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Keyword: socitgnrale

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  • France’s largest bank gets fined for evading American sanctions

    07/04/2014 10:14:16 PM PDT · by Citizen Zed · 4 replies
    The Economist ^ | 7-5-2014
    THE American guillotine has fallen. After lengthy negotiations, prosecutors and regulators announced on June 30th the penalties they planned to impose on BNP Paribas, France’s largest bank, for evading American sanctions on doing business with Cuba, Iran and the Sudan: an almost $9 billion fine, a guilty plea to criminal charges of conspiracy and falsifying records and a suspension of its right to clear certain dollar transactions. The bank’s dealings with and for Sudan—where Osama bin Laden found refuge and the UN’s attempt to stem the bloodletting in Darfur was resisted—lie at the heart of the charges against it. BNP...
  • SocGen: The trader vanishes (Caused global market meltdowns)

    01/24/2008 11:14:36 PM PST · by BurbankKarl · 22 replies · 74+ views
    Financial Times ^ | 1/24/08 | John O’Doherty and Peggy Hollinger in Paris
    “I don’t know where he is,” said Daniel Bouton, the long-standing chief executive and chairman of Société Générale, when he was asked on Thursday about the whereabouts of Jérôme Kerviel, the trader at the centre of one of the biggest frauds in banking history. But while Mr Kerviel’s movements remained unknown, the sequence of events that led to the extraordinary writedown at SocGen was becoming clearer. The trader joined the bank in 2000 and worked in Paris. The first three years of his career were spent in the bank’s so-called “back office” and “middle office”, where trades are settled...