The man picture at left is, purportedly, Jerome Kerviel, the Société Générale employee who executed a bunch of “elaborate, fictitious transactions” that cost the bank a bunch of money. Not to treat him like an object because obviously he’s a person with feelings, but we’re a bit taken a back by how good looking he is. And not like “rogue trader hot,” like “hot, hot” without qualifiers (direct quote from Ron Blarney: “I’m don’t even like Two and A Half Men and I still fuck him”). This attractiveness will serve him well in the event of a nationally televised trial, and even better in prison.
He looks like a serial killer, Bess.
“We surrender.” –France
He has no lips.
Dig the little french guy moustache
but is he a hottie with a body? I mean if i learned one thing from JFP it’s not to trust head shots…
sounds like a lot of money but it’s just 4.9 billion EUR
where where the gendarmes on saturday? now we got to leave it to duane the dog?
where where the gendarmes on saturday? now we got to leave it up to duane the dog?
Just 7 billion? This guy is a chump.
was he in Scanner Darkly?
Eric CORDELLE can’t be liking his prospects right now…
DAD??
Cheer up Jerome! You’ll never be as big a loser as John Gibson of Fox News. What a bigot that idiot is…
I call fake. This is a cover up story for their sub-prime losses.
what is JFP?
Inspector Clouseau is on the case!
*MORGAN STANLEY CUTS TO TAKE PLACE OVER COMING WEEKS :MS US
*MORGAN STANLEY JOB CUTS DUE TO `OVERALL MARKET CONDITIONS’
*MORGAN STANLEY JOB CUTS WON’T AFFECT INSTITUTIONAL SECURITIES
*MORGAN STANLEY JOB CUTS ALSO IN OPERATIONS AND ADMINISTRATION
*MORGAN STANLEY JOB CUTS IN ASSET MANAGEMENT, RETAIL BROKERAGE
*MORGAN STANLEY TO CUT ABOUT 1,000 JOBS, PERSON FAMILIAR SAYS
@ 11:05 john fitzgerald page
French prison can’t be all that bad. It’ll be him and a bunch of 14 yr old Moroccan kids- he’ll probably teach them how to hustle
Anyone call his phone #, curious whos picking up now…
yeah could we please get a line on this MS business please?
Anyone call his phone #, curious whos picking up now…
just rings and rings for me
who’s committed the fraud here, this guy or the bank for trying to get us to believe that he was the sole perpetrator?
They’re going to hang him with hot shoe laces in prison. ;)
just rings and rings for me
just rings and rings for me
@Anal_yst: Alphaville apparently were madly calling his desk before they put the picture up, but no one was picking up (check the comments there). Pretty sure no one at SG’s trading desks are going to be picking up their phones.
that guy will soon be making movies in hollywood
who’s committed the fraud here, this guy or the bank for trying to get us to believe that he was the sole perpetrator?
just rings and rings for me
Is “$7.14″ really necessary? What’s wrong with $7, or $7.1? $40 million is play money.
i bet the phones at SG just arent ringing… loss today through fraud = massive redemption of trades off their books tomorrow.
a bank without a “effective” risk manager is like a tart without her pimp… just gonna get fucked and fucked and fucked…
there’s the week, the weekend, and the weekender.
It sounds strange that such a position had not been mapped before.
Dealbreaker should not publish its picture. It is against french criminal law.
that guy will soon be making movies in hollywood
Jan. 24 (Bloomberg) — Morgan Stanley, the second-biggest
U.S. securities firm, plans to eliminate about 1,000 jobs from
divisions including asset management, retail brokerage and
support areas such as technology and administration, a person
familiar with the matter said.
The cuts, which will take place in coming weeks, aren’t
expected to affect the New York-based firm’s institutional
securities division, which includes trading and investment
banking, the person said.
“The firm is engaged in an ongoing process of assessing i
personnel needs in light of overall market conditions, business
priorities and individual performance,” said Jim Wiggins, a
spokesman for the firm. “This process will involve headcount
reductions in some areas and additions in other areas.”
Morgan Stanley, No. 2 by market value behind Goldman Sachs
Group Inc., employed 48,256 people at the end of November.
BTW: wasn’t yesterday bonus day at Citi? No reports.
I expect more out of the DB minions (granted most have already probably been laid off over the last couple of months, but you have to have SOME sources, right?)
$1 Billion more than Brian “fish boy” Hunter
how come bberg has the head of asst mgmnt saying “By the end of December, he was ‘massively in the money,’… since the beginning of the year his trades become unprofitable.”
i thought they didn’t have their eye on this until last saturday?
spooky that he looks like a young charlie sheen.
Why do all these rogue trader stories end up with reports of huge losses? I’m sure there’s rogue traders out there racking up huge gains. What do they do when they discover a trader hiding positions, but they all are up?
Toto
DB shouldn’t show his picture because it is against “French Crimminal Law” ?
Please tell me you are joking
If I had to layoff half my department the first thing I would do is ask IT to go through everyone’s internet history to see who is reading Dealbreaker then put them all on the short list for pink slips
If he could take a 5bil Euro loss, wouldn’t his total position have to be on the order of 20-25 bil Euros?? And he was supposed to be a junior guy? And no one saw that a junior guy was making bets like that?
It’s always the same “it’s fraud we tell you! Fraud!” rather than “We have no risk controls”
Anyone call his phone #, curious whos picking up now…
anyone have a picture of this guy holding a big salmon or something he caught? or what do they fish for in france? carp? whatever.
I don’t want to talk to you no more, you empty headed animal food trough wiper. I fart in your general direction. Your mother was a hamster and your father smelt of elderberries.
Anon @ 11:31. Yes, it’s necessary. Think _Little Miss Sunshine_…or, if you’re old enough, the drug reference itself.
That image is too crappy to make any sort of judgement.
“Hope you got a date to the prison prom tonight Jerome! The boys in sing sing are going to LOOOOVE you! Yeah baby!”
Oooooh…but I bet their IT department has massive controls on what employees can view on the internet…LOL
11:50 AM – re DB as indicator for layoffs. That’s a great idea. Then you could write a macro to clear all of those trades. Just make sure the NAV isn’t late again, ok?
This is the number one reason not to promote from the middle office. They might look normal, maybe even interview well, but they are still middle office.
Once middle office, always middle office.
I love this, does anyone have a risk team on wall st? Anyone?? The guy from Soc gen basically said”We had no idea” if you look at his comments. Im sure thats comforting for shareholders
This is the number one reason not to promote from the middle office. They might look normal, maybe even interview well, but they are still middle office.
Once middle office, always middle office.
Did anyone read the part about his salary? This ‘trader’s’ annual comp INCLUDING bonus was 100k euros !!!!!
Even after dollar devaluation that is less than what a first year analyst makes here!!!! That my friends is a true socialist nation!
This is the number one reason not to promote from the middle office. They might look normal, maybe even interview well, but they are still middle office.
Once middle office, always middle office.
This is the number one reason not to promote from the middle office. They might look normal, maybe even interview well, but they are still middle office.
Once middle office, always middle office.
This is the number one reason not to promote from the middle office. They might look normal, maybe even interview well, but they are still middle office.
Once middle office, always middle office.
Im sure middle office people know to post their thoughts only once retard, im sorry “anonymous”. Do we a favor, clear my trades you piker
sorry for the 2390723x posts, f’in db server/software really sucking it up today
Apparently, SocGen, once it had discovered the rogue trading activity over the weekend, liquidated the positions on Monday and Tuesday. This had to be, at least in part, a significant reason for why equity markets sold off so brutally on Monday (remember, it was very bad in Europe) – if the total loss was $7.5b and let’s imagine that trader got hit for a 20% downturn notionally, the notional value could have been $35 to $50 billion …. equivalent to roughly 700,000 e-Mini S&P contracts … then think that some people leaked this exposure, causing others to sell ahead of them.
And then you got the Fed cutting rates on Tuesday.
The question is, then, was this rate cut justified? Knowing this unique market event NOW, will the Fed cut the expected 50 bp next week?
ha ha
This is totally a creative subprime write-down:
Bloomberg:
“France’s second-largest bank by market value plans to raise 5.5 billion euros from investors after the trading loss and subprime-related writedowns depleted capital, the Paris-based company said today. “
@ 11:02 – you are spot on. no way some €100k per year former back office chump dumps $7billion at a major bank. 1 man on a prop desk would have a hard time losing this big at major bank. Hedge Funds are a different story when it comes to losing money. This is so a cover up for a French bank betting big on US housing market and getting blown out of its trade. CEO’s get fired over 7bln losses/writedowns not back office employees.
Maybe Portfolio.com could add him to their rogues gallery of Traders Gone Wild…
Agree with the previous commenters. Too junior to lose that much.
Check the Deal Journal article:
Kerviel, who turned 31 this month, joined Societe Generale in 2000 and was working as a trader on the futures desk at the bank’s headquarters near Paris, according to The Wall Street Journal. He was apparently in charge of futures hedging for European equity market indexes, a relatively mundane task in today’s mind-bogglingly complex and opaque financial world.
Kerviel only moved to the trading floor from the back office in 2006. It was there, presumably, that he learned how to game the giant bank’s compliance system and cause a more than $7 billion write-down in the process. Though he is said to have helped the bank unravel the scheme, SocGen says it doesn’t know where he is now.
A spokesperson for the bank told Bloomberg that Kerviel is “very quiet and a loner. He had made his dream of becoming a trader come true.”
CIBC must be the only bank allowing his own employees to downgrade it based on projected write-downs…
CIBC May Take $4.1 Billion Writedown, CIBC Analyst Says
By Doug Alexander
Jan. 24 (Bloomberg) — Canadian Imperial Bank of Commerce, the country’s worst-performing bank stock over the past year, may take $4.1 billion in pretax writedowns in the first quarter, according to CIBC World Markets analyst Darko Mihelic.
The Toronto-based bank will probably post a net loss of 33 cents a share this fiscal year because of costs from investments linked to the U.S. subprime mortgage market, Mihelic said today in a note to clients.
Canadian Imperial has already announced writedowns of about $2.46 billion this fiscal quarter, which ends Jan. 31.
This guy is my hero. How can any of you not respect his bravado. Elephant balls, no other words to describe him by.
Bess, please rub one out already. Who wouldn’t you fuck?
you’re a douche risk arb. try and get the joke making fun of carney (always the joke, love it) that all of his posts are about “a cute girl we were talking to/looking out/fantasizing about while jerking off”
Another nugget:
“In this month’s issue Risk Magazine named Soc Gen the “equity derivatives house of the year.”
I think there are essentially two options:
1. Jerome wanted to double down on his bets, because of his ego I suppose (obv. not because of perf. comp. Ha!. So he faked some hedges and countertrades. Market started going down, futures came due, and he couldnt hide it any more.
OR
2. SG is just trying to cover up sub-prime losses and the Bank of France and French government decided to go along with the explanation that one trader who faked a few small countertrades is responsible for the whole loss. Its a half cover-up: Yes he made a couple of unauthorized trades, but they’re piling on all of their losses and getting the gov’t to do an elephant walk over him.
Also, the guy who said “Dealbreaker should not publish its picture. It is against french criminal law.” Is either a troll, or an effeet francophile on a three day absinthe binge.
Isnt it obvious? The guy comes from back office to HEDGE existing positions. Model says sell $100 MM worth of futures. OK. In an effort to get ahead and look good, he shows his bosses how to get around the risk mgmt systems. They probably never agreed but look the other way, it all comes falling down, he’s the guy to blame. He may have come up with the idea and implemented but he’s likely not alone.
That and he killed Kennedy from the Book Depository building. Oswald was a pussy.
Whooosh. It was a joke you cephalic-twit. {Embed irony here}
That’s probably a fake ass picture just like that stupid picture of “Brian Hunter” and the fish you guys keep posting. No, that’s not Brian Hunter with the fish.
Whoosh. It was a joke, you cephalic-twit. Your name isn’t Tanner, per chance? [Embed irony here].
The pic is legit. It was supplied by an operator at BNP. I know the guy by name, but only saw his pic today.
Odds are better than chance that the kid is never found. Sell the synthetic.
my question is how did the futures support team miss this? I’m guessing there would be large margin movements changing hands between SocGen and the exchanges… i figure someone, somewhere would have to tie out to the exchange?
sHAD YOU SEE THIS?
he has probably already been murdered by sarkozy agents to cover up the true crime and that is subprime bets THAT FILOMENA MADE WHEN she was trading at socgen Jupiter police something something
Watch that, 3:03. In certain circles here Tanner is considered sacred.
Point-taken GA. Loeb is on the warpath and I am certain my DB viewing would result in a delay in bonus-interruptus. Buh bye.
Point-taken GA. Loeb is on the warpath and I am certain my DB viewing would result in bonus-interruptus. Buh bye.
take that Chip!
“Why do all these rogue trader stories end up with reports of huge losses? I’m sure there’s rogue traders out there racking up huge gains.” No. The guys with “rogue” gains take ‘em off the table while they’re still small, and enjoy their profits. The guys with “rogue” losses are the f*ckers that double down again and again and again … Now will all the pussy bedwetters who thought Mon-Wed was the end of the world and beginning of the great depression please STFU and GTFO?
“Why do all these rogue trader stories end up with reports of huge losses? I’m sure there’s rogue traders out there racking up huge gains.” No. The guys with “rogue” gains take ‘em off the table while they’re still small, and enjoy their profits. The guys with “rogue” losses are the f*ckers that double down again and again and again … Now will all the p*ssy bedwetters who thought Mon-Wed was the end of the world and beginning of the great depression please STFU and GTFO?
take that Chip!
Yes, Tanner is MY SACRED MAN. THE FATHER OF MY CHILDREN!
THE MAN WHO MADE ME BREAK SOCGEN!
You’ll never catch me, bastards!
-mrp
The boy’s nose is way too wide.
Only in the dark is he doable.
urgent question:
what is really up on the boy’s forehead?
Signe di Dio?!!!
@5:36 Henrietta Hippo from New Zoo Review?
@4:43 Who said anything about doing this guy? We’re talking about Tanner, the hot slab of ivy fed boy beef that was featured here last week. Too bad if you missed.
Well lads we have learned a valuble lesson today. Never underestimate the nerds in back-office (or even middle-office). This nerd manged to trigger a sell-off that forced the Fed to cut large. Not bad for a B/O computer geek.
BTW – before you bombard me, I fully understand what his postion was lately. Some kind of program trader, with no prop rights.
I trade with SocGen and they never heard of hin.
I am really disappointed with the homosexuals on this board. You guys are still going gaga over this Tanner guy, a piece of sh*t meathead who’s probably a closet homosexual himself but likely bashes gays in public and hangs out with people like slimjim. Meanwhile your bashing an individual who outsmarted the risk mgmt system at one of the premiere IB of the world and “equity derivative house of the year” causing massive financial upheaval on a global scale and causing the United States Federal Reserve to cut 75 bps like a bunch of pussies. As someone stated earlier not bad for Back Office computer geek. Meanwhile Tanner and co. (who likely makes more then $100K Euros in salary) is busy picking his nose and calling anyone in earshot a ‘fag’. If he was such a good prop trader then wtf is he doing looking for a sugar momma. In fact, if he had any game, wtf is he doing looking for a chick online. Don’t tell me its a joke or to ‘see what happens’ you wouldnt post a picture of yourself in a towel if you were getting laid on the regular. I shit on him. Who rules kids? Kerviel rules. Kerviel rules.
What’s avg Net Worth by title (Assc., VP, Dir, MD) in Bulge Bracket (range for seniority)?
Pls post based on your #, or direct knowledge not hopes/dreams or delusions/bitterness.
This is one # that everyone can crunch.
All On His Own? 7bln in trades?
Oh I wish I wasn’t on the damn bench
Here’s what I don’t understand:
1) Kerviel’s position was 40bb.
2) He started putting it on in Jan 07
3) DAX was up 18% in ’07
= the guy should have made about 7 billion USD in 2007. How did SocGen miss the profit? Basically any long equity position in 07 would have made money last year … did the French not notice it?