SG: how the industry should learn from the scandal
Rogue traders are never going to be eliminated: human ingenuity makes that impossible. But regulators and financial markets leaders need to make sure the industry genuinely learns from such catastrophes. After all, it could be your bank next.
It couldnt happen here, one Société Générale banker assured EuroWeek after Calyon lost Eu250m through a rogue credit trader in New York last year.
Whatever firm you work for, such over-confidence is ill-advised. Rather than proclaiming their impregnability, banks should see SocGens Eu4.9bn equity futures trading loss as a
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