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Why is Societe Generale being fined for losing $7.7 billion?

Post Date: Jul 06, 2008 7:51 a.m.
Ranked website: bloggingstocks.com (Ranks #1398 of 2,815,144)

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Filed under: Law, ScandalsThe Wall Street Journal’s lead (subscription required) tells the story without a hint of irony: The French Banking Commission Friday said it fined Société Générale €4 million ($6.3 million) for failures in its internal procedures relating to the €4.9 billion loss linked to an alleged rogue trader fraud. I’m all for regulating being tough on corporate governance, but this fine is a head scratcher. Isn’t losing $7.7 billion a sufficient punishment for failures in internal procedures? Do we really need to tack on another $6.3 million. Is this supposed to serve as a deterrent? I can imagine the boardroom discussion: "Ya know how we lost $7.7 billion?""Yeah! Who cares? It’s just money.""We’re being fined 1/10th of 1% percent of that amount as punishment for it.""Oh dear! We better get cracking on fixing our internal controls!" I’...

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