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?
posted by nickyskye (8 comments total)

This post was deleted for the following reason: a better version of an earlier post, but still a double. -- mathowie



Um. This post is much better though.
posted by synaesthetichaze at 3:51 PM on January 24, 2008


Something happened on Monday? Must have had my earbuds in.
posted by jfuller at 3:55 PM on January 24, 2008


drat.
posted by nickyskye 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


Narf.
posted by Astro Zombie 3 at 3:57 PM on January 24, 2008


This is an exquisite take on this.
posted by drezdn at 3:58 PM on January 24, 2008


*smacks forehead for gazillionth time
posted by nickyskye at 3:59 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


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