The Société Générale Fiasco - Lessons in Risk Management
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During mid-January 2008, the compliance
officers at the company found abnormalities in Kerviel's trades
and after being confronted by the higher authorities, Kerviel
admitted conducting unauthorized trades. Then, Société Générale
began unwinding Kerviel's positions, in the markets that were
falling rapidly due to growing concerns about the impact of
subprime crisis in the US, leading to a net loss of € 4.9
billion to the bank.
» Analyze the fraud at Société Générale.
Société Générale, Delta One, Risk Management, Corporate Frauds, Jérôme Kerviel, Control Procedures, Internal Controls, Rogue Trading, Concealment of Fraud, Risk taking Culture, Turbo warrants , Arbitrage trader, Euro Stoxx 50, German DAX, FTSE 100, Hedging, Directional bets, Index futures
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