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Rogue trader Kerviel at courthouse in Paris

Former Societe Generale derivatives trader Jerome Kerviel leaves the financial investigation unit of the Paris courthouse, December 17, 2008. Kerviel, who is blamed by Societe Generale SA for its record trading lost, abused his bosses' trust and exploited holes in the bank's security system. (UPI Photo/Eco Clement)

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Commentary: Ignorance is not bliss

WASHINGTON, Jan. 26 (UPI) -- President Obama's unhappy lot is to repair deep fissures in the capitalist system while avoiding both the slough of market socialism and the gangrene of state corporate capitalism when government also takes over fallen giants. Oblivious to the momentous stakes, insatiable greed still appears to rule the Wall Street roost.

Police back Societe Generale executives

PARIS, Aug. 3 (UPI) -- A French police report backs assertions by Societe Generale bankers they knew nothing of the massive risky investments by trader Jerome Kerviel, sources say.

Accused trader freed in France

PARIS, March 18 (UPI) -- A French court agreed Tuesday to release Societe Generale trader Jerome Kerviel, who is accused of losing $7.2 billion in unauthorized trading.

Rogue trader says bank knew of activities

PARIS, March 14 (UPI) -- Rogue French trader Jerome Kerviel said his supervisor at Societe Generale witnessed a large, fictitious transaction, a court summary of his statements said.

Friend of rogue trader freed in France

PARIS, March 13 (UPI) -- French police Thursday released Societe Generale employee Manuel Zabraniecki after only a few hours of questioning about a $7.2 billion loss in rogue trading.

Broker arrested in Societe Generale probe

PARIS, March 12 (UPI) -- A broker at Societe Generale has been arrested in connection with a $7 billion trading scandal at the French bank, police said Wednesday.

Second suspect in banking scandal freed

PARIS, Feb. 9 (UPI) -- French authorities have released a second suspect in the $7.2 billion Societe Generale rogue trading scandal, a report said Saturday.

Pressure builds to fire French bank execs

PARIS, Jan. 30 (UPI) -- Political pressure is building for France's scandal-plagued Societe Generale bank to fire the bank's chairman and other top executives.

Finance minister says trader acted alone

PARIS, Jan. 28 (UPI) -- French Finance Minister Christine Lagarde said Monday that Societe Generale trader Jerome Kerviel "acted alone" in a $7.35 billion trading scandal.

Losses may lead to Societe General merger

PARIS, Jan. 28 (UPI) -- Losses of more than $7 billion from unauthorized trading may end up forcing Paris's Societe Generale bank to merge with its biggest rival.

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