Wednesday, May 05, 2010

Memoires de l'argent perdu

In his book, Trapped in a Spiral: Memoirs of a Trader, Jerome Kerviel claims that Societe Generale urged him to leave Paris on the eve of the bank's announcement of his E50bn rogue trading scandal. He says they offered to pay his train fare as they wanted to portray him as a guilty fugitive. He also says the bank's medical team called him regularly during the five days between the discovery and the announcement of the trades to check he wasn't suicidal. He admits that he falsified documents and exceeded his trading limits but alleges that his superiors, who nicknamed him "the cash machine", were aware of this and that many other traders did the same. His trial begins in June.


Blogger kinglear said...

Typical. You get a guy who makes you lots of money, then the minute he starts losing you dump on him.
I've always felt Nick Leeson was a much misunderstood individual, along with Rachman, Van Hoogstraten and the Mad Mekon..the clue might be in the "mad" bit

1:01 pm  
Blogger Angus said...

And to think that European politicians talk of this as an anglo-saxon 'malaise'. I must look up the French, and perhaps even more pertinently the German for hubris. Schadenfreude perhaps ?

7:14 pm  
Blogger Eurodog said...

Of course, his superiors knew. Only too well.

3:45 pm  
Blogger Welshcakes Limoncello said...

I agree with eurodog.

11:10 pm  
Anonymous Anonymous said...

and fabulous fab is french and a goldie..

4:29 am  

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