Societe Generale - 'Anomalies' In Singapore

The Wall Street Journal reports that Societe Generale is said to have discovered 'anomalies' in a private banking client account in Singapore.

The problems were said to have been uncovered in February, and SocGen confirmed last week that an audit was underway, and that it 'is doing everything possible to resolve this matter in the best interests of its clients and will communicate further on the results of the investigation....as soon as these are available'. The bank has also confirmed that it has reported the matter to the Monetary Authority of Singapore.

In the meantime, The Times reports that UK securities regulator The Financial Services Authority has charged seven individuals allegedly involved in an insider trading ring that was engaged in illegal trading in 12 deals between in 2006 and 2008. The defendants allegedly gained access to prospectus information before it was released to the public. Two of those charged worked in the print rooms over at JPMorgan Cazenove and UBS. A third person worked at spread betting firm City Index.

Finally, The Guardian reports that France and Germany have thrown their weight behind a proposal for an international tax on banks. The two countries have joined UK Chancellor Alistair Darling, who has called for a global co-ordinated effort for the levy.

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