Kerviel Speaks Out
"Kerviel was formed, formatted and deformed by Societe Generale. He is their creature."
Much like our friend behind the Guy Fawkes mask, I too am a fan of rogue traders. With their devious tactics and dark, duplicitous lives they kind of remind me of watching Trainspotting for the first time.
Unlike Midas however I too like the lesser evils; the Barings breaking Leeson, the Amaranth assassin Brian Hunter, and of course, one of this year’s number one villains; Jerome Kerviel.
Jerome, Jerome, the metronome recounted his courtroom experience in an interview lately with the German magazine Der Spiegel. And in it, he alluded that he was merely trying to be a good employee and that it was Soc Gen’s lax risk management and greedy superiors who may have caused the massive losses. But…
“People obviously were trying to protect the bank and the financial community in Paris. And, to do so, Jerome Kerviel had to be shot down."
Man was this guy screwed.
There really isn’t much to say about this, granted, he had a thing for trading far too much size but the thing that really bothers me is the hand washing of the higher ups that let him do this (and actually egged him to do so) in the first place. Talk about loyalty.
Let this be a lesson for you young monkeys, you’re only a star until you stop lacing people’s pockets and shit hits the fan.
When that time comes, you’re just another DK.
The question however, is how will you handle it?
Very interesting read indeed...
I would have to say, his version make much more sense.
it is almost impossiable to put up a position of that size with no one knowing for 3 YEARS!
SocGen didn't just throw him under the bus, they backed up to see what they hit.
Totally unrelated bit of trivia: I'm actually out at SocGen headquarters quite a bit, and the place is kind of a dump.
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