Rogue Bank
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"France's central bank announced Friday that it has fined Societe Generale $6.3 million for "serious shortcomings" in its internal controls that led to nearly $7.8 billion in trading losses announced earlier this year.
The Bank of France's banking commission also issued a formal warning to SocGen, France's second-biggest bank, saying shortcomings in "hierarchical controls" for extended periods in 2007 fueled the problem."
Uh, thus the rogue trader Jerome Kerviel's lawyer says: "His lawyer says his supervisors were aware of his trades and did not stop them while he was making money for the bank."
Pretty much what I claimed in early January.
