SocGen Missed Kerviel's $73B Stock Bet

The French bank admits that its internal controls failed to catch the rogue trader's $73 billion in bets on European indexes

Societe Generale confirmed on Sunday that Jerome Kerviel, a junior trader at the French bank, had evaded its controls to bet €50 billion ($73.5 billion) -- more than the bank's market worth -- on European markets. It admitted that it spent three days last week trying to offset those bets just as European markets were crashing.

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