Corporate Fraud


  • D. Post New CEO Pledges to Focus on U.S., Postbank Monday, 18 Feb 2008 | 1:52 PM ET

    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 Week in Europe: Banks and Tax Scandals Saturday, 16 Feb 2008 | 10:51 AM ET

    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.

  • Deutsche Post Head to Quit after Tax Probe Friday, 15 Feb 2008 | 10:17 AM ET

    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 Seeks Cash to Shore Up Finances Monday, 11 Feb 2008 | 11:58 AM ET

    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 Won't Get Grilled in Hartford Friday, 8 Feb 2008 | 11:37 AM ET
    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.

  • Second Broker Questioned in SocGen Case Friday, 8 Feb 2008 | 7:03 AM ET

    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.

  • SocGen Thwarts Fraud Attempt in Romania Thursday, 7 Feb 2008 | 4:27 AM ET

    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.

  • U.S. Probes Stock Sales By SocGen Board Member Monday, 4 Feb 2008 | 2:13 PM ET

    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.

  • SocGen Shares Jump on BNP Paribas Interest Thursday, 31 Jan 2008 | 12:35 PM ET

    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.

  • Bank Hit by Rogue Trader Opens Its Own Inquiry Wednesday, 30 Jan 2008 | 1:08 PM ET

    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.

  • French Trader: Bosses Knew About Risky Trades Tuesday, 29 Jan 2008 | 3:01 PM ET

    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.

  • Hands Off Societe Generale, France Tells Rivals Tuesday, 29 Jan 2008 | 1:04 PM ET

    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.

  • European Leaders Call for Greater Transparency Tuesday, 29 Jan 2008 | 5:35 AM ET
    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.

  • French Bank Gives Details on Rogue Trader's Methods Sunday, 27 Jan 2008 | 4:19 PM ET
    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.

  • 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.