Crime Corporate Fraud

  • South Korean investigators looking into allegations the president-elect was involved in securities fraud said on Thursday they found no wrongdoing, defusing a scandal that analysts said could have undermined his authority.

  • Liechtenstein's Crown Prince Alois on Tuesday accused Germany of launching an attack on the principality's sovereignty by paying an informer for bank details in a massive tax fraud investigation.

  • Deutsche Post logistics and international mail head Frank Appel took over as chief executive and pledged to focus on its loss-making U.S. business and retail bank Deutsche Postbank.

  • The Societe Generale trading scandal is in full swing, as the lawyer of jailed trader Jerome Kerviel said this week that his client should be released to be able to defned himself. Another scandal, this time involving investigations into whether rich German businessmen have been dodging taxes, has started to unfold. Read the week's European stories.

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    Klaus Zumwinkel will resign as chief executive of German mail and logistics group Deutsche Post, the company said on Friday as a tax-dodging probe threatened to ensnare more rich Germans.

  • Societe Generale launched a deeply discounted 5.5 billion euros ($8 billion) capital increase on Monday to prop up its finances and heal scars from the world's biggest rogue trading scandal.

  • Warren Buffett, right, chairman of Berkshire Hathawy Inc., speaks to the media while Ron Ferguson, chairman and chief executive officer of General Re, listens in New York on Friday, June 19, 1998. Berkshire Hathaway Inc. is buying General Re for $22 billion worth of stock, adding one of the world's leading insurers of insurance companies to its portfolio. Berkshire announced Friday after the stock market closed that it would let General Re operate independently of its other insurance operations,

    Warren Buffett won't be going to Hartford, Connecticut to testify in a criminal corporate fraud trial involving former executives of Berkshire Hathaway subsidiary General Re.  Jurors are now expected to begin their deliberations next week. The defense rested its case yesterday (Thursday) after calling five witnesses over two days.   None of them were named Buffett.

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    A French inquiry into a record 4.9 billion euros ($7.17 billion) trading loss at Societe Generale widened to a second broker on Friday as investigators sought to establish whether rogue trader Jerome Kerviel acted alone.

  • The Romanian unit of France's Societe Generale, BRD, said it thwarted an attempt by a clerk to steal 8 million lei ($3.19 million) this week, managing to block a large part of the transfer.

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    The U.S.  is looking into stock sales by a member of French bank Societe Generale's board shortly before the bank announced billions of dollars in losses by a single trader.

  • Paribas confirmed on Thursday that it was studying a possible bid for Societe Generale, as its fellow French bank reeled from rogue trading losses and France warned off would-be foreign bidders.

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    Scandal-hit French bank Societe Generale opened its own inquiry on Wednesday into how it suffered history's biggest rogue trader loss, but resisted heavy pressure to sack its chairman and CEO.

  • The trader accused of causing about $7 billion in losses at Societe Generale told investigators that he believes his bosses were aware of his massive risk-taking on markets but turned a blind eye as long as he earned money, a judicial official said.

  • France warned rival banks on Tuesday not to try to grab control of Societe Generale as it reels from losses blamed on a rogue trader, but piled pressure on its chairman to resign.

  • British Prime Minister Gordon Brown.

    Key European leaders are calling for greater transparency in world financial markets, meeting Tuesday in London to discuss how they can rescue the turbulent global economy.

  • Jerome Kerviel, Societe Generale bank trader accused of fraud.

    Societe Generale said Sunday that a trader who evaded all its controls to bet $73.5 billion -- more than the French bank's market worth -- on European markets hacked computers and "combined several fraudulent methods" to cover his tracks, causing billions in losses.

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    President Bush urged Congress on Friday to quickly pass an economic stimulus package void of extraneous spending, saying only quick action will kickstart the sputtering economy. "I strongly believe it would be a mistake to delay or derail this bill," Bush said.

  • Jerome Kerviel, Societe Generale bank trader accused of fraud.

    A day after Societe Generale unveiled a fraud that cost it 4.9 billion euros ($7.18 billion), France's media was left wondering about a rogue trader described variously as a genius of fraud and a troubled introvert.

  • Jerome Kerviel, Societe Generale bank trader accused of fraud.

    A day after Societe Generale unveiled a fraud that cost it 4.9 billion euros ($7.18 billion), France's media was left wondering about a rogue trader described variously as a genius of fraud and a troubled introvert.

  • Societe Generale came under mounting pressure on Friday to give a full account of how a rogue trader managed to dupe his supervisors and run up a $7 billion loss.