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.
Posted by Yo! , Jan 24, 2008 10:35AM
He looks like a serial killer, Bess.
Posted by Calgary Schmooze , Jan 24, 2008 10:37AM
"We surrender." --France
Posted by jj , Jan 24, 2008 10:41AM
He has no lips.
Posted by series7.5 , Jan 24, 2008 10:41AM
Dig the little french guy moustache
Posted by girl , Jan 24, 2008 10:46AM
but is he a hottie with a body? I mean if i learned one thing from JFP it's not to trust head shots...
Posted by nm , Jan 24, 2008 10:49AM
sounds like a lot of money but it's just 4.9 billion EUR
Posted by , Jan 24, 2008 10:51AM
where where the gendarmes on saturday? now we got to leave it to duane the dog?
Posted by , Jan 24, 2008 10:51AM
where where the gendarmes on saturday? now we got to leave it up to duane the dog?
Posted by resi guy , Jan 24, 2008 10:51AM
Just 7 billion? This guy is a chump.
Posted by RDJ , Jan 24, 2008 10:52AM
was he in Scanner Darkly?
Posted by Ha , Jan 24, 2008 10:53AM
Eric CORDELLE can't be liking his prospects right now...
Posted by HAM'05 , Jan 24, 2008 10:55AM
DAD??
Posted by Just being Fair and Balanced , Jan 24, 2008 11:00AM
Cheer up Jerome! You'll never be as big a loser as John Gibson of Fox News. What a bigot that idiot is...
Posted by , Jan 24, 2008 11:02AM
I call fake. This is a cover up story for their sub-prime losses.
Posted by , Jan 24, 2008 11:05AM
what is JFP?
Posted by , Jan 24, 2008 11:07AM
Inspector Clouseau is on the case!
Posted by Dave Chappelle , Jan 24, 2008 11:07AM
*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
Posted by girl , Jan 24, 2008 11:12AM
@ 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
Posted by Anal_yst , Jan 24, 2008 11:12AM
Anyone call his phone #, curious whos picking up now...
Posted by , Jan 24, 2008 11:13AM
yeah could we please get a line on this MS business please?
Posted by Anal_yst , Jan 24, 2008 11:18AM
Anyone call his phone #, curious whos picking up now...
Posted by fisher price , Jan 24, 2008 11:24AM
just rings and rings for me
Posted by , Jan 24, 2008 11:26AM
who's committed the fraud here, this guy or the bank for trying to get us to believe that he was the sole perpetrator?
Posted by LL Cool J , Jan 24, 2008 11:27AM
They're going to hang him with hot shoe laces in prison. ;)
Posted by fisher price , Jan 24, 2008 11:27AM
just rings and rings for me
Posted by fisher price , Jan 24, 2008 11:28AM
just rings and rings for me
Posted by Bulging Bracket , Jan 24, 2008 11:28AM
@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.
Posted by es , Jan 24, 2008 11:28AM
that guy will soon be making movies in hollywood
Posted by , Jan 24, 2008 11:30AM
who's committed the fraud here, this guy or the bank for trying to get us to believe that he was the sole perpetrator?
Posted by fisher price , Jan 24, 2008 11:30AM
just rings and rings for me
Posted by , Jan 24, 2008 11:31AM
Is "$7.14" really necessary? What's wrong with $7, or $7.1? $40 million is play money.
Posted by nonny mouse cheese , Jan 24, 2008 11:34AM
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...
Posted by , Jan 24, 2008 11:34AM
there's the week, the weekend, and the weekender.
Posted by Toto , Jan 24, 2008 11:38AM
It sounds strange that such a position had not been mapped before.
Dealbreaker should not publish its picture. It is against french criminal law.
Posted by es , Jan 24, 2008 11:38AM
that guy will soon be making movies in hollywood
Posted by , Jan 24, 2008 11:39AM
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.
Posted by Dave Chappelle , Jan 24, 2008 11:40AM
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?)
Posted by Mep , Jan 24, 2008 11:42AM
$1 Billion more than Brian "fish boy" Hunter
Posted by , Jan 24, 2008 11:44AM
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?
Posted by anonny mouse , Jan 24, 2008 11:44AM
spooky that he looks like a young charlie sheen.
Posted by anonymous , Jan 24, 2008 11:45AM
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?
Posted by Mep , Jan 24, 2008 11:46AM
Toto
DB shouldn't show his picture because it is against "French Crimminal Law" ?
Please tell me you are joking
Posted by , Jan 24, 2008 11:50AM
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
Posted by NumbersGal , Jan 24, 2008 11:52AM
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"
Posted by Anal_yst , Jan 24, 2008 11:55AM
Anyone call his phone #, curious whos picking up now...
Posted by , Jan 24, 2008 11:57AM
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.
Posted by an , Jan 24, 2008 11:58AM
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.
Posted by Ken Houghton , Jan 24, 2008 12:00PM
Anon @ 11:31. Yes, it's necessary. Think _Little Miss Sunshine_...or, if you're old enough, the drug reference itself.
Posted by Drano , Jan 24, 2008 12:03PM
That image is too crappy to make any sort of judgement.
Posted by mrpink , Jan 24, 2008 12:05PM
"Hope you got a date to the prison prom tonight Jerome! The boys in sing sing are going to LOOOOVE you! Yeah baby!"
Posted by The Observer , Jan 24, 2008 12:06PM
Oooooh...but I bet their IT department has massive controls on what employees can view on the internet...LOL
Posted by , Jan 24, 2008 12:07PM
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?
Posted by , Jan 24, 2008 12:08PM
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.
Posted by JMAN , Jan 24, 2008 12:10PM
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
Posted by , Jan 24, 2008 12:10PM
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.
Posted by , Jan 24, 2008 12:10PM
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!
Posted by , Jan 24, 2008 12:12PM
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.
Posted by , Jan 24, 2008 12:13PM
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.
Posted by , Jan 24, 2008 12:15PM
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.
Posted by JMAN , Jan 24, 2008 12:20PM
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
Posted by Anal_yst , Jan 24, 2008 12:21PM
sorry for the 2390723x posts, f'in db server/software really sucking it up today
Posted by anon4life , Jan 24, 2008 12:21PM
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?
Posted by , Jan 24, 2008 12:21PM
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. "
Posted by stu the sugar man , Jan 24, 2008 12:35PM
@ 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.
Posted by larry b , Jan 24, 2008 12:43PM
Maybe Portfolio.com could add him to their rogues gallery of Traders Gone Wild...
Posted by BSD , Jan 24, 2008 12:56PM
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.”
Posted by in most bizzarre news... , Jan 24, 2008 12:58PM
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.
Posted by JD , Jan 24, 2008 1:00PM
This guy is my hero. How can any of you not respect his bravado. Elephant balls, no other words to describe him by.
Posted by riskarb , Jan 24, 2008 1:00PM
Bess, please rub one out already. Who wouldn't you fuck?
Posted by , Jan 24, 2008 1:03PM
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"
Posted by BSD , Jan 24, 2008 1:37PM
Another nugget:
"In this month’s issue Risk Magazine named Soc Gen the “equity derivatives house of the year.”
Posted by Anonymous , Jan 24, 2008 2:06PM
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.
Posted by Mr Brown , Jan 24, 2008 2:34PM
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.
Posted by riskarb , Jan 24, 2008 2:59PM
Whooosh. It was a joke you cephalic-twit. {Embed irony here}
Posted by BernankeBailBoy , Jan 24, 2008 2:59PM
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.
Posted by riskarb , Jan 24, 2008 3:03PM
Whoosh. It was a joke, you cephalic-twit. Your name isn't Tanner, per chance? [Embed irony here].
Posted by riskarb , Jan 24, 2008 3:05PM
The pic is legit. It was supplied by an operator at BNP. I know the guy by name, but only saw his pic today.
Posted by riskarb , Jan 24, 2008 3:08PM
Odds are better than chance that the kid is never found. Sell the synthetic.
Posted by Fickle Pickle , Jan 24, 2008 3:11PM
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?
Posted by tIMY , Jan 24, 2008 3:19PM
sHAD YOU SEE THIS?
Posted by , Jan 24, 2008 3:20PM
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
Posted by GAnalYst , Jan 24, 2008 3:22PM
Watch that, 3:03. In certain circles here Tanner is considered sacred.
Posted by riskarb , Jan 24, 2008 3:32PM
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.
Posted by riskarb , Jan 24, 2008 3:36PM
Point-taken GA. Loeb is on the warpath and I am certain my DB viewing would result in bonus-interruptus. Buh bye.
Posted by Monsieur Jerome , Jan 24, 2008 3:38PM
take that Chip!
Posted by Bill aka NO DooDahs! , Jan 24, 2008 3:39PM
"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?
Posted by Anonymous , Jan 24, 2008 3:43PM
"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?
Posted by Monsieur Jerome , Jan 24, 2008 3:44PM
take that Chip!
Posted by mrpink , Jan 24, 2008 4:20PM
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
Posted by , Jan 24, 2008 4:43PM
The boy's nose is way too wide.
Only in the dark is he doable.
Posted by , Jan 24, 2008 5:36PM
urgent question:
what is really up on the boy's forehead?
Signe di Dio?!!!
Posted by , Jan 24, 2008 6:07PM
@5:36 Henrietta Hippo from New Zoo Review?
Posted by GAnalYst , Jan 24, 2008 6:13PM
@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.
Posted by JorgeCad , Jan 24, 2008 6:30PM
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.
Posted by JorgeCad , Jan 24, 2008 6:38PM
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.
Posted by Mr Brown , Jan 25, 2008 12:10AM
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.
Posted by $ , Jan 25, 2008 6:09PM
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.
Posted by Melvyn weiss , Jan 26, 2008 7:58PM
All On His Own? 7bln in trades?
Oh I wish I wasn't on the damn bench
Posted by BenStein , Jan 28, 2008 10:01PM
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?