Guest LAW_* Posted January 28, 2008 Report Share Posted January 28, 2008 History's biggest rogue trader for Societe Generale, Jerome Kerviel, has been placed under official investigation for betting over $7.5 billion, but was allowed to walk free on condition he remained in the country. He faces multiple charges of forgery, computer hacking and breach of trust, but the charge of attempted fraud was not pressed. “U.S. borrowers, give thanks to an unlikely hero: Jerome Kerviel,” The Globe and Mail’s Boyd Erman wrote. “As you revel in the lower interest charges on your line of credit…think of how one brave Frenchman came to your rescue.” Jerome Kerviel was able to spook the US Federal Reserve into the biggest rate cut since 1984, possibly and probably helped crash the global markets, and left French president Nicholas Sarkozy with bigger problems than Carla Bruni’s sleeping arrangements. If found guilty of breach of trust, Kerviel would face a maximum sentence of three years in prison and a fine of 370,000 euros (186,500 US dollars), less than half of what he might have faced if fraud charges had been laid against him. The 31-year-old trader joined SocGen, France’s second largest bank, in 2000 after completing a business degree at Management des Operations de Marche in Lyon, Bloomberg reported. In 2006, he moved from the bank’s back office to the Delta One trading desk on SocGen’s Paris trading floor, according to the Financial Times. Jerome Kerviel the son of a hairdresser, wanted to be an "exceptional trader" and earn a bigger bonus but did not try to profit personally from the unauthorised financial deals, according to a French prosecutor. The trader had bought futures in three European indices -- the Eurostoxx, the DAX in Frankfurt and the FTSE in London -- effectively betting on the future direction of the stock market. http://www.facebook.com/srch.php?nm=Jerome+Kerviel Quote Link to comment Share on other sites More sharing options...
Guest Helen Thomas Posted January 28, 2008 Report Share Posted January 28, 2008 OBJECTIVE Reach a position as a retail listed derivative products trader, managing a volatility and Delta One book EDUCATION MASTERS in Finance (Organisation and Control of financial makets) University of Lyon, September 2000 Bachelor Degree in Finance University of Nantes, 1996 1999 WORK EXPERIENCE Societe Generale S.A., Paris, France Trader and Market Maker for Delta One Products March 2004 - Today Trading : Market making of Listed Delta One products Including open end and closed end Turbos (Single Stocks, Index, Forex and Rate Futures), ETFs and secondary market for Certificates ETFs structuration - Management of the collateral with Lyxor Asset Management Development of managing tools (Excel VBA macro) New Underlyings Study to develop the product range Participation to the specification for the implementation of turbos to the Clickoptions platform Societe Generale S.A., Paris, France Trader Assistant - Basket Trading and Delta One Products August 2002 - February 2004 Valuation and Risk Analysis explanation for Basket Trading (Single Arbitrage book) and Delta One Products Strategies Backtestings Short positions hedge Process automation and managing tools development Societe Generale S.A., Paris, France Middle Office - Referential Team August 2000 - July 2002 Products modeling Process automation Excel macro Development for the exotic Desk Participation to the single referential project ACTIVITIES Judo - 8 years practice - Trainer for children Sailing SKILLS English : working language Microsoft Office Packge - Visual Basic Licensed for EUREX, XETRA, EURONEXT http://ftalphaville.ft.com/blog/2008/01/25...tary-alignment/ Quote Link to comment Share on other sites More sharing options...
Guest John in Paris Posted January 28, 2008 Report Share Posted January 28, 2008 From what I have read Kerviel deliberately set out to "lose" hundreds of millions of euros to conceal his previous, secret winnings. Quote Link to comment Share on other sites More sharing options...
Guest Kramer Posted January 28, 2008 Report Share Posted January 28, 2008 The high volumes caused by the panic gave SocGen the ability to rid itself of the positions more quickly than it might otherwise have done. Quote Link to comment Share on other sites More sharing options...
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