Word: trader
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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?...
...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...
...Neuilly is a kind of 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...
Down on the trading floor, eight hands suddenly reach for the whiteboard to trade shares of the al-Basra Bank, and then a moment later pull back. A female trader has just walked along the front of the room in elegant black boots and gold necklaces, chatting into her cell phone, pausing momentarily to scribble numbers in black marker on the wall...
...level trader at the French bank, Société Générale, was arrested the other day for allegedly orchestrating a $7 billion fraud. Do you see things in these kinds of stories that are painfully familiar...