Today’s topic: Mr. Jerome Kerviel, The rouge trader who lost billions of dollars by investing in Futures market.
Think about this for a second: A bank loses $1 billion and goes undetected for years let alone $7.4 Billion…stunning. I cannot believe it. Think about this too: Jerome Kerviel lost this amount over a period of years. This could explain why he was not detected, but no body seems to think about the issue this way.
Most of the people are focusing on his (Jerome Kerviel ) history, his IT skills, his background, and Société Générale’s bank Internal and External controls—the French bank where Jerome Kerviel was working. Maybe the internal controls were French fried….HAHA!
Mr. Kerviel, the “Current Bank Evil knievel” had only basic computing and programming skills which deepens the mystery of how he managed to circumvent what we are told to be or what banks make us believe to be “Layers and Layers of highly sophisticated internal (IT) software system designed to stop and or prevent unauthorized activity.
First of all, I don’t think that banks systems are that sophisticated, or if the systems are that sophisticated, then the system was not thoroughly tested before being implemented, whose fault is it, Kerviel or the Société Générale’s?
Second, Kerviel did not earn enough money to justify his position.
Thirdly, Kerviel, did not get rich by embezzling the money, was Kerviel fraudulent, maybe but frankly I think that Société Générale made up this story to cover its $3 billion loss in sub prime lending?
Last but not least, experts do not think that Kerviel could have achieved this magnitude of fraud alone… may be he did.
I know you have many questions too, so do I. Post your questions and comments and I’ll try to uncover the dirt for you….stay tuned….
Before penning off, a new piece of information; Two Groups were created on Facebook:
- First Group (French) Ceux qui recherchent Jerome Kerviel, l’homme qui vaut 4.9 milliards!!! “Adherent a ce groupe ceux qui seraient pret a toucher 10% de la somme en donnant des informations sur Jerome Kerviel”. What the hell does this mean???????
This means: Those who are looking for Jerome Kerviel, the €4.9 billion man. You can join this group if you are ready to earn 10% of the $7.4 billion by giving some information about Jerome Kerviel –I am a French man too…haha! - Second Group (English): Finding Jerome Kerviel
