If you are the boss of a financial institution that holds a position of 50 billion euros from a ‘rogue trader’, then you do not deserve to be there.
Neither do the senior and relevant junior people responsible for risk management and auditing and the line staff above said trader.
Neither does the board of directors.
There is no way this situation should ever be able to happen, and especially not in a bank of the size, history and responsibility of Societe Generale.
Credit to SG investment banking boss, Jean-Pierre Mustier, who did tender his resignation, but it was rejected by the Board Chairman. Mustier then gave up his bonus and halved his (clearly considerable) salary, which was the next best thing to do.
That sword should remain out, for others to fall on.
Lance Wiggs 
I wondered if they do have an automated surveillance system in place, which is commonly deployed in large financial institutions? It looks like that they don’t have one. That sort of anomaly trading & behavior would have been alerted or picked up by the system much earlier, thus avoiding the disaster.
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