Ã¢â€šÂ¬4,9-billion fraud

French bank Société Générale (SocGen) 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. SocGen, France’s second-biggest listed bank, said it had uncovered an ”exceptional fraud” by one of its traders. It said this would cost the group â,¬4,9-billion.

By Sudip Kar-Gupta