Failure is the key to success

Quote of the day:

If experience, as Oscar Wilde once wrote, is simply the name we give our mistakes, then the expertise that Daniel Bouton has gleaned over the last two-and-a-half months ought to place him among the leading authorities on detecting fraud and managing financial risk.

That is what French legislators are expecting on Wednesday, when Mr. Bouton, the chairman and chief executive of the beleaguered bank Société Générale, meets with them to answer questions about the state of banking regulation in the country.

Mr. Bouton will be speaking in his capacity as president of the French banking federation. But he is likely to be asked to address some unanswered questions about how Jérôme Kerviel, a junior derivatives trader, managed to pile up 50 billion euros in unauthorized bets without raising the suspicion of his managers at Société Générale.

Comments

Hey whats the big deal?

Bush and Cheney started a whole new war, spent trillions of money of the next generation of Americans on this war, and no one noticed.....

I tell, ya, them Repubicans are the most liberal big spenders ever to hit the White House in the past decades.

Posted by D | April 9, 2008 3:46 PM

The underlying message seems clear: The French banking system is under regulated.

Posted by SG | April 9, 2008 6:22 PM

France is a bookkeeping fraud.

Posted by dearieme | April 10, 2008 6:50 AM

SG: under-managed, not under-regulated.

Posted by markm | April 12, 2008 1:20 PM