What went wrong?
If the perpetrator’s own colleagues can’t catch these types of fraud then regulators never will, says John Gapper
Société Générale
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The Kerviel rogue trading scandal of January 2008 cost SocGen €4.9bn, revealed weaknesses in its internal control procedures and earned it a record €4m fine from the French regulator
SocGen hit by £1.57m FSA fine
Société Générale has been fined £1.57m for filing inaccurate reports to UK regulators on 80% of its trades over a two-year period
SocGen reports threefold rise in profit
Much lower losses on toxic assets help France’s second-largest bank to a more than threefold increase in net profit in the second quarter
Ex-SocGen banker fined for insider trading
French finance regulator fines the former head of Société Générale’s investment bank €100,000 for selling 6,000 shares just as the subprime crisis hit
Kerviel was a ‘creation’ of SocGen
Jérôme Kerviel had been ‘formed – deformed – by Société Générale’, thundered Olivier Metzner, the celebrated lawyer on the final day of the two-and-a-half-week trial of the former trader
Bouton face-to-face with SocGen ‘terrorist’ Kerviel
Daniel Bouton, once chairman and chief executive of Société Générale, came face to face with Jérôme Kerviel, the trader who built €50bn of unhedged positions, whose unwinding cost the bank €4.9bn
Related content and features
Video
Signs of the rogue trader
John Plender traces trading scandals from the collapse of Barings and the losses at Sumitomo to the fraud at Société Générale
Comment and Analysis
SocGen’s rogue trader is not the only one on trial
For completely different reasons, Société Générale is in the spotlight for a corporate strategy that has strained and has put the bank at risk
Numbers return to haunt bank
Barely three months after touting an acquisition war chest after a bold capital raising, Société Générale wrote off €1.4bn
Société Générale’s profit warning
The French bank’s trailer hardly sets a happy tone for European banks’ reporting season – a reminder that ghosts of the crisis lurk in the vaults
Facing a challenge to stay independent
On the day Daniel Bouton acknowledged defeat in his bid to stay on at Société Générale his rival at BNP Paribas was savouring victory with the acquisition of Fortis bank
Société Générale
The board of the French bank must hope that Mr Bouton’s resignation will lift the pall that has hung over the bank since the Kerviel affaire
Share option too far topples top French banker
After Daniel Bouton’s departure Société Générale needs to repair its image but the irony is that the bank is performing more than adequately - mainly thanks to its soon to be ex-chairman
SocGen completes rights issue
Société Générale has managed to buy itself some time with the completion of a €5.5bn rights issue
How Kerviel exposed lax controls at Société Générale
Warnings went unheeded as a junior trader built up secret positions that ultimately cost the French bank €4.9bn. Yet how did he evade detection for so long?
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