Rogue Trader defrauds Bank out of € 4.9 billion !

[new_trader]

As long as you are making money anything goes in this myopic and hypocritical world of ours, the term rogue is only added to your name once you have the bad luck of encountering a dry spell.

Is it bad luck or was it just unbelievably good luck for as long as it lasted?

 

[new_trader]

I also want to add that it concerns me when I read posts from people willing to share a trading 'system' that has been profitable for 6 months or so and the number of newbies willing to 'listen'.

 

[BSD]

Is it bad luck or was it just unbelievably good luck for as long as it lasted?

Good question that.

What gushing eulogies would we be reading about the genius of him and his bank if he'd made, not lost, several Billion...

 

[arabianights]

Apparently his CV is doing the rounds, does anyone have the link?

 

[BSD]

Here you go:

"Jerome Kerviel's CV: The ambitious judo teacher - Telegraph..."

LOL !

This is really getting wild, I'm starting to feel sorry for the guy:

"One friend and many pokes ... Jerome Kerviel wakes up to Facebook infamy..."

 

[arabianights]

Something else I really don't understand is the emphasis on his salary. Unless SocGen are trying to demonstrate that they're so inept that even someone with no sway in the organisation can get around their risk management procedures.

 

[Cavalry Trader]

The irony of the banner at the top of this thread also amuses

SG Covered warrants "Strictly limited downside"

Pity SG don't introduce their own staff to this product

CT

 

[ampro]

The Daily Mash - FRENCH TRADER WAS FORCED TO WORK 30 HOURS A WEEK

 

[BSD]

LOL Ampro, funny web site that, bit like theonion.com ;-)

This here seems to make sense:

"French media claims £3.7bn rogue trader is a scapegoat for SocGen's failings

A sceptical French media today poured scorn on explanations for the alleged £3.7 billion fraud at the country's second largest bank.

National newspapers led the onslaught on SocGen suggesting that so-called “rogue trader” Jerome Kerviel was being made a scapegoat.

“The bank would rather charge some poor guy than own up to their own failings,” read a commentary in Le Figaro by the hugely respected economic professor Elie Cohen, of the prestigious Sciences Po research centre in Paris.

The paper made it clear that even Bank of France governor Christian Noyer called the case “unbelievable”.

Le Parisien: Under the ironic headline, The Man Who Blew Up The Bank, it ran an editorial suggesting a “monumental computing mess-up” might be ultimately responsible for the crisis, with many more employees of SocGen to blame...."

 

[counter_violent]

Anyone know when the film is out on DVD

 

[Atilla]

LOL Ampro, funny web site that, bit like theonion.com ;-)

This here seems to make sense:

"French media claims £3.7bn rogue trader is a scapegoat for SocGen's failings

A sceptical French media today poured scorn on explanations for the alleged £3.7 billion fraud at the country's second largest bank.

National newspapers led the onslaught on SocGen suggesting that so-called “rogue trader” Jerome Kerviel was being made a scapegoat.

“The bank would rather charge some poor guy than own up to their own failings,” read a commentary in Le Figaro by the hugely respected economic professor Elie Cohen, of the prestigious Sciences Po research centre in Paris.

The paper made it clear that even Bank of France governor Christian Noyer called the case “unbelievable”.

Le Parisien: Under the ironic headline, The Man Who Blew Up The Bank, it ran an editorial suggesting a “monumental computing mess-up” might be ultimately responsible for the crisis, with many more employees of SocGen to blame...."

Post incident management was not much better imo. I'd sack the whole management.

They apparrently took the decision to dump everything like it was yesterday. As if the market will not notice the volumes or ask questions. I think panic selling comes to mind like a fly's butt when it hits your windscreen at 70mph.

Not only that they more or less dumped at the bottom when support was about to kick in. Don't they check S&R lines. Call me naive but their TAs leave a lot to be desired.

What were they thinking? :whistling

I'd make that guy a data integrity / security consultant. :idea:

 

[Crap Buddist]

. I'd sack the whole management.

:idea:

Eddie, Eddie.. what a b'stard.

Richie me old chum... for once I agree...

 

[grantx]

See attachment (you may need to scroll up).

Soc Gen's Head of Risk Management reads the margin call.

Grant.

 

[Dr_Jones]

How can they allow one person to be in charge of so much capital.If indeed others were joint supervising I guess he hid it from them as it states and he is just a complete fraudster.Otherwise its probably once again a case of deficient management and using him as the inevitable scape goat.

 

[grantx]

Dr Jones,

Because the French are existentialists to a man.

Are you a Doctor of Metaphysics?

Grant.

 

[Atilla]

How can they allow one person to be in charge of so much capital.If indeed others were joint supervising I guess he hid it from them as it states and he is just a complete fraudster.Otherwise its probably once again a case of deficient management and using him as the inevitable scape goat.

You have to review SOX and their Regulatory Compliance. Also their auditors, processes and procedures. Good governance and best practice is mere words without due dilligent application.

I do agree with some of the other comments here that if with a bit of luck markets moved in his favour I wonder whether he still would have been sacked for breaching rules.

Or whether the excess profits could have been explained given the initial fraud that took place.

I would be very much interested in reading his book when it comes out.

Anybody read Leeson's book?

 

[LION63]

He would be well advised to sleep with a gun under his pillow because a few people out there will not want the truth to come out. It is impossible for anyone to amass such positions without the knowledge of the Board.

 

[BSD]

Anyone know when the film is out on DVD

Le Post - Et si la Société Générale réalisait un film? - Toute l'actualité, minute par minute sur www.LePost.fr - Tags : faits-divers, cinéma, économie, escroquerie, Société Générale, fun, kerviel

And Carla Bruni is going to be his "Bond" girl

Anybody read Leeson's book?

Saw the film which was quite OK.

"Scape-goatism" seems to be where it's going:

"New York Times

...And while Société Générale executives maintained that he had acted alone, many questioned how that was possible given the scope of the losses.

“There are plenty of excellent brains at Société Générale, consequently I find it hard to believe the risk management systems and all the auditors did not indicate anything at any level,” Hélyette Geman, a professor of mathematical finance at ESSEC, a leading French business school, as well as professor at the University of London, told The New York Times.

..But Howard Davies, former chairman of the Financial Services Authority of Britain and now director of the London School of Economics, said the bank’s explanation of events seemed incomplete. “I don’t think we’ve had the full story,” he told The Times, arguing that one person, however well informed on the bank’s control procedures, should not be able to hide a trade of this scale.

C. Ricardo Esteves, executive director of Banco Hipotecario of Argentina, was more blunt: “It is not credible. One person responsible for this? I just don’t believe it,” he told The Times.

...Howard W. Lutnick, chief executive of Cantor Fitzgerald,told The Times that such a huge fraud by one trader indicated a bigger weakness in the bank’s systems.

“One person could engineer it — but how could one person finance it?” Mr. Lutnick said on the sidelines of the World Economic Forum. “The question for the risk management department is, How was this kind of fraud financed? Where did that money come from?”...
Continued:
SocGens Story Raises More Questions Than Answers DealBook - New York Times

Indeed. Where on earth do you get 50 Billion Euros from - apparently the size of his position - without anyone noticing ?!?

 

[theroguetrader]

You have to review SOX and their Regulatory Compliance. Also their auditors, processes and procedures. Good governance and best practice is mere words without due dilligent application.

I do agree with some of the other comments here that if with a bit of luck markets moved in his favour I wonder whether he still would have been sacked for breaching rules.

Or whether the excess profits could have been explained given the initial fraud that took place.

I would be very much interested in reading his book when it comes out.

Anybody read Leeson's book?

The NERVE of that IDIOT Leeson to come on tv everywhere.. !!

He destroyed Britains oldest bank,finished off like 1500 jobs AND destroyed the careers of most of the senior management - who were then all barred from becoming company directors again by the DTI -

and people look at him like some kinda " hero " ....... !! - hes not an example of ANY kind of trader ANYWHERE -


Just racked up losses - and wasnt man enough to admit his guilt - guys a fool

 

[grantx]

RogueTrader,

Ain't that the truth - a complete twta and a hero.

Grant.