In an industry with clearly deficient management it is clear that manager compensation is not linked to manager performance!
Onésimo Alvarez-Moro
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Serious management failures by immediate superiors allowed a rogue trader at Société Générale to commit the biggest fraud in financial history, according to an internal report to be released Friday.
The report raises questions about whether the trader, Jérôme Kerviel, had an accomplice at the bank.
The two direct supervisors of Mr. Kerviel are facing possible dismissal, as is Mr. Kerviel’s former trading assistant, according to people with direct knowledge of the bank’s action.
The report, which was written by internal auditors, will suggest that Mr. Kerviel himself probably did not manipulate Société Générale’s computer system to enter large unauthorized bets under someone else’s name.
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