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Rogue Bank

The Associated Press reports:

"France's central bank announced Friday that it has fined Societe Generale $6.3 million for "serious shortcomings" in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year.

The Bank of France's banking commission also issued a formal warning to SocGen, France's second-biggest bank, saying shortcomings in "hierarchical controls" for extended periods in 2007 fueled the problem."

Uh, thus the rogue trader Jerome Kerviel's lawyer says: "His lawyer says his supervisors were aware of his trades and did not stop them while he was making money for the bank."

Pretty much what I claimed in early January.

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• Bank fined over $7.8B rogue trader scandal
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Full post as published by Misleading Advertising Law on July 08, 2008 (boomark / email).