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Article: Societe Generale is fined
- Article from:
- International Herald Tribune
- Article date:
- July 5, 2008
- Author:
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Reuters
International Herald Tribune
07-05-2008
Societe Generale is fined
Byline: Reuters
Edition: 4
Section: FINANCE/BUSINESS
PARIS --
The French Banking Commission on Friday fined the bank Societe Generale euro 4 million for serious breaches in internal controls revealed by the bank's euro 4.9 billion trading loss.
The commission also reprimanded Societe Generale, a leading French bank, for poor supervision that led to the unauthorized trades by Jerome Kerviel, the former trader blamed for the losses.
The commission said the monitoring staff at Societe Generale was insufficiently sensitive to fraud issues, and that the bank's information technology systems security presented "significant ...