The latest news on the Société Générale “rogue trader” debacle doesn’t make the bosses look too sharp. French prosecutors said in court on Monday that Eurex had queried SocGen about Jérôme Kerviel’s massive position back in November, and that Kerviel was able to explain it away…

Kerviel, for his part, also told prosecutors that lots of traders exceeded their limits, but it doesn’t look like they went to the extent he did to cover their trails.

Interestingly, Kerviel now says he had a huge profit in the account — to big to conceal at bonus time — and wanted to reduce it so as to avert suspicion.

More and more, this looks like a case of willfully blind eyes on the part of some supervisors, combined with just plain incompetence and more than a dash of greed. Same old recipe, new mixing bowl…

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