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    1. 01-25-2008 11:48 AM #1
      Identity X
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      French trader loses $7.1bn through fraudulent trading; may have caused $150bn market downturn

      http://news.bbc.co.uk/1/hi/business/7208439.stm

      Societe Generale has filed a legal complaint against the trader accused of defrauding the bank which led to a loss of 4.9bn euros ($7.1bn; £3.7bn).

      While Societe Generale has yet to name the trader, media reports say he is 31-year-old Frenchman Jerome Kerviel.

      SocGen's chairman Daniel Bouton called the fraud a "one-off" and denied it was a trading or risk-management fault. [...]

      They also say that the losses have left the bank vulnerable to a takeover bid.

      "Societe Generale will certainly lose its independence after such an operation. We will... have a redefinition of the banking world and France will be no exception," Alain Crouzat at Montsegur Finance told Le Parisien newspaper. [...]

      Some analysts suggest that the rogue trader's actions might have contributed to the stock market turmoil earlier this week.

      "Something like this can aggravate the situation, but there has to be underlying concern in the first place," said Howard Archer, economist at Global Insight.

      "Any market that is nervous for a number of reasons is going to be touchy. And anything that adds fuel to the nerves isn't going to help," said Anthony Scott, a stockbroker at Charles Stanley.

      French President Nicolas Sarkozy called the events at Societe Generale a "large-scale internal fraud", but added that the losses "do not affect the solidity and reliability of the French system".
      Wouldn't want to be Jerome Kerviel right now.
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    2. 01-25-2008 12:54 PM #2
      Alex D
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      This is going to be an interesting financial year. (when the next one starts that is)
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    3. 01-25-2008 06:08 PM #3
      Xaqaria
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      This is pure conjecture, but that whole story smacks of scapegoating.

      The ability to happily respond to any adversity is the divine.
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    4. 01-25-2008 10:50 PM #4
      bluefinger
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      I laughed when I saw this on the TV... and I will continue to laugh here:

      HAHAHAHAHAHAHA!!!

      A bank loses that much money because of one person? I'm not to sure on what to think about that little detail, but either way, Societe Generale is screwed, pure and simple.
      -Bluefinger v1.25- Enter the madness that are my dreams (DJ Update, non-LD)

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    5. 01-25-2008 11:22 PM #5
      Taosaur
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      Given the broad impact, I think this scheme qualifies as super-villainy.
      If you have a sense of caring for others, you will manifest a kind of inner strength in spite of your own difficulties and problems. With this strength, your own problems will seem less significant and bothersome to you. By going beyond your own problems and taking care of others, you gain inner strength, self-confidence, courage, and a greater sense of calm.Dalai Lama


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    6. 01-25-2008 11:23 PM #6
      M-Cat
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      Yeah that was me. No biggie.

      Quote Originally Posted by bluefinger View Post
      I laughed when I saw this on the TV... and I will continue to laugh here:

      HAHAHAHAHAHAHA!!!

      A bank loses that much money because of one person? I'm not to sure on what to think about that little detail, but either way, Societe Generale is screwed, pure and simple.
      I guess I should take this as a compliment.
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    7. 01-25-2008 11:25 PM #7
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      Quote Originally Posted by bluefinger View Post
      I laughed when I saw this on the TV... and I will continue to laugh here:

      HAHAHAHAHAHAHA!!!

      A bank loses that much money because of one person? I'm not to sure on what to think about that little detail, but either way, Societe Generale is screwed, pure and simple.
      Perhaps this 'one man' is actually an employee of a rival company who now plans to undertake a hostile take over.

      The ability to happily respond to any adversity is the divine.
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    8. 01-25-2008 11:54 PM #8
      bluefinger
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      Quote Originally Posted by Xaqaria View Post
      Perhaps this 'one man' is actually an employee of a rival company who now plans to undertake a hostile take over.
      That, or he developed a gambling addiction... instead of casinos and blowing his own money away, he went for the more extravagant option... blowing a bank's money through betting on trades/etc...

      Either way, it is utter hilarity how a big bank like that didn't notice something like that until recently...

      Quote Originally Posted by M-cat
      I guess I should take this as a compliment.
      Dude... way to ruin investor confidence in the banking sector... not that it was already weak to begin with after the whole subprime crisis. Have a drink on me!
      Last edited by bluefinger; 01-25-2008 at 11:57 PM.
      -Bluefinger v1.25- Enter the madness that are my dreams (DJ Update, non-LD)

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    9. 01-25-2008 11:57 PM #9
      M-Cat
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      Quote Originally Posted by bluefinger View Post
      That, or he developed a gambling addiction... instead of casinos and blowing his own money away, he went for the more extravagant option... blowing a bank's money through betting on trades/etc...

      Either way, it is utter hilarity how a big bank like that didn't notice something like that until recently...
      Hey don't insult me like that. You can't just assume I have a gambling addiction out of thin air. And I don't, anyway.
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    10. 01-26-2008 12:05 AM #10
      bluefinger
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      Quote Originally Posted by M-Cat View Post
      Hey don't insult me like that. You can't just assume I have a gambling addiction out of thin air. And I don't, anyway.
      Insulting? Oh no! You went for the option which guaranteed a good supply of money to burn without it being yours, whilst granting you instant infamy! You should be rather proud (if you like being infamous that is...)
      -Bluefinger v1.25- Enter the madness that are my dreams (DJ Update, non-LD)

      "When you reject the scientific method in order to believe what you want, you know that you have failed at life. Sorry, but there is no justification, no matter how wordy you make it."
      - Xei

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    11. 01-26-2008 12:07 AM #11
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      I'd rather die infamous than ignorant.
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    12. 01-26-2008 12:45 AM #12
      Mes Tarrant
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      Does it say anywhere over how much time the bank was losing money because of the guy?
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