What's new

Recent development in SocGen Case

QuantMan2318

Active Member
Subscriber
#2
Saw it on NYT yesterday, was thoroughly shocked and sickened by that Bank, looks like clock has turned a full circle for Jerome Kerviel. However, if we dig deeper into the documents, once they are declassified, we will find that the Bank would have made a travesty of a competent Risk Management function (not a deficient department as we have read) with some like John Breit or Jeff Kronthal countermanded.
 

Mkaim

Well-Known Member
Subscriber
#3
http://www.nytimes.com/2016/06/08/b...-who-almost-ruined-it.html?smid=li-share&_r=0

Looks like Soc Gen knew about his trades the whole time - and just a few days ago, they were ordered to pay him the bonus he earned as a result of his rogue trading profits (prior to the losses!)
The funny thing is that I was in Paris at the time the news broke out and the local media and public were saying the exact thing we're discovering now. Top management at the time should be held just as accountable as he was, if not more. As they say, when a dog bites, you don't blame the dog but the owner.
 
Top