Mad Traders - France takes the lead

[Franglais]

Wall Street doesn't seem to go in for Mad Traders so you may have missed this.

After years of domination by the British (Nick Leeson's $1.5 billion in the 90's) the French have now taken the lead in the Mad Traders battle. A fairly low-level trader named Jerome Kerviel has just lost the Societe Generale (major French Bank) about $7.5 billion. This may have caused the Stock Market crash last Monday which in turn caused the FED to drop it's interest rates due to fears of a recession.

Mr Kerviel has been unavailable for comment. Acting alone, he cunningly deceived the bank's computer systems throughout 2007. The head of the Societe Generale says that Kerviel did not do it for personal profit, but just because he liked to gamble.

The bank is still profitable, despite the loss.

I hate banks. And traders. And Golden Boys. At least I'm not with the Societe Generale. Might even be my next client..

[GB1]

As serious as a matter like this is, it's still funny. Guess the guy felt like playing the market but didn't have the $ to do it, so used somebody else's.

[another view]

It's a little frightening to think that he's not the first and still got away with it for quite a while (I'm assuming, losing 7.5B can't happen that quick)...

[Franglais]

It's OK. The full story is coming out.

He's just a Nerd. A computer person. The most dangerous type of Hacker - someone inside the company. He worked in the BackOffice, had the time to thoroughly understand the system and see the loopholes.

I'm relieved. It's back to the world I know.