Jerome Kerviel Free. Fraud Charges Dismissed

[zdreg]

Quote from sakimonohito:

"The lawyer, Frederik-Karel Canoy, said he had begun legal action against SocGen over how it unwound billions of euros in allegedly fraudulent share deals last week. The bank said on Sunday it unwound Kerviel's positions, €50bn, "in particularly unfavourable market conditions" between Monday and Wednesday last week after discovering them on January 18."


This is the Perry Mason moment of the whole debacle.

how much was the the loss by the rouge trader.
how much more was lost when the position was unwound?

 

[DannyBly1]

"No, the trader will probably get a book and movie deal and end up working for a hedge fund here just like Brian Hunter or Steve Cohen."

Exactly

 

[doublechin]

His book will make Timmay Sykes' look very tame

 

[Pholeuon]

Where is possible purchase his book?

 

[doublechin]

Well he's French so it will take him about a decade to write. He'll have to put in at least 5 hours a day if it's a full time job and then strike over the pay conditions terms of contract etc

It'll be a while...

 

[ssblack]

Quote from doublechin:

Well he's French so it will take him about a decade to write. He'll have to put in at least 5 hours a day if it's a full time job and then strike over the pay conditions terms of contract etc

It'll be a while...

lol

 

[sakimonohito]

I wonder, do the french have any better jokes for the 'mericans than these at the expense of the french?

 

[Optionpro007]

Quote from steve46:

I don't believe it..

I have heard that the guy developed a unique way of distracting his supervisors from monitoring his trade activity.

Apparently he declined to shower for weeks at a time. Those around (including the risk management staff) him gradually increased their distance from his desk. I hear that one of his colleagues characterized his smell as akin to "over ripe goat cheese stored in gym socks". He IS French after all....so we assume this was not unusual. nevertheless, no one had the courage to look into his trading activity until it was too late.

Apparently one of the risk managers acquired a WWII vintage gas mask and looked over his shoulder. He found the damage and reported it to his superiors, but it was "too late"

Jerome or "Le Gran CheeseDick" as he was now nicknamed, had struck a fatal blow into the heart of one of the biggest banks in France....Oh ze horror.....Oh ze zmell...oh ze humidity....

 

[Equalizer]

Quote from doublechin:

Well he's French so it will take him about a decade to write. He'll have to put in at least 5 hours a day if it's a full time job and then strike over the pay conditions terms of contract etc

It'll be a while...

LOL, read Path Integral's response here (reproduced below for the lazy arses):
http://www.nuclearphynance.com/Show Post.aspx?PostIDKey=109938

Subject: FRENCH TRADER WAS FORCED TO WORK 30 HOURS A WEEK

FRENCH TRADER WAS FORCED TO WORK 30 HOURS A WEEK

FRIENDS of rogue trader Jerome Kerviel last night blamed his $7 billion losses on unbearable levels of stress brought on by a punishing 30 hour week.

Kerviel was known to start work as early as nine in the morning and still be at his desk at five or even five-thirty, often with just an hour and a half for lunch.

One colleague said: "He was, how you say, une workaholique. I have a family and a mistress so I would leave the office at around 2pm at the latest, if I wasn't on strike.

"But Jerome was tied to that desk. One day I came back to the office at 3pm because I had forgotten my stupid little hat, and there he was, fast asleep on the photocopier.

"At first I assumed he had been having sex with it, but then I remembered he'd been working for almost six hours."

As the losses mounted, Kerviel tried to conceal his bad trades by covering them with an intense red wine sauce, later switching to delicate pastry horns.

At one point he managed to dispose of dozens of transactions by hiding them inside vol-au-vent cases and staging a fake reception.

 

[crgarcia]

Quote from Thermactor:

No, the trader will probably get a book and movie deal and end up working for a hedge fund here just like Brian Hunter or Steve Cohen.

I was thinking the very same thing.

Any ghost writers here on ET?