And to think that the leadership of this bank is still firmly entrenched and unlikely to budge.
The funniest part about this whole disastrous episode is that these bank directors are currently out touting for new equity.
It seems to me that any shareholder who stumps up more capital for this senior management to play with should be on the line to go as well.
Failures should have consequences and major incompetence, should be cause for dismissal. That is what we should be seeing here.
Onésimo Alvarez-Moro
See article:
French bank failed to follow up 75 warnings on Kerviel's rogue trading, independent SocGen board members conclude
Société Générale failed to follow up 75 warnings on the rogue trading by Jérôme Kerviel which led to a trading loss of €4.9bn ($7.2bn), a report written by an independent three-person board member committee has revealed.
The report said Kerviel acted alone and that not all of his trading positions had been identified, according to Bloomberg.com.
The failure to identify the fraud resulted from ‘the efficiency and variety of techniques of dissimulation used by the fraudster’ and ‘because the operators didn't systematically deepen their verifications’, the report said. It also found the controls which could have identified the fraud were lacking.
See full Article.
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