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Updates regarding Societe Generale
http://www.businessweek.com/ap/financialnews/D8VUB7T03.htm
The head of French bank Societe Generale SA said lessons learned from the trader who the bank says cost it more than $7 billion in losses on unauthorized trades are helping strengthen security in the global banking community.
Speaking to members of parliament in his capacity as president of the French Banking Federation, Daniel Bouton said Societe Generale and a number of its competitors are strengthening control systems in the wake of the scandal.
An interesting article talking about what has been learned as a result of the issues reported at Societe Generale – I suspect similar such issues have been noticed and implemented at other banks, as they check to ensure that the right practices and processes are in place to limit loss or liability. Do check it out.
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