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
Credit rating agencies and the subprime crisis institution, but notifying management of any such interview was the responsibility of the employee. After getting a job at an investment bank, former employees were barred from interacting with Moody's on "the same series of deals they had rated while in its employ", but not on any other deals with Moody's. What was it ex-rating agency analysts might show their new employers? According to the hedge fund managers Michael Lewis talked to who had bet against mortgages securities, there were a number of ways to game or "reverse-engineer" the raters' models. Rating agencies judged creditworthiness of a pool of loans