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September 6, 2008 2:42:53 AM CDT

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'Rogue Trader' Identified, But Still on Loose

Posted Jan 24, 08 2:46 PM CST in World,  Crime & Courts,  Business 

(Newser) – Jérôme Kerviel, a trader at Société Générale, is the man who lost the French bank $7.2 billion in fraudulent trades, using an "intimate and malicious" knowledge of bank procedure to cover his tracks, the Wall Street Journal reports. The 31-year-old Kerviel got no benefit from the trades, though the huge loss may have helped to spark Monday's worldwide selloff.

Christian Noyer, head of the Bank of France, said today there will be an investigation at Société Générale, and that the bank will "look into whether the internal controls were sufficient." But Noyer denies a failure of oversight on the government's part. "We can't have a controller behind every trader at every bank in the country at every moment," he said.

Source Wall Street Journal

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    Apr 26, 08 2:37 PM CDT
    Rogue Trader Gets a Job Jérôme Kerviel is working once again, despite having cost France’s Société Générale $7.68 billion in unauthorized trading. Released from prison a few weeks ago, the rogue trader is employed as an IT consultant for a French company specializing in networks and security, the Wall Street Journal reports. The gig could also help keep Kerviel out of jail. More »

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French bank Societe Generale CEO Daniel Bouton reacts during a press conference at the bank headquarters, Thursday Jan. 24, 2008 outside Paris. Societe Generale said it has uncovered a euro 4.9 billion...   (Associated Press)
This internal security photo taken from French bank Societe Generale's Web site shows a man identified on the site as Jerome Kerviel. Societe Generale said Thursday Jan. 24, 2007 it has uncovered a 4.9...   (Associated Press)
Bank of France governor Christian Noyer speaks during a press conference Thursday Jan. 24, 2008 in Paris. French bank Societe Generale said Thursday it has uncovered a euro4.9 billion (US$7.14 billion)...   (Associated Press)
People enter the headquarters building of French bank Societe Generale, Thursday Jan. 24, 2008, outside Paris. Societe Generale said Thursday it has uncovered a euro4.9 billion (US$7.14 billion) fraud,...   (Associated Press)
French bank Societe Generale CEO Daniel Bouton reacts during a press conference at the bank headquarters, Thursday Jan.24, 2008 outside Paris. Societe Generale said it has uncovered a euro 4.9 billion...   (Associated Press)
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France  • Société Générale  • Jérôme Kerviel  • bank fraud


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