THURSDAY FEBRUARY 21
That’s 7 Fake E-Mails, 24 Alarms And Our Arses Getting Kicked

So says Société Générale about the number of red flags overlooked by its staff as Jérôme Kerviel risked enough capital to fell the entire bank. (And since this was an internal probe, we assume that’s a conservative estimate.) Still, the revelation we find the most interesting is this: according to the bank’s investigation, those monitoring Kerviel’s trades were, in many cases, found to be unfit for their own jobs. Could there be a bigger problem afoot at SocGen than just wayward trading?

February 2008

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