Israeli/French BANKS Money Laundering on Grand Scale


	Israeli/French BANKS Money Laundering on Grand Scale

righthand

2-4-2008 2:15 PM

961 views

tags:

corruption, israel, france, money, laundering, bank

righthand says:

"Embattled French bank Societe Generale faces fresh troubles Monday when a trial opens in Paris involving a vast money laundering scam between France and Israel.

Four banks, including Societe Generale, and 138 people, including the bank's chairman Daniel Bouton, are on trial over the multi-million dollar scam that allegedly began in the late 1990s.

The other banks include Societe Marseillaise de Credit, Barclays France and the National Bank of Pakistan.

Societe Generale revealed late last month it had lost a staggering 4.8 billion euros (7.1 billion dollars) in the biggest rogue trading scandal in history.

Takeover talk is now swirling around France's third largest bank, with two French banks eyeing a possible bid on Societe Generale. "

...AFP

6 Comments |

Add a Comment

2-4-2008 2:22 PM

dulios

Hey righthand! Missed you lately. Welcome back!

2-4-2008 8:30 PM

Dons Digital Dig

Endless are the thieves that roost in high places.

2-4-2008 9:06 PM

righthand

@dulios

Hey righthand! Missed you lately. Welcome back!

Thank you. A week or so of TLC from out Irish medics of all nations and I'm reasonably fit and able again.

2-4-2008 11:43 PM

merrie

This won't instill much confidence in the financial sectors
in this already very nervous market

2-5-2008 5:33 AM

righthand

A banker has the potential to do far more damage than any terrorist bomb. Lately they are living up to their potential. Why not a term in jail for every tenth banker?

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font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://afp.google.com/article/ALeqM5hJzdVP93ntqHbU4x_gFzhcjBiayg">Four banks, including Societe Generale, and 138 people, including the bank's chairman Daniel Bouton, are on trial over the multi-million dollar scam that allegedly began in the late 1990s</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://afp.google.com/article/ALeqM5hJzdVP93ntqHbU4x_gFzhcjBiayg">Cheques trafficked from France were allegedly cleared in money exchange offices or banks in Israel, where a third party can clear a cheque by paying a cash sum, making it difficult to trace the origin of the funds</blockquote><div style="height: 2px; 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padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://afp.google.com/article/ALeqM5hJzdVP93ntqHbU4x_gFzhcjBiayg">Investigators have gathered 600 tonnes of paperwork and evidence for the trial which is expected to last until July</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://afp.google.com/article/ALeqM5hJzdVP93ntqHbU4x_gFzhcjBiayg">Eighty five people have already been found guilty</blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://afp.google.com/article/ALeqM5hJzdVP93ntqHbU4x_gFzhcjBiayg">10.4 million</blockquote><div style="height: 2px; 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