Recommendations for improving controls did not address products used by the rogue trader's activities which resulted in £3.9bn loss
The governor of the Bank of France has slammed distressed Société Générale for internal controls that failed to work.
''None of the controls within Société Générale seem to have worked as they should have,' governor Christian Noyer told a panel of the French Senate's finance committee yesterday.
'Those (controls) that did work were not subject to the appropriate follow-up,' he added.
The bank had undergone 17 checks between 2006 and 2007, which led to 'general' recommendations to reinforce controls.
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