the largest fraud investigation in banking history
January 24, 2008 3:49 PM Subscribe
He’s been called a “computer genius,” an “unlikely hero,” and “the world’s biggest rogue trader.” But until the astounding $7.2 billion fraud he perpetrated at Société Générale was announced early this week, Jérome Kerviel was just an average guy. Even his Facebook page—bleak, photo-less, and with just 11 friends listed (that number plummeted to three after Mr. Kerviel’s fraud was announced), is unremarkable. Could this be the trigger of the Black Monday crash? France's second-largest bank said today that it had lost €4.9 billion as a result of the rogue trades by a Paris-based trader who concealed his positions through "a scheme of elaborate fictitious transactions".
Société Générale fraud: A layman's guide
Société Générale: A history
The fugitive trader behind the biggest fraud investigation in banking history is a 31-year old Frenchman.
"This is just bad luck, it's Murphy's Law. We discovered it at the same time as the markets plummeted. "
The losses are four times greater than those made by Nick Leeson, the rogue trader who brought down Barings Bank.
Rogue trader Nick Leeson is not surprised by SocGen fraud. He's Back from the Brink; Coping with Stress.
The biggest rogue traders in history
The trader vanishes
Inspector Clouseau; Could this be the latest recruit at Soc Gen's risk department?
Société Générale fraud: A layman's guide
Société Générale: A history
The fugitive trader behind the biggest fraud investigation in banking history is a 31-year old Frenchman.
"This is just bad luck, it's Murphy's Law. We discovered it at the same time as the markets plummeted. "
The losses are four times greater than those made by Nick Leeson, the rogue trader who brought down Barings Bank.
Rogue trader Nick Leeson is not surprised by SocGen fraud. He's Back from the Brink; Coping with Stress.
The biggest rogue traders in history
The trader vanishes
Inspector Clouseau; Could this be the latest recruit at Soc Gen's risk department?
This post was deleted for the following reason: a better version of an earlier post, but still a double. -- mathowie
Something happened on Monday? Must have had my earbuds in.
posted by jfuller at 3:55 PM on January 24, 2008
posted by jfuller at 3:55 PM on January 24, 2008
What a pity. This is a really well crafted post. Still going to feed it to Astro Zombie 3, though.
posted by Astro Zombie at 3:57 PM on January 24, 2008
posted by Astro Zombie at 3:57 PM on January 24, 2008
Narf.
posted by Astro Zombie 3 at 3:57 PM on January 24, 2008
posted by Astro Zombie 3 at 3:57 PM on January 24, 2008
But thanks anyway for the nice compliments for a double. Kind of you. :)
posted by nickyskye at 4:00 PM on January 24, 2008
posted by nickyskye at 4:00 PM on January 24, 2008
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posted by synaesthetichaze at 3:51 PM on January 24, 2008