The New York Times writes: Weak management and insufficient internal risk controls at Société Générale made it possible for a 31-year- old trader to cause nearly 5 billion euros in losses at the French bank, a report from an internal investigation has concluded.
The report, released Friday, also said that the trader, Jérôme Kerviel, might have had an accomplice.
A panel of independent directors reported that two of the trader’s direct bosses had proved “deficient” by failing to detect, despite numerous red flags, that Mr. Kerviel had traded beyond his authority for more than two years and exposed the bank to 50 billion euros, or $78.9 billion, worth of risk. Read more from The New York Times.
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