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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...
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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...
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denial: it ain’t just a river in egypt
In this series of posts on the Jérôme Kerviel trial, I’ve argued that, contrary to Société Générale’s contentions that they were duped by a genius, the bank itself is to blame for Kerviel’s massive...
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when $61bn seemed like real money
The Jérôme Kerviel three-week trial ended in Paris on Friday, and that means that this post is my last in this series. Kerviel will have to wait until October 5, when the Court has said that it will...
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new collection of valuable analysis
The Journal of Regulation & Risk North Asia has just published its issue for the Summer/Autumn 2010. Do not be misled by the title: a sign of these global times is that the issue is full of...
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rogue trader kerviel found guilty
Jérôme Kerviel, the former Société Générale trader who lost EUR 4.9 billion in unauthorized trading in 2008 was sentenced to three years in prison today and ordered to repay the bank the entire amount...
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taking on the juggernauts
In Britain some fairly bold moves are afoot for addressing the great social, political and economic problem of the ultra large banks. This morning the Independent Commission on Banking (ICB) released...
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rogue traders and stormy weather
I tell my class that a crisis can spring from the most unexpected sources. You never see the lightning that strikes you. Now we focus on some of the most obvious risks, such as a sovereign debt...
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the widening financial gyre
TURNING and turning in the widening gyre The falcon cannot hear the falconer; Things fall apart; the centre cannot hold; Mere anarchy is loosed upon the world, The blood-dimmed tide is loosed, (from...
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the proverbial really does happen
Less than a month ago I discussed the disaster being experienced by the Royal Bank of Scotland (RBS) and its Irish subsidiary as a result of a software installation screwup. For RBS the nightmare...
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