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Article: Societe Generale chief at shareholders meeting defends bank's actions in dealing with fraud

Article from:
AP Worldstream
Article date:
May 27, 2008
Author:
Copyright

Societe Generale SA chiefs faced boos and jeers at a shareholders meeting Tuesday while defending the French bank's response to one of the world's largest trading scandals, which caused a massive loss.

Chairman Daniel Bouton insisted the alleged fraud that the bank has blamed on former trader Jerome Kerviel was an "isolated" event _ and does not reflect the heart of the bank's trading activities.

"All the investigations have shown that the positions of the trader from which the losses stem were concealed," he told more than 1,600 shareholders at the annual meeting near the bank's headquarters in Paris' business district.

"Our control systems ...

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