I have very little to say about SocGen and what that whole mess meant (or means) for the markets. Who is the “rogue” trader - Kerviel or Bernanke? Who is a puppet/scapegoat/fall guy - Kerviel or Bernanke? Regardless, it doesn’t really affect what I do with stocks anyway, but I am intrigued a bit. I don’t want to believe the story that SocGen is putting out about Kerviel. To do that, I have to believe that they have no internal risk controls. If it is true and they do not know how to prevent such a huge fraud, their failure to supervise is about as bad as their portfolio management decisions to unwind the trades.  Nothing inspires confidence in this situation.  But what strains credulity the most, in my opinion, is that a company that didn’t know what the hell was going on for as long as it took to set up these losses, suddenly was able to identify everything over one weekend.