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Societe Generale

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BUSINESS
February 22, 2008 | From Times Wire Services
Societe Generale, France's second-largest bank, said Thursday that unauthorized trading and sub-prime mortgage-related write-downs led to a record $4.9-billion net loss in the fourth quarter. The red ink reflected $7.2 billion in losses racked up by junior trader Jerome Kerviel, as well as $4.3 billion in write-downs related directly or indirectly to the credit market turmoil triggered by losses in the U.S. housing market. The Kerviel scandal was announced Jan. 24, shocking the global banking system.
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BUSINESS
August 10, 2012 | By E. Scott Reckard, Los Angeles Times
After three years clouded by key staff defections and ownership uncertainties, Los Angeles asset manager TCW Group Inc. will move ahead with a high-profile new partner - private equity firm Carlyle Group. French banking giant Societe Generale agreed Thursday to sell its majority stake in TCW to two Carlyle funds and to TCW's managers. Terms of the deal were not disclosed, but the companies said the transaction would boost the ownership of TCW employees from 17% to 40%. TCW, founded in 1971 by Robert Day as Trust Co. of the West, manages investments for some of the nation's largest pension funds, universities and other big investors.
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BUSINESS
November 29, 2011 | Bloomberg News
Societe Generale, France's second-biggest bank, is weighing whether to put its U.S. asset manager TCW Group up for sale, said people with knowledge of the situation. One option may be a management-led buyout of the business, said two of the people, who spoke on the condition of anonymity because the matter is private. Societe Generale may decide not to sell TCW and could still pursue an initial public offering for the unit, the people said. Los Angeles-based TCW may be valued at about $1 billion, one person said.
BUSINESS
November 30, 2011 | By Walter Hamilton, Los Angeles Times
The French parent of TCW Group Inc. said Tuesday that the Los Angeles investment firm is not for sale. The declaration by Societe Generale came in response to a report by Bloomberg News, which quoted anonymous sources saying the French bank may put the U.S. money manager up for sale, or potentially strike a deal for a management-led buyout. "Societe Generale's plans for TCW have not changed," SocGen said in a statement. "TCW is not for sale, and we continue to believe that TCW is on a trajectory for strong and sustained growth.
BUSINESS
November 30, 2011 | By Walter Hamilton, Los Angeles Times
The French parent of TCW Group Inc. said Tuesday that the Los Angeles investment firm is not for sale. The declaration by Societe Generale came in response to a report by Bloomberg News, which quoted anonymous sources saying the French bank may put the U.S. money manager up for sale, or potentially strike a deal for a management-led buyout. "Societe Generale's plans for TCW have not changed," SocGen said in a statement. "TCW is not for sale, and we continue to believe that TCW is on a trajectory for strong and sustained growth.
BUSINESS
April 30, 2009 | TIMES WIRE REPORTS
Societe Generale Chairman Daniel Bouton said he would resign from the French bank, saying repeated attacks on him threatened the bank's health. Bouton was Societe Generale's chief executive in January 2008 when the bank announced one of the world's largest trading scandals, which caused a massive loss. He stepped down as CEO last May but had remained as chairman. He will leave the bank at its annual meeting May 6.
BUSINESS
March 19, 2008 | From Reuters
Jerome Kerviel, the Frenchman blamed by his company for the world's biggest rogue trading scandal, left jail Tuesday after winning a legal battle against detention. Kerviel, 31, walked free from the Sante prison in Paris after five weeks in custody while investigators continue to probe heavy losses at French bank Societe Generale. Under the terms of his conditional release, there are strict limits on his movements and contacts. Societe Generale unveiled 4.9 billion euros ($7.64 billion)
BUSINESS
April 12, 2001 | DEBORA VRANA, TIMES STAFF WRITER
In the latest in a wave of foreign companies buying U.S. money managers, Los Angeles-based investment firm TCW Inc. agreed Wednesday to be acquired by French banking giant Societe Generale for more than $1.3 billion. The deal unites one of the largest U.S. employee-owned money management firms and a Southern California financial powerhouse with one of Europe's fastest-growing financial firms. It also marks a new chapter in the career of TCW's publicity shy chairman, Robert A.
BUSINESS
May 16, 1989
Computer Sciences Corp. of El Segundo has agreed in principle to acquire CIG-Intersys Group from Societe Generale de Belgique SA and Generale de Sanque SA. Terms were not disclosed.
BUSINESS
May 28, 2008 | From Times Wire Services
French bank Societe Generale fired an assistant to former trader Jerome Kerviel after a report indicated that Kerviel may have had assistance in amassing $78 billion in unauthorized futures positions. Thomas Mougard, 23, was fired for "professional misconduct," his lawyer said. Without naming Mougard, Societe Generale said in a report last week that as many as 15% of Kerviel's questionable trades were registered by his assistant.
BUSINESS
November 29, 2011 | Bloomberg News
Societe Generale, France's second-biggest bank, is weighing whether to put its U.S. asset manager TCW Group up for sale, said people with knowledge of the situation. One option may be a management-led buyout of the business, said two of the people, who spoke on the condition of anonymity because the matter is private. Societe Generale may decide not to sell TCW and could still pursue an initial public offering for the unit, the people said. Los Angeles-based TCW may be valued at about $1 billion, one person said.
BUSINESS
September 15, 2011 | By Walter Hamilton, Los Angeles Times
The Federal Reserve and four other central banks moved to inject billions of U.S. dollars into Europe's troubled banking system, giving a dose of confidence to investors who have grown worried about the ripple effects of the Greek debt crisis. The coordinated action is intended to give large European banks ample access to dollars, thus heading off the risk of a lending crunch that could gum up the credit markets and worsen the global economy. European banks, particularly in France, have had trouble raising dollars from U.S. investors and financial institutions, which are scared off by the Europeans' heavy exposure to Greece.
BUSINESS
August 17, 2011 | By Tom Petruno, Los Angeles Times
TCW Group Inc. and its French parent company broke key promises made to TCW's top money managers, fueling a rebellion at the L.A. asset management firm, a jury was told. Jeffrey Gundlach, TCW's star bond fund manager until the firm fired him in 2009, testified in court Tuesday that the company had pledged that employees would always own 30% of the stock in the business. But French banking titan Societe Generale, which bought control of TCW in 2001, never followed through on that promise, Gundlach said.
ENTERTAINMENT
July 10, 2011 | By Devorah Lauter, Special to the Los Angeles Times
François Bon knows about the hidden cemetery just behind the Grande Arche, a minimalist monument to modernity that looms over France's version of Wall Street, or La Défense . The decision to surround the office buildings in one of Europe's largest financial hubs with headstones was later viewed as distasteful, and trees were planted to cover them. Now, some employees says Bon, eat sandwiches while sitting on the tombs. Nearby, Bon also knows where to take an elevator that will leave a person lost in an endless expanse of deserted parking lots eight stories below ground.
WORLD
October 6, 2010 | By Devorah Lauter, Los Angeles Times
He's a $6-billion man. More precisely, a 4,915,610,154-euro man ? about $6.8 billion and change. A French court Tuesday sentenced Jerome Kerviel, Societe Generale's "rogue trader," to five years in prison, suspended two of the years, and slapped him with a monumental bill. It ordered him to pay back the amount the bank says he lost by recklessly trading with its money in late 2007 and early 2008. One French news organization, RTL, calculated the restitution at one-ninth of the entire amount the French government pumped into banks to prevent them from collapsing in the global economic meltdown.
WORLD
June 9, 2010 | By Devorah Lauter, Los Angeles Times
Is Jerome Kerviel, the young trader who lost billions of dollars for France's Societe Generale bank, a criminal? Or merely the product of a system that encouraged risky bets when the market was at its hottest — and helped create the subsequent global meltdown? Kerviel, 33, went on trial Tuesday on charges of forgery, breach of trust and unauthorized use of a computer. If found guilty, he could serve five years in prison and be fined $450,000. His former employer, a civil party to the criminal case, is asking for $6.6 billion — the amount Kerviel's bets lost before Societe Generale shut him down in January 2008.
BUSINESS
August 28, 1999 | From Associated Press
French banking authorities ruled today that hostile bidder Banque Nationale de Paris cannot keep its stake in its target, Societe Generale, effectively ending BNP's hopes of creating Europe's largest bank in terms of assets. "Taking into account the results of the takeover bid offer, BNP "doesn't hold in a patent manner an effective power of control over Societe Generale," the Committee of Credit and Investment Institutions said after an 11-hour meeting that began Friday afternoon.
BUSINESS
February 24, 1998 | Bloomberg News
Societe Generale agreed to buy New York-based brokerage Cowen & Co. for about $615 million in cash, expanding the French bank into the U.S. stock business. The bank, Europe's fifth-largest, will pay $324 million at the time of sale and an additional $216 million over three years to Cowen's 100 partners. It will also pay $75 million in deferred compensation as part of a package to retain key employees.
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