VOA常速英语2008年-Embattled French Bank Faces New Worries as Mone

Embattled French bank Societe Generale faces new worries with a trial opening Monday in Paris over a vast money laundering¹ scandal that took place several years ago. The trial implicates² staff and the bank itself, which is still reeling over a massive trading loss.

The trial involves a vast check cashing scam stretching from France to Israel that took place between 1996 and 2002. Four banks and more than 130 people are among the accused, including Societe Generale and its chairman Daniel Bouton. France's third largest bank captured international attention in recent weeks over a separate scandal involving apparent trader fraud that has cost Societe Generale more than $7 billion.

Three other banks have also been charged in the check fraud scandal. The trial is expected to last until July.

Prosecutors³ charge that checks trafficked from France were cleared in money exchange offices or banks in Israel and later repatriated⁴ to France. The banks are accused of contributing to money laundering and profiting from the deals. They all deny the charges.

The trial comes as French Finance Minister Christine Lagarde presented a report Monday on Societe Generale's massive loss, which has been blamed on a rogue⁵ trader. Lagarde told a news conference the bank's internal controls had not worked.

So far, Societe Generale's top executives - including chairman Bouton - have not lost their job over the trading scam. In a recent interview on Radio France, Bouton argued he should remain on the job.

Bouton said Societe Generale's board had asked him to stay at the helm to weather the banking⁶ storm - and it was his duty to do so.

But some experts believe Bouton's tenure⁷ may not last for long. Meanwhile, there are rumors⁸ of a takeover of Societe Generale, with two French banks eyeing a possible bid.