It said his direct manager lacked trading experience and showed an "inappropriate degree of tolerance" towards the taking of intra-day directional positions.
It describes the environment in which a derivatives trader engaged in massive directional positions on major European stocks and indexes without being detected for over a year.
The bank had discovered that one of its traders had taken "massive fraudulent directional positions in 2007 and 2008," and that he had concealed them "through a scheme of elaborate fictitious transactions".
"The picture is so uncertain about the euro zone periphery that it will prevent big investors from taking large directional positions," said Roberto Mialich, currency strategist at UniCredit in Milan.
Société Générale said it had no indication that the trader — who joined the company in 2000 and worked for several years in the risk-management office before being moved to the Delta One trading desk in Paris — "had taken massive fraudulent directional positions in 2007 and 2008 far beyond his limited authority".
In the report, police investigators wrote: "It is incoherent for the trader to continue to pretend that his superiors were aware of his nonstandard directional positions, since he felt it necessary to need to conceal them and even misrepresent them by producing false documents".
The paper describes a one-directional position-sensitive force transducer based on polypropylene electret film (EMFi).
The optimum injection-hole geometries were determined to obtain the maximum multiplication ratio, which led to a lower instant injection mass flow rate in terms of R- and θ-directional positions.
X- and Y-directional rectangular structures with a short period of 1 μm were designed and fabricated by the light lithography based on two beams interference for improvement of the resolutions of the surface encoder for X- and Y-directional position measurement.
4. The traffic lights that we know and love today evolved from a device invented by Garrett Augustus Morgan, a T-shaped pole unit with signals for stop, go and "an all-directional stop position" to help pedestrians cross safely.
