Jérôme Kerviel bank a profit of US$2 billion as of 2007. Managers for Société Générale have described some of the means Kerviel employed to avoid the bank's internal controls and escape detection. Its Executive Chairman Daniel Bouton describes the pattern as like "a mutating virus" in which hundreds of thousands of trades were hidden behind offsetting faked hedge trades. Officials say Kerviel was careful to close the trades in just two or three days, just before the trades' timed controls would trigger notice from the bank's internal control system, and Kerviel would then shift those older positions to newly initiated trades. City
Administration and liquidation of The Rangers Football Club plc account from Bank of Scotland following the financial crisis of 2007–2008. In October 2009, first-team manager Walter Smith claimed that Lloyds were effectively running the club. Rangers then entered a dispute, known informally as the 'big tax case', with HMRC, regarding their use of employee benefit trusts (EBT) between 2001 and 2010. A tax bill potentially running to £49 million, including interest and penalties, was assessed by HMRC in 2010. Rangers argued that their EBT scheme was a legal method of tax avoidance. The scale of the potential liability led then-chairman Alistair Johnston to admit in 2011 that the club