Societe General Wins Risk Management Award – Oops

Risk Magazine — the finance industry magazine focused on risk management — presented, this month, its Equity Derivatives House of the Year award for 2008 to Societe Generale, the beleaguered bank that just lost 4.9 billion dollars to a rogue stock trader. Jerome Kerviel bet $73 billion using equity derivatives.

This is by far the best corporate award since Fortune Magazine gave Enron its Most Innovative Company in America award in February 2001 for the sixth consecutive year, just before Enron imploded and went bankrupt.

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