PARIS — Société Générale, facing persistent questions over how a lone, junior trader could have instigated more than $7 billion in losses, acknowledged on Sunday that his activities prompted questions from risk managers several times last year, but that the bank never began an investigation because his explanations defused any suspicions.
Société Générale said a junior trader who racked up more than $7 billion in losses misused computer access codes and falsified documents.
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http://www.nytimes.com/2008/01/28/business/worldbusiness/28bank.html
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