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French Finance Minister asks how to prevent SocGen-style losses

Karl Flinders

French finance minister Christine Lagarde has asked the bank at the heart of a £3.6bn trading fraud, what new systems can be put in place to prevent it happening again.

Lagarde described how rogue Trader Jerome Kerviel used his computer literacy to break through five firewalls at French bank Societe Generale (SocGen), in an interview with Business Week.

When asked how the fraud happened she said, "what new systems can be put in place to prevent that from happening again?

Lagarde this week presented to French Prime Minister Francois Fillon the results of her investigation into how Kerviel committed the fraud.





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