You know you’re in trouble…

When your Bulgarian subsidiary wants to distance itself from you…

“The Societe Generale Expressbank Bulgaria issued a statement on January 25, saying that the massive fraud case which had been uncovered by Societe Generale in France, would not affect the results of the Bulgarian bank.”

Journalists need to start digging into SG’s margin calls. Sure the trader may have hidden evidence of his transactions. But someone higher-up should have noticed when futures exchanges started calling the bank asking for billions in margin.