Societe Generale moves to recover

PARIS -- Societe Generale SA, reeling from the biggest-ever loss blamed on a single trader, launched a heavily discounted rights issue on Monday, seeking nearly $8 billion to restore its position as a top-tier bank. The fund-raising comes as reports suggested Jerome Kerviel, the trader at the heart of the scandal, exchanged regular computer text messages with a broker about his unauthorized trades. The French bank is seeking new capital to boost its financial standing and fund future growth.