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.
Societe Generale's $7 billion fraud left investors wondering about a link between the fiasco and the Fed's emergency rate cut.
The biggest rogue trader scandal in history hit Societe Generale on Thursday as the French bank accused a junior employee of a fraud costing $7 billion.
A rolling of eyes and Gallic shrugs worthy of any Frenchman. That was the response on the ground in Davos as the news of Socgen's trading loss and sub-prime writedown unfolded.
When attendees from a sovereign wealth fund panel in Davos emerged, it wasn't about this topic, until yesterday so hot, that they spoke. Instead, they focused on the woes on Societe Generale, which reported this morning that a fraud by a trader would cost the group 4.9 billion euros ($7.16 billion).
French bank Societe Generale can bounce back from an internal trading fraud which has resulted in a "very significant loss," Chairman Daniel Bouton told the bank's 22.5 million worldwide customers in a letter on Thursday.
The former chief executive of Brocade Communications Systems was sentenced to 21 months in prison for orchestrating a scheme to tamper with the company's records of stock option grants.
The Supreme Court upheld a ruling that investors cannot sue third parties such as banks and accounts in cases of securities fraud.
Four Wall Street firms have received subpoenas from US Senate investigators who are examining whether the firms improperly structured transactions to help hedge funds avoid dividend taxes, The Wall Street Journal reported on its website.
Agents from a special team of South Korean prosecutors investigating Samsung Group raided the conglomerate's headquarters building in Seoul, Yonhap news agency reported on Tuesday.
Prosecutors from a special team set up to investigate Samsung Group, South Korea's top business conglomerate, on Monday raided an office of Chairman Lee Kun-hee and homes of other executives, a team official said.
The office of New York Attorney General Andrew Cuomo on Thursday said it launched a formal investigation into Intel to determine whether the world's biggest chipmaker violated state and U.S. antitrust laws to squeeze out its rival, Applied Micro Devices.
A criminal corporate fraud trial that could bring Warren Buffett to the witness stand for some tough questioning is now underway in a federal courthouse in Hartford, Connecticut. Emphasis on could. Here's why I have my doubts.
Attorneys for the brothers of hedge fund manager Seth Tobias say his wife killed him because "Seth was worth substantially more to (her) dead than he was alive, and she knew that."
The U.S. Attorney's Office in Brooklyn has broadened its investigation into the collapse of two hedge funds that Bear Stearns managed, CNBC has learned.
A federal judge overseeing the trial of four former executives at the General Re unit of Berkshire Hathaway said the reinsurer need not turn over some documents involving Berkshire Chairman Warren Buffett.
Prosecutors may not call Berkshire Hathaway Chairman Warren Buffett as a witness in a criminal trial of former officers of its General Re reinsurance unit, according to a court filing.
A three-judge panel has ordered the Justice Department's Enron Task Force to hand over notes from its interviews with former Chief Financial Officer Andy Fastow.
Lawyers who won a class action suit against Tyco International and PricewaterhouseCoopers will be awarded 14.5 percent of the $3.2 billion settlement, plus nearly $29 million in expenses, a judge has ordered.
British insurance company Norwich Union was fined 1.26 million pounds (1.76 million euros; $2.54 million) on Monday for a data-protection failure that allowed criminals to cash dozens of policies held by customers.