Tag Archive for Jerome Kerviel

rogue trader kerviel found guilty

Jérôme Kerviel, the former Société Générale trader who lost EUR 4.9 billion in unauthorized trading in 2008 was sentenced to three years in prison today and ordered to repay the bank the entire amount of his losses. From the FT:…

it’s the stupid culture

In my last post, it’s the culture, stupid, I noted that a review of the Société Générale scandal reveals a familiar pattern of organizational and departmental change that stressed trading and oversight systems, followed by a failure to respond to…

it’s the culture, stupid

In testimony last week, Eric Cordelle, Jérôme Kerviel’s immediate supervisor at Société Générale confirmed a point about which I’ve previously blogged: the Delta One desk on which Jérôme Kerviel worked at Société Générale exceeded trading limits “quite frequently.”  Cordelle claimed,…

kerviel’s fake trades: genius or copy cat?

In my last post, kerviel’s fake trades: the anatomy of a cover-up, I began discussing the fake trades Kerviel employed to disguise his unauthorized losses (and gains).  Contrary to Société Générale’s assertions that Kerviel’s sophisticated cover-up scheme, enabled by his…