SocGen: The culture thing

Société Générale will not easily recover from the Kerviel hangover. Just taking a huge E5bn loss and then basically asking its own shareholders to fork out the money – which it is doing with the E5.5bn capital increase that formally kicked off today – isn’t likely to be enough to reassure investors that the bank has really understood what its problems were. The report issued this week by the board’s special three-member committee on the causes of the Kerviel debacle doesn’t mince words in its p...