The crisis at Société Générale deepened yesterday when Jérôme Kerviel, the alleged perpetrator of the biggest rogue trading scandal in financial history, was sent to prison for the duration of the investigation and a second trader was being interrogated by police. SocGen has consistently claimed that Kerviel acted alone and was solely responsible for operations […]
Darling Says G7 Will Not Coordinate Action to Increase Growth
The G7 group of rich countries will not seek coordinated action to boost growth, despite growing fears of a global economic slowdown prompted by the US sub-prime mortgage crisis, the chancellor of the exchequer, Alistair Darling, said yesterday. Darling, who is in Tokyo for today’s meeting of G7 finance chiefs, said it was up to […]
Romney Foresaw Cold Reality In Bid For GOP Nominee
Mitt Romney had gathered his inner circle on Wednesday morning in Boston when he wanted to know how bad things were for his candidacy. This comes after Mitt Romney had suffered six weeks of losses along with Tuesday’s bad finish in all of the big-state contests. One of Romney’s advisers assessed the communications in regards […]
THE FRENCH BANK FRAUD; WHAT NEXT?
For the present, the French Rogue Trader,Mr.Jerome Kervial seems to have escaped from the ‘fraudulent charges’ for his role in the U.S.$ 7 BILLION losses at the French Bank giant, Societe Generale. FORMAL INVESTIGATION; However, the Judges placed him under formal investigation . He has been ordered not to communicate with the Bank’s […]
French Rogue Trader Surrenders
French police have been given a further 24 hours in which to question traders Jerome Kerviel, at the centre of a suspected massive share-dealing fraud. Kerviel presented himself to police voluntarily on Saturday. No charge have yet been brought against him. He is accused by his former employer, bank giant Societe Generale, of fraudulent trading […]
French Rally Behind Rogue Trader As Fraud Scandal Spreads
He is the man who nearly broke the bank … and who is fast becoming a hero to millions of his compatriots. Jérôme Kerviel, the 31-year-old trader whose fraudulent stock market transactions last week cost his employers Société Générale £3.7bn, was yesterday in a Paris police station after being taken into custody around 2pm by […]