Business

Delayed informing about the scandalous bank loss
by Tatiana Hadarova

The scandal of the biggest loss in banking history is now turning over and is full of doubtfulnis and unanswered questions. The French government is now asking why the management of Societe General, the one which has lost more than 4.9 billion euros , did not inform government at the right in time, but waited three days after the shocking findings had been made. French Finance Minister Christine Lagarde has made an investigation of this case and will today show her results in her report. Lagarde has asked the governor of Bank of France Christian Noyer why he delayed three days to inform government and Finance department about the loss. Noyer said that he wanted to wait until the loss will be liquidated and to tell government not only about the problem, but also about the solution. Governor Noyer was hit hard by the prime minister Francois Fillon and the rest of the government. This new fact about delayed informing brings more darkness into the case. However, it might be little helpful for Jerome Kerviel, the one who is accused with the whole crime. There has already been rumour that Societe General accused him with the loss trying to hide their previous business losses. Although Kerviel admitted hacking into the security system and faking e-mails to hide bets, he was released from the detention. As New York Times said, Lagarde's report will call for the stricter risk control at Societe General but also at other banks. Societe General is now trying to reform its reputation by great adverts in Le Parisien and Le Monde and by claiming that the future of the bank is not threatened. However, the other two biggest french banks said that they are considering a bid. But Societe General still has the support of government, which prefers "friendly solution to a hostile bid".

related story: http://www.bloomberg.com/apps/news?pid=20601085&sid=aW0jppb19hTU&refer=europe

by Tatiana Hadarova for PocketNews (http://pocketnews.tv)

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Edited by Federica Paddeu

Labels: Business, CantellTV, Chris Cantell, Christopher Cantell, digital broadcasting, SigEx Foundry, SigEx Telecom

posted by Blog TechSource @ 8:44 AM