From our exclusive source who has informed the president of the PS and CDH about these facts
CGER, before FORTIS had a big operation in Paris where their representative invested hugly with big risks in real estate. The risk department was very strongly against it but was sidelined. Only to see that after three years some billions of francs were lost - just as the risk department had said
The same happened in Berlin
and each time the risk department was sidelined, neglected or just pressured to just shut up.
and so why is this person not very surprised that during the Amro operation the CEO and the other people now sitting on the management fronttables didn't take any of the alarming risk reports into consideration ?
because it were at that time the same people that at time were modernizing the bank and learning to earn much money by taking risk (and making sure nobody talks about the losses).
what happened to Fortis is just a consequence of a culture and the freedom of enterprises to shut out or down their internal risk auditors.