Societe Generale

30 January 2008 -- The board of the French bank Societe Generale has decided to keep chairman Daniel Bouton in his post despite increasing pressure for his resignation following a $7 billion trading scandal at the institution.

The board of directors announced the unanimous decision after crisis talks Wednesday. The board had called the meeting to discuss a strategy to avoid further upheaval that could lead to a hostile takeover of the bank.    » read more »

29 January 2008 -- Prosecutors filed preliminary charges Monday against a French trader accused of causing multi-billion dollars losses to France's second largest bank in allegedly illicit speculation.    » read more »

27 January 2008 -- French bank Societe Generale says the rogue stock trader suspected in one of the world's largest-ever bank frauds held market positions worth $73 billion when the fraud was discovered last week.

In a statement Sunday, the bank says action was taken last week to liquidate the deals, limiting losses to $7.2 billion.    » read more »

26 January 2008 -- French police have detained a young bank trader blamed for losses of more than $7 billion at France's second largest bank, Societe Generale.

Judicial officials say authorities are holding Jerome Kerviel for questioning Saturday at the headquarters of the French financial police in Paris. The 31-year-old had not been seen in public since Societe Generale announced the record trading loss Thursday.

French investigators searched Kerviel's home in the Paris suburbs Friday as part of their investigation of the former stock index futures trader.    » read more »