SocGen

  • 06 Oct 2010 at 2:47 PM

Société Générale Seeking Suggestions For How Jerome Kerviel Can Make Things Up To Shareholders

By Bess Levin

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. Continue reading »

  • 06 Aug 2009 at 2:52 PM

French Insider Traders Fart In Your General Direction

By Equity Private

frenchcast.pngTrue, French bankers are masters of the disdainful frown, delivered with great poise and bitterness even when breaking the news that the client’s entire fortune was, in fact, invested with Bernie Madoff. But even among these captains of the curmudgeon, occasionally a standout emerges. In the case of the SocGen insider trading probe, we are introduced to the art’s newest grandmaster: Jean-Pierre Mustier, and behind-the-scenes side-kick, Robert Day.

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  • 27 May 2008 at 4:30 PM

Record Deal TK

By Bess Levin

jkerviel.JPGSociété Générale shareholders, still not over the months-old rogue trading scandal, told Chairman Daniel Bouton that he’d “turned the bank into a casino,” demanded his resignation and booed his every word at today’s annual general meeting. Apparently Bouton’s power point presentation, which showed that over an 8-year period, SocGen shares had remained among the best in the sector, did little to ease the crowd’s anger, probably because the 8-year period was from 1971-1979. It’s all very dramatic, exponentially more so if you imagine it going down in French. Meanwhile, Reuters notes that “a mile or two away from the shareholder meeting,” Kerviel, who went MIA for several days following the scandal, “looked calm and relaxed as he posed exclusively for Reuters Pictures and Television,” taking a cue from his newfound spiritual leader, Eliot Spitzer’s prostitute (she’s teaching classes at the Learning Annex now).
SocGen Chairman Booed Over Kerviel Affair [Reuters via NYT]