banks-falter-when-they-hide-behind-client-positions

Banks falter when they hide behind client positions

It is another case of the emperorÆs new clothes as the operational risks and credit monitoring at Societe Generale are exposed as poor.
Six-sigma standard deviations are supposed to happen every 10,000 years, and yet they seem to be happening every month in the markets.

Such standard deviation moves can't be set aside as once-in-a-millennium occurrences, but while an institution may have the multi-dimensional models to evaluate them, if the system is decayed and senior personnel are focused on other career objectives, then it isnÆt going to work.

Jerome KervielÆs activities at Societe Generale were initially characterised as a ôfraudö, though we now know he didnÆt do it for personal gain. When he moved over from operations to fixed income, the bank never took away his access card. He was good at hacking computers his accounts looked a...
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