France's 2nd largest bank uncovers $7.14 billion fraud

It's hard to imagine something so serious could go undetected. Adding to the problems of Societe Generale are more subprime write downs (less $3 billion more) leading to the bank starting it's own hat-in-hand begging for new cash reserves. The global economy needs a new model, with global oversight. The current system is not working in its current form. Soros is correct when he says we are "at the end of an era" with the banking system. No need to throw away the entire system, but it's time we step up and re-think the current model.