Rogue Trader Crushes Bank Societe Generale (Part1)

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The trader(Jerome Kerviel) behind an alleged 4.9 billion euro fraud at Societe Generale is a man in his thirties earning less than 100,000 euros ($146,500) a year, the French bank said on Thursday.

Societe Generale has declined to name the trader for legal reasons.

"He's in his thirties and has been working for Societe Generale since 2002," Chairman Daniel Bouton told reporters at a news conference.

"His salary was slightly below 100,000 euros a year," said Bouton who earlier said he and his deputy Philippe Citerne would give up their own salaries until June.

Bouton gave no further details on the trader and said he did not know where the man was. He said the bank was starting legal action against him.

Asked whether the trader had sought personal gain from his fraud, Jean-Pierre Mustier, head of Societe Generale's investment banking arm, said: "I don't think so."

Then asked whether the trader was acting alone, Mustier said: "I am convinced he was acting alone."

Category:

News & Politics

Tags:

• rogue
• trader
• Societe
• Generale
• bank
• banking
• trading
• Jerome
• Kerviel

[DeusLeneIV]

WOOOW CNN on apprit à situer Paris sur la France, ils ont fait des progès depuis 2002 xD

[vespacurry]

Societe Generale was just one bank out of many who have been taken out by a professional hit. The US banks are crawling with a plague of these (Hit Men) for use of a better word.

Yes it is a very real, well engineered conspiracy of money barons, (Crooks) would be a better term, just as the mob would take over a racket. England Australia and New Zealand have all seen this in veering degrees.

[TRADINGSUPPORT]

He didn´t loose the Money ....

The others contractors WINS the Money ... this is the right view to Futures market ...



[eldrechr]

Gutted they caught Kerviel, he would so some stupid fat finger trades around settlement time several times a month. Causing the market to settle at prices that should not have been even close. This kept his mark to market margining lower, hiding his losses.

It was great being the other side of his position. The Dax is boring now without him.

[KhyberBoy09]

haha too bad for societe generale

by the way societe generale is a great name for a bank

[ntn1987]

Genius!

[visualisateur]

Les seules limites sont, comme toujours, celles de la vision !

[adnmoh1]

its ubs that made the biggest losses soc gen got hit cus of one peon dumbass, ubs did it with the ceo cfo coo and upper execs.

[Bokkugakira]

"Detah" to capitalism? I really wouldn't know...

Death however, is what it clearly deserves as it is the single most oppressive, corrupt, dehumanizing economic system in existance. This brilliant individual has shown the power all of us can have to fight against this tyranny, using its own oppression against itself. He is a hero in my mind.

If you consider a de-facto caste system the "best system in the world", you truly are an idiot.