Word: soci
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...didn't say anything about our trades, did you? Otherwise you're dead meat.' Jerome Kerviel, rogue Société Générale trader, talking with a broker in an Oct. 11 online chat about risky trades that are believed to have cost the bank $7.2 billion...
...level trader at the French bank, Société Générale, was arrested the other day for allegedly orchestrating a $7 billion fraud. Do you see things in these kinds of stories that are painfully familiar...
...comments Thursday on its contemplation of Société Générale, according to Mistral, increases the likelihood of a more complex acquisition scheme: the break up of Société Générale's retail network, which BNP covets, from investment banking activities, which interest Crédit Agricole. By tipping its hand, Mistral notes, BNP may be signaling to rivals now mobilizing in the wake of the debacle that it's about to launch a bid it had contemplated even before the Kerviel affair. Meanwhile, comments by French officials indicating the government...
...Indeed, since taking Société Générale's CEO post in 1997, Bouton has fended off several takeover bids. The most notable effort came in 1999, when BNP sought to buy Société Générale in an attempted three-way merger with French bank Paribas. Bouton's defensive maneuvers to prevent that were strengthened by labor stoppages by bank employees, many of them shareholders, whose support of Bouton since the Kerviel debacle has been solid. Despite that collective determination, Mistral says Société Générale...
...reporter, I covered Leeson, the young trader who single-handedly broke the bank at Barings in 1995. And you know what? This kid Jérôme Kerviel, the 31-year-old who managed to lose $7.2 billion (that's with a B) at Paris investment bank Société Générale in just a few weeks, he's ... he's ... so much like Leeson that it's scary...