Jerome Kerviel

  • 04 Sep 2014 at 5:30 PM

Jérôme Kerviel’s Week Is Looking Up

Yes, under the terms of his parole he’ll have to follow a curfew but it could’ve been a lot worse (in this case, worse meaning prison and a multi-billion fine, which would’ve taken god-knows-how-many walk-a-thons to pay back). Read more »

  • 09 May 2014 at 2:52 PM

There Are Some Upsides To A €4.9bn Fine

We’re not going to sugarcoat it. There aren’t a lot. But if you find yourself frequently plagued by parking, speeding tickets and the like, consider this silver lining: Read more »

Yes, he’s already two hundred miles in, but with seven hundred to go, there is still plenty of time to hit up like-minded people to pledge just one dollar (or more) for every mile walked, the proceeds of which will go to financial tyranny research and to getting him some Dr. Scholl’s sneaker inserts. Read more »

  • 19 Feb 2014 at 5:17 PM

Pope Francis, Rogue Trader Have A Chat

Rogue trader Jerome Kerviel may have fallen from grace in the banking world. Inside Vatican City, however, he was granted a brief audience Wednesday with Pope Francis himself. Mr. Kerviel, the former Société Générale trader convicted of making unauthorized trades in 2008 that cost his bank €4.9 billion, was among the handful of pilgrims who got to personally meet the pontiff at the close of his general audience in St. Peter’s Square, according to his lawyer David Koubbi. Mr. Koubbi declined to comment on what the former trader and the leader of 1.2 billion Roman Catholics had to say to one another. Vatican spokesman Rev. Federico Lombardi said he was unaware if the pope met the disgraced trader, adding that Mr. Kerviel wasn’t “prominent” enough to have been named in the pontiff’s official guest list for the day. Father Lombardi added that the Argentine pontiff regularly meets with convicts inside his residence as part of the pontiff’s outreach to the downtrodden. Mr. Kerviel was one of thousands of people who attended Pope Francis’ weekly public audience on Wednesday. After the general audience came to a close, however, the former trader was part of very a select group of people that get to line up and individually greet the pontiff, a practice known as the baciamano, or “hand kiss.” [WSJ]

Yesterday in France, a court sentenced everyone’s favorite rogue trader, Jerome Kerviel, to three years in prison and said he must also “pay back” the $6.8 billion that was lost. At his current salary as a technology consultant, it should only take Kerviel 170,000 years to do so. Attorney Olivier Metzner said his client is “disgusted” by the ruling and today JK compared it to being “hit on the head with a club…I’m starting to digest it, but I’m nonetheless crushed by the weight of the sanction and the weight of responsibility the ruling places on me.” Well his former employer has some news that might just turn that frown upside down. Read more »

The other day we noted that in the course of making fake trades at SocGen, Jerome Kerviel had invented a fake client who he’d named Matt, whose bio Kerviel added little flourishes to such as the fact that Matt apparently loved to play rugby. Today we hear from a non-imaginary colleague of Kerviel’s, none too happy about the fact that he owes her, a bottle of bubbly she’s probably never gonna get. Read more »

I knew there was a reason I loved Jerome Kerviel and today that reason became crystal clear. As previously mentioned, the former SocGen trader admitted faking a buncha trades during his time with the firm. Now, there’s this: Read more »

  • 09 Jun 2010 at 1:30 PM

Jerome Kerviel: Yeah I Faked Some Trades

Was that wrong? Should he not have done that?

Under questioning by Judge Dominique Pauthe, Kerviel said he began making larger bets in 2005 and started falsifying transactions indicating he had covered his bets. Kerviel said he continued to exceed the 125 million-euro trading limit set for the Delta One trading desk where he worked in the years after 2005. “Seventy percent of the time, limits were exceeded,” Kerviel said when a prosecutor said he was the only one who exceeded limits. He said that the controls on his computer were “deactivated,” allowing him to fake transactions. The head of his trading desk knew as early as April 2007 that Kerviel was making fictitious transactions, Kerviel said.