the idea of creating a $7 billion loss for one’s employer, and having an impact on world financial markets blows my mind.
Though his former boss called him a “terrorist,” Mr. Kerviel told French investigators that all he wanted was to be respected, and to earn a big bonus.
A Quest for Glory and a Bonus Ends in Disgrace 1/29/08 nytimes
It seems to me that this guy would have to be a mad genius to pull it off on his own. Either that or they are the dumbest bank in the history of banks. There’s speculation that he’s a scapegoat.
“The bank would rather charge some poor guy than own up to their own failings,” read a commentary in Le Figaro by the hugely respected economic professor Elie Cohen, of the prestigious Sciences Po research centre in Paris.
The paper made it clear that even Bank of France governor Christian Noyer called the case “unbelievable”.
French media claims £3.7bn rogue trader is a scapegoat for SocGen’s failings 1/25/08 daily mail