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Societe Generale

U.S. Bailout Helped Overseas Banks

AP | MARCY GORDON | Posted 05.25.2011 | Business

WASHINGTON — The $700 billion U.S. bailout program launched in response to the global economic meltdown had a far greater impact overseas than o...

French Rogue Trader's Trial Begins

AP | ANGELA DOLAND | Posted 05.25.2011 | Business

PARIS — Jerome Kerviel says he's living the simple life these days. The former French trader accused of gambling away billions of his bank's mon...

AIG, Goldman Sachs Bailout: 'Secret Document' Reveals Goldman's Toxic Derivatives

bloomberg.com | Richard Teitelbaum | Posted 05.25.2011 | Business

Bloomberg Markets reports in its April issue. Representative Darrell Issa, the ranking Republican on the House Committee on Oversight and Government R...

Suspicious Timing Surrounding The "De-risking" of AIG's Toxic Obligations

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

There is no way that Congress can understand the AIG bailout without carefully scrutinizing the decision making process behind these specific ratings and subsequent downgrades.

European Union Break-Up Coming Over Overvalued Currency, Says Albert Edwards Of Societe Generale

BusinessWeek | Alexis Xydias | Posted 05.25.2011 | Business

Feb. 12 (Bloomberg) -- Southern European countries are trapped in an overvalued currency and suffocated by low competitiveness, a situation that will ...

The Question Unasked Again and Again of Goldman Sachs, Lloyd Blankfein and Hank Paulson

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

What was the nature of the exchange of information between Paulson and Blankfein and/or their staffs, and what impact might it have had on Goldman's intransigence vis a vis A.I.G.? We should all be told.

The Times Story On Goldman's Role in AIG's Downfall Is More Damning When Placed In Context

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

Placed in a broader context, the front page story The New York Times is even more damning of Goldman Sachs than readers might realize. Goldman played...

AIG's Banks: Market Makers or Flippers of CDOs?

David Fiderer | Posted 05.25.2011 | Business
David Fiderer

Did Societe Generale ever view its $1.2 billion investment in Adirondack 2005-2 as a buy-and-hold proposition? Or was the bank's original intention to offload the risk on to AIG?

Congress Exposes Potential Profiteering in AIG's Deals: Delay Enabled Further Cover-Up

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

Goldman is not solely responsible, but it has a large role in AIG's crisis and a unique position of conflicted interest and influence over the terms of the bailout. Now that the crisis is over, this issue should be reopened.

Doubts at Fed Over A.I.G.'s $30 Billion Payout Two Fed Governors

nytimes.com | GRETCHEN MORGENSON and LOUISE STORY | Posted 05.25.2011 | Business

Weeks after rescuing the American International Group with an $85 billion taxpayer loan in late 2008, Federal Reserve Board officials rejected a propo...

AIG Bailout: 2 Fed Governors Warned Against 'Gifts' To Banks, Documents Show

New York Times | GRETCHEN MORGENSON and LOUISE STORY | Posted 05.25.2011 | Business

Weeks after rescuing the American International Group with an $85 billion taxpayer loan in late 2008, Federal Reserve Board officials rejected a propo...

One Year Before Crisis, I Told Jamie Dimon and Warren Buffett AIG Had Serious Trouble (and Goldman Sachs Knew Too)

Janet Tavakoli | Posted 05.25.2011 | Business
Janet Tavakoli

The mark-to-market losses were just one part of the problem. AIG had a grave problem just from this position alone, and AIG had other serious problems.

Geithner AIG Testimony: Treasury Secretary Says AIG Bailout Saved Economy, Not Individual Banks

Bloomberg | Rebecca Christie | Posted 05.25.2011 | Business

Click here to read Geithner's testimony about the New York Fed's aid to AIG. Treasury Secretary Timothy F. Geithner said the government rescued Ameri...

AIG Bailout Emails: SEC Ordered Records Sealed Until 2018

Reuters | Matthew Goldstein | Posted 05.25.2011 | Business

NEW YORK, Jan 11 (Reuters) - It could take until November 2018 to get the full story behind the U.S. bailout of insurance giant American International...

Geithner's Time to Give Answers

Rep. Darrell Issa | Posted 05.25.2011 | Business
Rep. Darrell Issa

Inadvertent reporting errors are one thing. Directing a bailed-out company to withhold crucial information from a government agency in order to keep the American public in the dark is another.

Treasury Cover-Up of Goldman's Role in AIG Crisis?

Janet Tavakoli | Posted 05.25.2011 | Politics
Janet Tavakoli

Goldman paid mega bonuses in past years subsidized by selling hot air. Now it proposes to again pay billions in bonuses based on earnings made possible by taxpayer dollars.

Daniel Bouton, Societe Generale Chairman, To Resign Over Criticism

AP | GREG KELLER | Posted 05.25.2011 | Business

PARIS — Societe Generale chairman Daniel Bouton said Wednesday he will resign from the French bank, saying repeated attacks on him were a threat...

AIG, Toxic Assets and the Call to Personal Sacrifice

Raymond J. Learsy | Posted 05.25.2011 | Business
Raymond J. Learsy

If there has ever been an example of "sow and ye shall reap" gone awry, it is the madcap stripping of the national treasure by those who have brought us to the edge of the cliff.

Jerome Kerviel, Alleged Rogue Trader, Got "Orgasmic Pleasure" From Playing The Market

The Independent | John Lichfield | Posted 05.25.2011 | World

The five billion euros man, Jérôme Kerviel, stepped involuntarily out of the shadows yesterday, 12 months after he became the most talked about, and...

Jerome Kerviel, Societe General Scammer: I Lost My Sense Of Reality

AP | PIERRE ANTOINE SOUCHARD | Posted 05.25.2011 | Business

PARIS — French judges questioned former Societe Generale trader Jerome Kerviel and his former boss Thursday in possibly his last hearing in the ...

Madoff Just the Start of Post-Bubble Scandals

Diane Francis | Posted 05.25.2011 | Business
Diane Francis

The $50-billion fraud, allegedly perpetrated by New York's Bernie Madoff, is a predictable outcome following the collapse of a speculative bubble. Big bubbles attract bigger crooks.

Russian Bank Loses $10 Million In Rogue Trade

New York Times | Andrew E. Kramer | Posted 05.25.2011 | Business

MOSCOW -- An equities trader at Renaissance Capital, a Russian investment bank, lost the company about $10 million by placing unauthorized bets on the...

Societe General Explains $7 Billion Fraud: Bad Management

AP | EMMA VANDORE | Posted 05.25.2011 | Business

PARIS — Investigators at Societe Generale SA say they suspect former futures trader Jerome Kerviel was helped by an assistant to cover up massiv...

Societe Generale Chief To Step Aside

New York Times | NICOLA CLARK | Posted 05.25.2011 | Business

Société Générale, the French bank that was rocked by a multibillion-dollar rogue trading scandal, said late Thursday that Daniel Bouton would step...

Court Frees Jailed SocGen Trader

AP | INGRID ROUSSEAU | Posted 05.25.2011 | Business

PARIS — A French court Tuesday ordered the release of a Societe Generale trader accused of causing billions in losses through rogue trades. Jer...