Word: kervielã
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...When his managers liquidated his positions, Kerviel held unhedged bets for over 60 billion dollars. Somehow, no one had noticed trades that exposed the bank for its entire market value. The managers silently sold Kerviel??s assets in a rapidly declining market amidst fears of global recession, and ended with over 7 billion dollars in red on their balance sheet...
...Overnight, everyone knew his name: Google searches for Kerviel exploded, as did news stories, and columns in the Financial Times. Everyone was covering the most spectacular rogue trader in financial history. Yet there is something even more surprising than the lack of controls that allowed for Kerviel??s scheme to work under the radar for over a year: the public’s reaction to the debacle...
...Even more crucially, despite the election of market-friendly President Nicolas Sarkozy, France’s relationship with financial markets is a troubled one–hence Kerviel??s heroic status. In 2006, a University of Maryland poll revealed that only 36 percent of French people believed that free-market capitalism was the best system of economic organization, compared to 74 percent in China. No wonder being called “Che Guevara” is a compliment in the Gallic press...
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