It's all his fault.
'The events essentially relate to inappropriate conduct by one employee who left Societe Generale in September 2009', the bank said in a written statement Wednesday. 'All these actions were carried out without the knowledge of his supervisors or the bank’s management'.
The trader 'was not the initial instigator of these manipulation attempts' and 'mostly responded to requests from an operator working at another bank', Societe Generale said. It found 'some attempts to manipulate the Euribor rate' from March 2006 to May 2008, it said, based on an almost two-year long internal investigation.
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image: © Lisamarie Babik