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
Commodity Futures Trading Commission oversight, duplicating the work of the self-regulatory National Futures Association. In March he dissented from the FY 2015 budget request stating CFTC "makes an unrealistic request for new staff and funding in this budget request without a firm understanding of its mission priorities, specific goals, and corresponding personnel and technology needs." Commodity Futures Trading Commission The U.S. Commodity Futures Trading Commission (CFTC) is an independent agency of the US government created in 1974, that regulates futures and option markets. The Commodities Exchange Act ("CEA"), "et seq.", prohibits fraudulent conduct in the trading of futures contracts. The stated mission of the