Monthly Archives: June 2010

it’s the stupid culture

In my last post, it’s the culture, stupid, I noted that a review of the Société Générale scandal reveals a familiar pattern of organizational and departmental change that stressed trading and oversight systems, followed by a failure to respond to…

it’s the culture, stupid

In testimony last week, Eric Cordelle, Jérôme Kerviel’s immediate supervisor at Société Générale confirmed a point about which I’ve previously blogged: the Delta One desk on which Jérôme Kerviel worked at Société Générale exceeded trading limits “quite frequently.”  Cordelle claimed,…

kerviel’s fake trades: genius or copy cat?

In my last post, kerviel’s fake trades: the anatomy of a cover-up, I began discussing the fake trades Kerviel employed to disguise his unauthorized losses (and gains).  Contrary to Société Générale’s assertions that Kerviel’s sophisticated cover-up scheme, enabled by his…