Société Générale has posted a massive fourth-quarter loss after maverick trader Jérôme Kerviel blew $7.2 billion in unauthorized trades but the bank seems to doing its best not to shoulder any of the blame. It’s no-ones fault.
The fallout from the Societe Generale meltdown continue. And according to the experts, many organizations are vulnerable to this sort of thing. So the question is: who’s next?
In the wake of the Societe Generale meltdown, maybe we are all rogue traders at heart. Studies show that our brains are actually hard-wired to give us the thrill of taking big risks and making money.
What is that drives a rogue trader like Jerome Kerviel who cost Societe Generale $7.2 billion? Was he an evil genius? Or was he a dull young man being acted upon by events almost beyond his control?
Don’t pretend that the Societe Generale meltdown is a wake-up call for banks. All the evidence suggests it’s going to keep happening again and again and again
