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Counting the cost

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The Société Générale case, in which a rogue trader ran up losses of around five billion euros, underscores the inadequacy of internal controls within banks, suggesting that central bank regulators should perhaps play a more active role in controlling the trading books of large banking institutions. However, INSEAD Professor of Banking and Finance Jean Dermine argues that relying on central banks alone is not the best solution and "pressure should be exercised on financial institutions to do a better job themselves."

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