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Article: Societe Generale cites lax management
- Article from:
- AP Online
- Article date:
- May 23, 2008
- Author:
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Investigators at Societe Generale SA say they suspect former futures trader Jerome Kerviel was helped by an assistant to cover up massive trading positions that led to a multibillion dollar loss.
In two long-awaited reports released Friday, the investigators said the French bank's management failures and culture of risk-taking were partly to blame for failing to spot the positions, which led to a loss of more than $7 billion once they were unwound.
The reports detail the extent of Kerviel's alleged fraud in a scandal that broke out in January and has sullied the reputation of the glamorous trading desk at the award-winning bank.
Investigators say Kerviel's bosses ...