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 unlimited positions. These exemptions came to light only after the 2008 financial crisis had unfolded and Congress requested information on market participants. A trader or bank granted an exemption as a bona-fide hedger can affect the price of a commodity without being either its producer or consumer. In December 2007 during the subprime mortgage crisis, the CFTC began investigating transportation, storage and trading of U.S. crude oil for price manipulation, which included a probe of U.S. crude oil futures. By May 2008, when the price of crude oil futures showed a meteoric rise of 40% to a record $US 135