Word: socgen
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Dates: during 2000-2009
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...side by side in booths and field calls from Russians asking to borrow money. Most of the time, the answer is a resounding yes. Owned by the French bank Société Générale, Rusfinance is aiming to build a massive presence in Russia. Back in Paris, SocGen's chief executive, Frédéric Oudéa, even talks about Russia becoming the bank's second biggest market, after France...
...booths and field calls from Russians wanting to borrow money. Most of the time the answer they give is a resounding yes. Owned by the French bank Société Générale, Rusfinance is aiming to build a massive presence in Russia. Back in Paris, SocGen's chief executive Frédéric Oudéa even talks about Russia becoming the bank's second biggest market after France...
Among the more laughable aspects of the SocGen debacle is that, in its wake, the bank's top management has been sending out signals that it was the relatively mundane nature of Kerviel's work in "the mine" that led to the lax controls. The implication is that everything is just dandy on SocGen trading desks for vastly more complicated derivatives - including those based on worthless subprime mortgages, which are now crucifying bank balance sheets and roiling equity markets all over the world. Have no fear, folks: management is watching those like a hawk...
...WHAT? SocGen says it was surprised by a series of "elaborate, fictitious transactions" that Kerviel executed. But skeptics are crying foul play, saying rogue trades that large could not have gone unnoticed for so long...
...STAKE Now SocGen management is itself under heavy scrutiny. The bank's chief, who called Kerviel a "terrorist," offered his resignation, but the bank's board is backing...