An overview of the scandal at the French bank Society Du Generale.
Written in 2009; 1,531 words; 4 sources; MLA; $ 50.95
Paper Summary:
This paper describes the Societe Du Generale scandal where an employee, Jerome Kerviel, made unauthorized bets on European futures markets that cost the bank 7 billion dollars and put the future of the bank into severe doubt. The paper highlights the lack of internal organizational and institutional control over Kerviel that allowed his suspicious activities to go unnoticed. The paper contends that a more rigorous security process needs to be undertaken within the corporate ranks of banks, in addition to greater encryptions of employee information at the international levels.
From the Paper:
"The results of the improper activity were announced on January 24th, when Society Generale said that it had lost 4.82 billion Euros, or $7 billion dollars, due to the unauthorized activity of one Jerome Kerviel, a 31-year-old futures trader. The bank alleges that the losses are a result of Kerviel's overstepping his authority in betting $50 billion Euros, or $73 billion dollars, on future in European equity markets. This means he leveraged more than a hundred percent of the corporate value of the bank itself. At the same time, he apparently did not profit personally from the trades, as the exact nature of his actions are still being investigated and determined. Suffice to say, the activity in question put the future of the bank into severe doubt, with rumors circulating that as a result the company will be bought out or broken up. The charges against Kerviel are forgery, breach of trust and unauthorized computer activity."
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