Embattled Societe Generale Chairman, Daniel Bouton (here's an excellent profile from the FT) literally wrote the book on French corporate standards and in said book criticized "purely market-driven risk controls." This becomes somewhat embarrassing when your own firm gets caught in an audacious scandal based on a reliance on those same inadequate controls.

Via The Guardian (great piece if you are interested in the regulatory angle).

-- MDT

Labels: Daniel Bouton, Jerome Kerveil, Jerome Kerviel, Societe Generale