hjmick
01-24-2008, 11:44 AM
No, not George Bush, relax my Democrat friends.
The European press is blaming one guy, a bank employee who earned less than £75,000 per year, including bonus, for the recent global crash.
Go figure...
Rogue trader loses £3.7 BILLION - and 'causes global market crash'
Last updated at 16:27pm on 24th January 2008
• Reports name banker as Jerome Kerviel, an 'inexperienced' 31-year-old trader who earned less than £75,180
• Bank CEO admitted he does not know where Kerviel is
• British branch now faces redundancies
• FTSE up today as trader is blamed for stock market turmoil - but Société Générale says it was just 'bad luck'
• Trader's losses are four times bigger than Nick Leeson's
Jerome Kerviel, the man named as the rogue trader in reports A rogue trader known as "the invisible man" gambled up to £60 billion in the world's biggest banking fraud disaster.
The dealer, named in reports as trader Jerome Kerviel and believed to be 31 years old, lost an astonishing £3.6 billion for French bank Société Générale and is today being blamed for this week's global stock market crisis.
The bank says it does not know where the trader is and admitted he still has his passport.
Kerviel, who earned less than £75,000 per year - including bonus - was described as a "technical whizkid" loner who hacked in to the bank's immensely sophisticated trading systems.
A SocGen insider said: "That's like hacking in to the Pentagon. And he did it in a way that meant he removed all trace of what he was doing. All the trades were invisible. SocGen could not see anything of what he was doing.
The unprecedented scale of Kerviel's losses dwarfs the £860 million that went missing when Nick Leeson sank Barings Bank in 1995.
By strange coincidence, Nick Leeson will reportedly be flying to Paris tomorrow for a holiday with his wife.
He said he was not surprised by today's news, adding "It was always likely to happen".
Complete story... (http://www.dailymail.co.uk/pages/live/articles/news/worldnews.html?in_article_id=510089&in_page_id=1811)
You can't trust the French. :coffee:
The European press is blaming one guy, a bank employee who earned less than £75,000 per year, including bonus, for the recent global crash.
Go figure...
Rogue trader loses £3.7 BILLION - and 'causes global market crash'
Last updated at 16:27pm on 24th January 2008
• Reports name banker as Jerome Kerviel, an 'inexperienced' 31-year-old trader who earned less than £75,180
• Bank CEO admitted he does not know where Kerviel is
• British branch now faces redundancies
• FTSE up today as trader is blamed for stock market turmoil - but Société Générale says it was just 'bad luck'
• Trader's losses are four times bigger than Nick Leeson's
Jerome Kerviel, the man named as the rogue trader in reports A rogue trader known as "the invisible man" gambled up to £60 billion in the world's biggest banking fraud disaster.
The dealer, named in reports as trader Jerome Kerviel and believed to be 31 years old, lost an astonishing £3.6 billion for French bank Société Générale and is today being blamed for this week's global stock market crisis.
The bank says it does not know where the trader is and admitted he still has his passport.
Kerviel, who earned less than £75,000 per year - including bonus - was described as a "technical whizkid" loner who hacked in to the bank's immensely sophisticated trading systems.
A SocGen insider said: "That's like hacking in to the Pentagon. And he did it in a way that meant he removed all trace of what he was doing. All the trades were invisible. SocGen could not see anything of what he was doing.
The unprecedented scale of Kerviel's losses dwarfs the £860 million that went missing when Nick Leeson sank Barings Bank in 1995.
By strange coincidence, Nick Leeson will reportedly be flying to Paris tomorrow for a holiday with his wife.
He said he was not surprised by today's news, adding "It was always likely to happen".
Complete story... (http://www.dailymail.co.uk/pages/live/articles/news/worldnews.html?in_article_id=510089&in_page_id=1811)
You can't trust the French. :coffee: