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Corporate Fraud

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  • Bush Pushes Congress on Stimulus Package Friday, 25 Jan 2008 | 5:19 PM ET

    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.

  • Why Did French Bank's 'Rogue Trader' Do It? Friday, 25 Jan 2008 | 4:31 PM ET
    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.

  • French Media Puzzle over SocGen Rogue Trader Friday, 25 Jan 2008 | 10:56 AM ET
    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.

  • Pressure Piles on SocGen over Trading Scandal Friday, 25 Jan 2008 | 9:45 AM ET

    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.

  • Did French Bank's Huge Loss Trigger Fed Rate Cut? Thursday, 24 Jan 2008 | 2:28 PM ET

    Societe Generale's  $7 billion fraud left investors wondering about a link between the fiasco and the Fed's emergency rate cut.

  • French Bank Blames Trader for $7 Billion Loss Thursday, 24 Jan 2008 | 12:30 PM ET

    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.

  • Writedowns, Part Deux Thursday, 24 Jan 2008 | 6:04 AM ET

    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.

  • Societe Generale: Talk of the Town Thursday, 24 Jan 2008 | 5:36 AM ET

    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).

  • "We Can Bounce Back" SocGen Head Tells Clients Thursday, 24 Jan 2008 | 4:30 AM ET

    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.

  • Brocade Ex-CEO Gets 21 Months in Backdating Case Wednesday, 16 Jan 2008 | 2:05 PM ET

    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.

  • Supreme Court Upholds Limits on Investor Lawsuits Tuesday, 15 Jan 2008 | 2:41 PM ET

    The Supreme Court upheld a ruling that investors cannot sue third parties such as banks and accounts in cases of securities fraud.

  • Senate Subpoenas Four Wall Street Firms: WSJ Tuesday, 15 Jan 2008 | 12:58 AM ET

    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.

  • South Korean Prosecutors Raid Samsung Headquarters Monday, 14 Jan 2008 | 9:00 PM ET
    Samsung Headquarters

    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 Raid Samsung Chairman's Office Sunday, 13 Jan 2008 | 10:21 PM ET

    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.

  • New York Launches Intel Antitrust Probe Thursday, 10 Jan 2008 | 1:32 PM ET

    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.

  • 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,

    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.

  • Murder Accusation Made in Tobias Estate Case Monday, 7 Jan 2008 | 9:46 AM ET

    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."

  • Probe of Bear Stearns Hedge Funds Is Broadened Friday, 4 Jan 2008 | 2:47 PM ET

    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.

  • Buffett Won't Have to Turn Over Documents, Judge Says Wednesday, 2 Jan 2008 | 2:23 PM ET

    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.

  • Buffett May Not Be Witness in AIG Fraud Case Tuesday, 1 Jan 2008 | 4:15 PM ET

    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.