How did Société Générale, the French banking giant, lose close to $7 billion? The answer is Jerome Kerviel, a trader with intimate understanding of the firm's risk management and control policies. He lost the money while betting on the direction of European stock indexes, which he then tried to cover up with fake positions. Kerviel, who faces 7 years in prison and  $1.5-million fine, says his bosses knew what he was up to and didn't stop him as long as he was generating huge profits.http://www.newser.com/2008 - Newseren-usNewser Feed GeneratorWed, 03 Dec 2008 22:58:34 CSThttp://www.newser.com/story/25742/rogue-trader-gets-a-job.html?refid=rss_all_defaultJérôme Kerviel is working once again, despite having cost France’s Société Générale $7.68 billion in unauthorized trading. Released from prison a few weeks ago, the rogue trader is employed as an IT consultant for a French company specializing in networks and security, the Wall Street Journal reports. The gig could also help keep Kerviel out of jail.http://www.newser.com/story/25742/rogue-trader-gets-a-job.html?refid=rss_all_defaultSat, 26 Apr 2008 13:40:11 CDThttp://www.newser.com/story/24939/socgen-ceo-resigns-over-rogue-trader.html?refid=rss_all_defaultThe CEO of Société Générale will step down, at last bowing to pressure in the wake of the $7.8 billion rogue trading scandal. Although investors and politicians—including French President Nicolas Sarkozy—had demanded Daniel Bouton's resignation immediately after the revelation of Jérôme Kerviel's massive fraud, the bank had insisted he stay on to keep SocGen from collapse, reports the Financial Times .http://www.newser.com/story/24939/socgen-ceo-resigns-over-rogue-trader.html?refid=rss_all_defaultFri, 18 Apr 2008 4:40:02 CDThttp://www.newser.com/story/23295/rogue-trader-to-sue-socgen.html?refid=rss_all_defaultThe rogue trader whose $7.8 billion in transactions nearly sank Société Générale has filed papers in preparation for a wrongful dismissal lawsuit, the Times of London reports. Jérôme Kerviel will claim the French bank has failed to prove he did anything wrong. He was released on bail last month after 31 days in jail on charges of breach of trust, fabricating documents, and illegally accessing computers.http://www.newser.com/story/23295/rogue-trader-to-sue-socgen.html?refid=rss_all_defaultThu, 03 Apr 2008 3:46:36 CDThttp://www.newser.com/story/21880/france-frees-rogue-trader-kerviel.html?refid=rss_all_defaultJerome Kerviel, the trader accused of an $8 billion fraud that nearly brought down Societe Generale, has been freed by a Paris court after five weeks in detention, the Guardian reports. The trader, who faces charges including breach of trust and falsifying documents, will remain free while the case is investigated but won't be allowed to leave Paris.http://www.newser.com/story/21880/france-frees-rogue-trader-kerviel.html?refid=rss_all_defaultTue, 18 Mar 2008 7:20:04 CDThttp://www.newser.com/story/21378/second-socgen-broker-held-in-kerviel-probe.html?refid=rss_all_defaultAuthorities have taken a second Societe Generale employee into custody and conducted a search of La Defense headquarters, as the probe into unauthorized securities trading that cost the French bank $7.6 billion expands, reports Bloomberg. Police are holding a broker from a bank subsidiary, said a SocGen spokeswoman. Another broker was taken into custody, questioned, and released last month.http://www.newser.com/story/21378/second-socgen-broker-held-in-kerviel-probe.html?refid=rss_all_defaultWed, 12 Mar 2008 9:33:18 CDThttp://www.newser.com/story/19646/socgen-posts-record-49b-q4-loss.html?refid=rss_all_defaultSociete Generale's annual profits plummeted a whopping 82% after a record $4.9 billion fourth quarter loss fueled by subprime woes and the actions of rogue trader Jerome Kerviel, reports Bloomberg. France’s second-largest bank today said net income was 947 million euros, compared to 5.22 billion euros in 2006. SocGen warned further losses could come in the first quarter.http://www.newser.com/story/19646/socgen-posts-record-49b-q4-loss.html?refid=rss_all_defaultThu, 21 Feb 2008 5:47:07 CSThttp://www.newser.com/story/19590/socgen-lax-controls-led-to-72b-fraud.html?refid=rss_all_defaultRogue SocGen trader Jerome Kerviel, whose unauthorized deals led to a $7.2 billion loss for the French bank, continued his trading for more than a year after the first warning flag was raised in the department that was supposed to detect risky trading, reports the Wall Street Journal. Kerviel wrote at least seven bogus emails flagged for anomalies, and his trades tripped 24 alarms over a 14-month period beginning in July 2006, the bank admits in a report released yesterday.http://www.newser.com/story/19590/socgen-lax-controls-led-to-72b-fraud.html?refid=rss_all_defaultThu, 21 Feb 2008 5:04:49 CSThttp://www.newser.com/story/19139/lawyer-socgen-condoned-traders-deals.html?refid=rss_all_defaultThe French trader who lost Société Générale $7.2 billion acted with the tacit support of the banking giant's management, which "condoned" his trades, Jérôme Kerviel's lawyer says. The assertion contradicts executives' claims that Kerviel acted alone. "Jérôme is a smart trader, but not smarter than any other guy at SocGen," the lawyer told CNN.http://www.newser.com/story/19139/lawyer-socgen-condoned-traders-deals.html?refid=rss_all_defaultFri, 15 Feb 2008 5:03:36 CSThttp://www.newser.com/story/18753/socgen-to-raise-8b-with-discount-shares.html?refid=rss_all_defaultSociete Generale, the French bank hit with a $7 billion loss in a massive trading fraud, will replenish its cash reserves through an $8 billion stock offering at a heavily discounted rate, the company said today. Shares will be priced at €45.50, or 39% off the Feb. 8 closing price, lower than the 30% discount analysts predicted. Existing shareholders can buy one share for every four they own, Bloomberg reports.http://www.newser.com/story/18753/socgen-to-raise-8b-with-discount-shares.html?refid=rss_all_defaultMon, 11 Feb 2008 6:14:18 CST