This guy must have ‘je ne sais quoi’ coming out his ass. He criminally loses billions of dollars for a company, then a few months later turns around and gets another sweet job all while facing prosecution. Only in France, baby.
The man behind the Ã¢â€šÂ¬4.9 billion ($7.6 billion) loss at the major French financial institution, SociÃƒÂ©tÃƒÂ© GÃƒÂ©nÃƒÂ©rale (SocGen) back in January, has been working as a computer expert for the consulting firm LCA in Paris for the past month.
Even though he was forbidden by a judge to set foot anywhere near a trading room, and his passport was revoked as a flight risk, he is somehow allowed to serve as a ‘computer expert’ at a big computing consulting firm? I guess it’s similar to the idea of companies hiring computer hacker kids to work in their security departments.
Kerviel is currently facing charges for breach of trust, forgery, and ‘unauthorized computer use.’ Back at SocGen he was able to get away with what he did for almost 3 years before getting caught. Kerviel started out with several small trades that no one would have noticed. They eventually turned into larger ones, and by the time it was all uncovered in January, the whole mess had spawned into a $7.6 billion casualty.
His supervisors maintain that he did everything in secrecy and was able to surpass the checks and balances that would have caught all his doings. He had spent some time in the division of SocGen that handled oversight and compliance practices. Kerviel’s story is that his supervisors knew what he was doing
He’s been lying low lately because almost everyone in France hates him and is disgraced by what he did. There is even a large group of Frenchies who maintain he’s originally from an area of the country that ‘good French people’ don’t even consider a part of “France”. Regardless, his series of ‘rogue trades’ cost his company the greatest sum of money due to a rogue trader in history.
The weird thing is that when all these papers and news reports describe the guy, they use that phrase ‘rogue trader’. What exactly is a rogue trader? Apparently, its someone who makes a whole bunch of unauthorized trades that eventually lead to big losses. If those trades had made the company billions of dollars, ‘French Daredevil Evel’ Kerviel would be a company legend sitting in a nice corner office at the SocGen Eiffel Tower branch.
Should we give this guy a break and let him get his life back together, or should he be under a little more lock-and-key due to his past indiscretions? Let us know in the comments section.
The Guardian UK: Rogue trader Kerviel get new job, April 25, 2008