Word: kerviel
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...retail network, which BNP covets, from investment banking activities, which interest Crédit Agricole. By tipping its hand, Mistral notes, BNP may be signaling to rivals now mobilizing in the wake of the debacle that it's about to launch a bid it had contemplated even before the Kerviel affair. Meanwhile, comments by French officials indicating the government would step in and prevent foreign "predators" from exploiting the Société Générale fiasco drew fire from European Union authorities. Mistral suggests that BNP's shot across the bow was a boon for the government...
...Following their meeting Wednesday, board members said they had rejected Bouton's resignation in order to preserve stability while the bank is still reeling from the $7.13 billion loss resulting from derivative trader Jérome Kerviel's illicit futures speculation. Many cited Bouton's storied record of fiercely defending Société Générale's independence in the past. But even before that day had ended, the general surprise that greeted Bouton's survival gave way to anticipation that he'd been kept aboard as the best-placed expert to chose the best among several...
...when BNP sought to buy Société Générale in an attempted three-way merger with French bank Paribas. Bouton's defensive maneuvers to prevent that were strengthened by labor stoppages by bank employees, many of them shareholders, whose support of Bouton since the Kerviel debacle has been solid. Despite that collective determination, Mistral says Société Générale's hostility to mergers has become a handicap in a sector where growth and geographical expansion via consolidation is the rule. That position, Mistral continues, means Soci...
Listen, let me tell you something: I knew Nick Leeson. Oh, OK, not personally. But as a reporter, I covered Leeson, the young trader who single-handedly broke the bank at Barings in 1995. And you know what? This kid Jérôme Kerviel, the 31-year-old who managed to lose $7.2 billion (that's with a B) at Paris investment bank Société Générale in just a few weeks, he's ... he's ... so much like Leeson that it's scary...
...Kerviel was no superstar either. He had graduated from what's described as an élite school in Lyons with a degree in "trading" (OK, fellow history majors, once but only once: Hah! Hah! Hah!). But at SocGen, a bank that had made a name for itself trading derivatives - the ever more exotic instruments now available to investors worldwide - he worked in what his colleagues sniffily called "the mine": a trading desk that made uncomplicated up-or-down bets on the direction of Europe's largest stock markets. Kerviel made about $145,000 a year...