Word: kerviel
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...January 23rd, nobody had heard of Jérôme Kerviel. He was just another junior trader at France’s second largest bank, Société Générale. A day later, his name headlined nearly every major financial daily across the globe. Although his desk was limited to about $180 million in positions, Kerviel had forged passwords, faked control e-mails, and fabricated hedges in order to go well beyond the limit. He had learned all the necessary control tricks to pull off this feat during his time at the bank?...
...Parisian Upper East Side: a quick commute to downtown offices, and a quiet residential enclave whose location gives residents a jump start on the Friday rush to Normandy beach homes. It was here, among the French film stars, CEOs and idle rich, that rogue trader Jérome Kerviel rented an apartment as he sought to make a fortune of this own. Neuilly never votes left, and it owes its national renown to local boy gone big - Sarkozy. So where does Neuilly's hostility to candidates with Elysée ties come from...
WHAT? SocGen says it was surprised by a series of "elaborate, fictitious transactions" that Kerviel executed. But skeptics are crying foul play, saying rogue trades that large could not have gone unnoticed for so long...
...Kerviel wanted more action than his low-level position allowed. So he began trading secretly?racking up huge profits at first. He says some bosses knew and made him out to be a criminal only when the trades went bad. So was he solo? "If he was working alone, he would have been caught," says Suresh Sundaresan, a finance professor at New York City's Columbia Business School...
...STAKE Now SocGen management is itself under heavy scrutiny. The bank's chief, who called Kerviel a "terrorist," offered his resignation, but the bank's board is backing...