Once a Bank's financial auditor, in Australia, I've seen how the whole issue can start small (and because the Banks allow large discretionary authorities), can go largely undetected until they grow to more significant proportions.
Checks are stretched out to unrealistic infrequency, the checked sample is minimal, negative audit reporting is treated lightly and counted often as nitpicking (yet often can reveal 'interesting' patterns)and audit is often tolerated by management only because "we have to do it".
So, once again, the French problem here, on a phenominal scale, is clearly a breakdown of proper managemen process and heads must roll for causing it!
Pity that the victims are well beyond the small Soc Gen investors.

Kerviel is probably no different from most in that he fails to realize that judgement day will come for us all. In fact without judgement day ethics is a joke.

Runner,
Comments like that demonstrate the scary nature of the Religious mind. No value in ethics beyond judgement day? Are you serious?
Who's judgement day? Which version of holy rules should we believe?
Ethics is based on the unbiassed, humble mind. Religion is based on power, corruption and tradition. I know where I'm getting my guidance from.
Judgement day indeed. God save us! :-)

Hi 146

A great comment, I entirely agree with you coming from another "audit" area within the banking industry - resulting from due diligence on purchased and/or forward flow ledgers.

I believe there are many stories we all can tell.