you must be joking. he is a celebrity. he will find a way to monetize his fame and women will love him. this is a man with a real future.
Retarded sentence. There is no way he could get away with this without at least some people above him knowing about it. What a joke, SocGen throwing him under the bus for their incompetence. If on the off-chance nobody above him knew what he is doing, at the very least it highlights SocGen's poor internal controls and lack of discipline.
Yep. Posted this in another thread. Then you need to go after his ex delta 1 team boss and also the head of the Socgen investment banking dept, all the back operations and the risk department heads and finally Daniel Bouton himself. You think he is fully responsible? he's responsible, hell yes. But they are all responsible for that fiasco. Proof? Eurex started alerting SocGen in 2007 that one of their traders had abnormal large positions in the market. Since he was making money at the beginning, they let him do his things. Until he lost. Of course officially, nobody at SocGen knew anything. Unreal. I had a dream that Justice was not corrupted.
6.7 Billion is a joke, but he totally deserve to be indebted for life, with or without Soc Gen being aware of what he was doing. They are sending a message about financial responsibility of traders. You can't continuously take moronic risk to get big bonus and hide behind an institution when things are turning sour. I don't know how SocGen works, but his positions were so stupid that there is no way a decent risk manager with half a brain would have let this happen, profitable or not. Common, pure directional bets, cutting profits and letting losses run, his ass saved by the subprime mess a first time, it's pure gambling, no better than a total newbie.IMO perhaps the risk managers saw some unusual activity but thought it was a bug or an error .Some people were aware of it but not the bright decision making ones.
This is so far from perfect but at least the French have sentenced someone. Compare this to the 'go fuck yourselves' demeanor of the GS crooks when they appeared before the US politicians. Kerviel may be a patsy but he is not an innocent. That's probably the one and only time in my life I will side with the French. Feels weird.
What's french for scapegoat? Another attempt to quell the masses. We had Madoff, the French have this guy. It's kind of like the war on drugs. Bust a couple of street dealers selling dime bags while the Cartels remain untouched. Feel safer now?