At the start of the investigation last year, Kerviel spent six weeks in jail and was then released under judicial supervision. In June, the Paris prosecutor's office requested that Kerviel stand trial, and judges finalised the decision with a formal order yesterday. http://www.guardian.co.uk/business/2009/sep/01/societe-generale-rogue-trader-trial
He might be a jackass ... but there were extraordinary supervisory lapses that had to have taken place for this complete and total trading fiasco to have happened. Just a thought.
LOL... Not even close, at least Jack Hershey has a method, as obscure as it is, Kerviel didn't have one. He simply bought or shorted ,averaged down and prayed...Most ET newbies have more common sense than Kerviel.
I mentioned this influence in another thread as often permeating trading desks... "A report by PricewaterhouseCoopers blamed the "culture" at the trading desk, describing it as "overheated"." The head of trading is responsible for this "culture" and the back office bears a lot of responsibility as they had to reconcile the trades. If they didn't realize the true position then it looks like criminal negligence to me. Often the head of the back office is an alligator they managed to semi-tame and train in admin. Did they have a pussy instead?
Kerviel didn't make this loss. Let me explain : The friday he was on a position with a nominal value of than 50billions in euros in dax and a lot of the indices. At the end of the day the manager "discovered" the exposure. And the monday !! when the us market was closed ?? they unwinded this mega position, moving the market and losing a lot more than during a normal business day. This guys were arrogant enough ( french people ) to think that america can sleep and it will be as usual... so stupid... and don't forget they all had minimum master level at university... Btw nice ride for those on the other side... quite surprising I think...
PWC ?? lol don't listen to what this bunch of kids just dropped of uni say... they aren't trustworthy.