SocGen Took 16 Days, 28 People to Uncover Kerviel Lie

Bloomberg sayeth:

The report censures the controls that Societe Generale, which helped create today’s derivatives markets, says keep risk at an acceptable level. It shows that compliance officers went through the motions of carrying out controls without challenging Kerviel’s explanations or probing further when he changed counterparties or canceled trades.

Ha. Sack them all.

Then someone should figure out why Jerome Kerviel was about to get a bonus.