The Daily Caveat is written by Michael Thomas, a recovering corporate investigator in the Washington, DC-area. [More]
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10/19/2008
Kerviel Case Moves Forward 9/08/2008
Continued Questions on Soc Gen 's Knowledge of Kerviel Trades
What Financial Firms Didn't Learn From Jerome Kerviel
Jerome Kerviel Has Gainful Employment
Daniel Bouton Out at SocGen
SocGen Chief Probed on Rogue Trading
3/23/2008
Kerviel Watch Continues - Does Not Do Terpitude
Jerome Kerviel Walks
Another Arrest at Societe Generale
More Evidence Appears of SocGen Foreknowledge of Kerviel Trades
Moussa Bakir Speaks, Further Details On Societe Generale Rogue Trading Emerge
Joe Seet on the SocGen Fraud
Second Suspect Emerges in SocGen Fraud
SEC Gets in on the SocGen Action
New Kerviel Photos, Interview Hit The Daily Mail
Societe Generale Chairman Called Fraud Loophole (Says D'oh!)
French Investigators Speculate on Kerviel Accomplices
Kerviel Watch Continues
1/28/2008
Kerviel, Societe Generale - Wha' Happen?
Societe Generale Reveals Multi-Billion Dollar Fraud
Jerome Kerviel. That's a name you'll be hearing more of. This unremarkable 31 year old options trader cost investment bank Societe Generale $7 billion.
A complaint from a shareholder prompted the initial investigation late last week, which revealed that SG was out billions due to an elaborate series of fictitious trades, apparently perpetrated by Kerviel, who bet big on EU stock market upswings that didn't transpire.
The losses, while astonishing in size, were hidden from management by Kerviel who was able to leverage his knowledge of bank administration and procedure to cloak his activities, albeit not permanently.
I can only imagine that this was a very, very long weekend indeed for the folks at SG. And how did Kerviel, who lost hundreds of times his own salary in other peoples' money - how did he manage to go to work every day since? I can't imagine...a crazy, crazy thing.
So, what else do we know about this guy? Well...here's a rundown of what's out there:
-- MDT
Kerviel Case Moves Forward 9/08/2008
Continued Questions on Soc Gen 's Knowledge of Kerviel Trades
This time it is the bank's external auditors who are meeting with French authorities.
-- MDT
7/18/2008
-- MDT
Labels: Jerome Kerviel, Soc Gen
What Financial Firms Didn't Learn From Jerome Kerviel
Even after infamous rogue trader, Jerome Kerviel's multi-billion dollar scandal at Society Generale, a new report from Risk Management vendor Actimize indicates that often as not suspicious activity reports are closed out without any kind of proper review. Half of the firms reviewed also have no form of integrated monitoring. I am sure Actimize would like help all of you fix this. Get the details on their research right here.
4/27/2008
Labels: Actimize, anti-money laundering, Jerome Kerviel, risk management, Societe Generale
Jerome Kerviel Has Gainful Employment
Lemaire Consultants, an IT consulting firm, is the lucky employer of Societe General's billion dollar rogue trader. Kerviel, who is still under investigation, is banned from trading in financial markets, but it looks as if he's found a way to put his "back office" knowledge back to work. Moneyweb has the details on how Kerviel got hooked up with Lemaire.
-- MDT
4/20/2008
-- MDT
Labels: Jerome Kerviel, Lemaire Consultants, Societe Generale
Daniel Bouton Out at SocGen
Well, not quite. Bouton will close out 15 years as the Societe Generale's chief executive, but will retain his position as Chairman of the board. Former SocGen CFO, Frederic Oudea will step in to the role of CEO. He has most recently served as deputy chief executive.
And Jerome Kerviel? Free on bail...
--MDT
4/15/2008
And Jerome Kerviel? Free on bail...
--MDT
Labels: Daniel Bouton, Jerome Kerveil, Jerome Kerviel, Societe Generale
SocGen Chief Probed on Rogue Trading
While former trader Jerome Kerviel is a free man, the trouble for his former employer may be just starting. Chief executive, Daniel Bouton is being probed by the French parliament (though Bouton himself has been touting a brighter side). If you feel like you need a re-cap on the whole SocGen affair, try this newly published Fortune article, which provides a fine summary.
Meanwhile, stateside, FINRA issues new guidelines to prevent further Kerviel-style rogue trading. Good thing too, as a newly released report from the Association for Financial Professionals indicates that, while the scale may be somewhat smaller, fraud is hardly a problem unique to SocGen. Then again, maybe it's just hormones.
-- MDT
Meanwhile, stateside, FINRA issues new guidelines to prevent further Kerviel-style rogue trading. Good thing too, as a newly released report from the Association for Financial Professionals indicates that, while the scale may be somewhat smaller, fraud is hardly a problem unique to SocGen. Then again, maybe it's just hormones.
-- MDT
Labels: Daniel Bouton, FINRA, Jerome Kerviel, Societe Generale
2 Comments.
HI Michael,
I still have a problem with the use of the word fraud and "rogue trader" when neither Kerviel at Soc Gen nor Dudley at MF Global were ever going to be able to keep any money for themselves. They were just trying to repair or enhance their reputation with their firms within a very lax control environment. They were taught by their mentors that this is how you can do it.
I still have a problem with the use of the word fraud and "rogue trader" when neither Kerviel at Soc Gen nor Dudley at MF Global were ever going to be able to keep any money for themselves. They were just trying to repair or enhance their reputation with their firms within a very lax control environment. They were taught by their mentors that this is how you can do it.
Hi Francine,
Good to hear from you and thank you for your thoughts. I take your point, but wouldn't Kerviel have been bonused relative to his successful trading?
Even if Kerviel stood to gan nothing, I think "rogue" applies well enough to someone who thwarted internal controls, lax though the may have been, to enact trades, irrespective of the motive behind the act.
That asidee, your comment definitely speaks to why some have related to Kerviel as more Robin Hood than robber and to why he's not currently cooling his heels in a French jail under more serious charges.
Take care,
-- MDT
Post a Comment
Good to hear from you and thank you for your thoughts. I take your point, but wouldn't Kerviel have been bonused relative to his successful trading?
Even if Kerviel stood to gan nothing, I think "rogue" applies well enough to someone who thwarted internal controls, lax though the may have been, to enact trades, irrespective of the motive behind the act.
That asidee, your comment definitely speaks to why some have related to Kerviel as more Robin Hood than robber and to why he's not currently cooling his heels in a French jail under more serious charges.
Take care,
-- MDT
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Kerviel Watch Continues - Does Not Do Terpitude
Lets get one thing straight - rogue trader or no, Jerome Kerviel does not accept responsibility for "all the turpitude of Société Générale." So says clarifies his lawyer, Guillaume Selnet.
Not that Kerviel has ever mollified his situation by claiming any accomplices to his activities - quite the opposite. Nor has he ever stated that there was any involvement from the bank at large.
So how then does Kerviel hope to, lets face it, shirk responsibility for his misdeeds? The key, his counsel claims is not complicity, but rather complacency at the bank.
Uh-huh. Good luck with that. But at least he's out of prison, right?
-- MDT
3/18/2008
Not that Kerviel has ever mollified his situation by claiming any accomplices to his activities - quite the opposite. Nor has he ever stated that there was any involvement from the bank at large.
So how then does Kerviel hope to, lets face it, shirk responsibility for his misdeeds? The key, his counsel claims is not complicity, but rather complacency at the bank.
Uh-huh. Good luck with that. But at least he's out of prison, right?
-- MDT
Labels: Jerome Kerviel, Societe Generale
Jerome Kerviel Walks
His prison stay over along with his 15 minutes of fame, SocGen rogue trader, Jerome Kerviel was released from prison this week thanks to a favorable Appeals Court ruling. He was advised, though, not to leave town. Paris is not the worst place to pass your time, I'd imagine.
Released earlier in the week was the second additional figure to be arrested in connection with Kerviel's activities. Manuel Zabraniecki, of SG securities was questioned for 10 hours by police before being cut loose.
Kerviel continues to assist that he acted alone.
-- MDT
3/12/2008
Released earlier in the week was the second additional figure to be arrested in connection with Kerviel's activities. Manuel Zabraniecki, of SG securities was questioned for 10 hours by police before being cut loose.
Kerviel continues to assist that he acted alone.
-- MDT
Labels: Jerome Kerviel, Manuel Zabraniecki, Societe Generale
Another Arrest at Societe Generale
French authorities are busy hunting Jerome Kerviel's accomplices and it looks like they've stumbled upon someone of interest.
An unidentified employee from a Societe Generale subsidiary has been taken into custody and the bank's HQ has been subject to a search. This is the second such individual to be picked up.
The first, Moussa Bakir, arrested last month based on instant message exchanges he had with rogue trader, Jerome Kerviel. Bakir was promptly released after a day or so of sweating by French police.
We don't have a name yet for this new individual, but it is sure to come our in short order. Here's the latest update on SocGen via Bloomberg.
-- MDT
2/18/2008
An unidentified employee from a Societe Generale subsidiary has been taken into custody and the bank's HQ has been subject to a search. This is the second such individual to be picked up.
The first, Moussa Bakir, arrested last month based on instant message exchanges he had with rogue trader, Jerome Kerviel. Bakir was promptly released after a day or so of sweating by French police.
We don't have a name yet for this new individual, but it is sure to come our in short order. Here's the latest update on SocGen via Bloomberg.
-- MDT
Labels: Jerome Kerveil, Jerome Kerviel, Mousa, Societe Generale
More Evidence Appears of SocGen Foreknowledge of Kerviel Trades
This time from a senior Fimat executive who confirmed for the FT that their firm ( a Soc Gen subsidiary) had been investigating Jerome Kerviel's trades months earlier than Societe Generale's public announcement. In September Fimat began digging on Kerviel friend, Moussa Bakir including commissions paid to Bakir as the result of several of Kerviel's trades. See Reuters for more info.
-- MDT
2/14/2008
-- MDT
Labels: Fimat, Jerome Kerveil, Jerome Kerviel, Moussa Bakir, Societe Generale
Moussa Bakir Speaks, Further Details On Societe Generale Rogue Trading Emerge
Despite instant message exchanges that might suggest otherwise, broker Moussa Bakir, professional colleague (and Facebook buddy) of Jerome Kerviel told French authorities that he had no knowledge of the unapproved trades perpetrated by Kerviel.
Bakir
's comments were released by police and published in French newspapers this week. He has spend two days under interrogation in connection with the Kerviel case but little insight, it seems, has come from those conversations.
On thing that does seem clear though is that internally at Societe Generale claims that Kerviel's activities were unknown until only weeks ago are starting to disintegrate.
For more on that subject check out this piece from the IHT.
--MDT
Bakir
's comments were released by police and published in French newspapers this week. He has spend two days under interrogation in connection with the Kerviel case but little insight, it seems, has come from those conversations.On thing that does seem clear though is that internally at Societe Generale claims that Kerviel's activities were unknown until only weeks ago are starting to disintegrate.
For more on that subject check out this piece from the IHT.
--MDT
Labels: Jerome Kerviel, Moussa Bakir, Societe Generale
Joe Seet on the SocGen Fraud
You may remember Mr. Seet, a senior partner at hedge fund compliance advisory firm Sigma Partnership, from this thoughtful article on the state of hedge fund fraud in Europe. If you've been following the Jerome Kerviel story and the floundering fortunes of Societe Generale, you'll want to read his recent blog post on the subject. Let's hope it is one of many to come.
-- MDT
2/10/2008
-- MDT
Labels: Jerome Kerviel, Joe Seet, Sigma Partnership, Societe Generale
Second Suspect Emerges in SocGen Fraud
Moussa Bakir a broker at Fimat (now NewEdge), a subsidiary of Societe Generale, appeared before French Judges on Saturday based on the suspicion that he may have had advance knowledge of Jerome Kerviel's illicit trades.
Bakir had been held - and one imagines, sweated - for the preceding 48 hours. While Bakir doesn't appear to have revealed anything of substance during his conversation with authorities, he has been named an assisted witness, basically somewhere between assisting authorities and being prosecuted by them.
Bakir's name came to the attention of investigators based on instance message files recovered from Kerviel's computer (he was also one of Kerviel's Facebook friends). Some 2000 Kerviel IMs were leaked to leaked to Nouvel Observateur magazine.
Kerviel's legal team have dismissed the Bakir instant messages as "irrelevant." Here's an example of one the irrelevant exchanges (one of many appearing in the FT):
October 11 - Kerviel writes: “You haven’t said anything about our trades? If so, I’ll smash your face in.” Bakir replies: “Woa. You’re mad. It’s between you and me.”
Yep...completely unrelated to the charges at hand.
Kerviel, for his part, had also been released days ago but was picked up again by authorities and is currently in custody. The emergence of other potential players in the fraud and potential contact between them found authorities revising their determination that Kerviel could be trusted on his own recognizance.
-- MDT
2/05/2008
Bakir had been held - and one imagines, sweated - for the preceding 48 hours. While Bakir doesn't appear to have revealed anything of substance during his conversation with authorities, he has been named an assisted witness, basically somewhere between assisting authorities and being prosecuted by them.
Bakir's name came to the attention of investigators based on instance message files recovered from Kerviel's computer (he was also one of Kerviel's Facebook friends). Some 2000 Kerviel IMs were leaked to leaked to Nouvel Observateur magazine.
Kerviel's legal team have dismissed the Bakir instant messages as "irrelevant." Here's an example of one the irrelevant exchanges (one of many appearing in the FT):
October 11 - Kerviel writes: “You haven’t said anything about our trades? If so, I’ll smash your face in.” Bakir replies: “Woa. You’re mad. It’s between you and me.”
Yep...completely unrelated to the charges at hand.
Kerviel, for his part, had also been released days ago but was picked up again by authorities and is currently in custody. The emergence of other potential players in the fraud and potential contact between them found authorities revising their determination that Kerviel could be trusted on his own recognizance.
-- MDT
Labels: Jerome Kerviel, Jerome Khttp://www.blogger.com/img/gl.link.giferveil, Moussa Bakir, Societe Generale
SEC Gets in on the SocGen Action
The U.S. regulator is planning a look at the suspicious stock dumping by key Societe General shareholder, Robert A. Day.
Day has stated that he has not yet received a formal notice of inquiry from the SEC, but he is already the subject of a lawsuit in France, brought on behalf of minority shareholders of Societe Generale.
Day has previously suggested that his parting with the stock was due to the recent sub prime mortgage market woes the timing, fortuitous given SocGens's subsequent revelations, has certain raised eyebrows about who knew what when.
-- MDT
Day has stated that he has not yet received a formal notice of inquiry from the SEC, but he is already the subject of a lawsuit in France, brought on behalf of minority shareholders of Societe Generale.
Day has previously suggested that his parting with the stock was due to the recent sub prime mortgage market woes the timing, fortuitous given SocGens's subsequent revelations, has certain raised eyebrows about who knew what when.
-- MDT
Labels: e, Jerome Kerveil, Jerome Kerviel, Robert Day, Societe Generale
New Kerviel Photos, Interview Hit The Daily Mail
Best line: "I got a bit carried away."
-- MDT
-- MDT
Labels: Jerome Kerveil, Jerome Kerviel, Societe Generale
Societe Generale Chairman Called Fraud Loophole (Says D'oh!)
Embattled Societe Generale Chairman, Daniel Bouton (here's an excellent profile from the FT) literally wrote the book on French corporate standards and in said book criticized "purely market-driven risk controls." This becomes somewhat embarrassing when your own firm gets caught in an audacious scandal based on a reliance on those same inadequate controls.
Via The Guardian (great piece if you are interested in the regulatory angle).
-- MDT
2/04/2008
Via The Guardian (great piece if you are interested in the regulatory angle).
-- MDT
Labels: Daniel Bouton, Jerome Kerveil, Jerome Kerviel, Societe Generale
French Investigators Speculate on Kerviel Accomplices
That is, if there are any... No one seems certain, just yet.
-- MDT
1/29/2008
-- MDT
Labels: Jerome Kerveil, Jerome Kerviel, Societe Generale
Kerviel Watch Continues
Jerome Kerviel, under police interrogation, apparently had much to say about his bosses at Societe Generale - most notably, that despite his obfuscation of unapproved trades, by rights they should have without question known what he was up to. And thus far authorities seem to be taking his account seriously.
There's a pretty good recap of the whole he said/they said right here. And if you're curious about what exactly Kerviel was saying while under the hot lights of Gaullic justice? Here's a collection of the direct quotes you crave (translated from the French, of course), courtesy of The Independent, UK:
Apparently all this fuss has made Kerviel a bit of a folk hero in some corners of France. Many have glommed on to the notion that Kerviel is merely a scapgoat for bank mismanagement. He's been called the James Bond of SocGen or even the Che Guevara of Finance. There are t-shirts, and Facebook social groups. He's become a management critique. He's even had a tabloid moment - HIS BROTHER WAS A ROGUE TRADER TOO! Seriously...meet Oliver Kerviel.
Yep. Jerome Kerviel has gone viral, thoroughly crossing over from the business pages and into brand name category. At least for another 14 and a half minutes...
-- MDT
There's a pretty good recap of the whole he said/they said right here. And if you're curious about what exactly Kerviel was saying while under the hot lights of Gaullic justice? Here's a collection of the direct quotes you crave (translated from the French, of course), courtesy of The Independent, UK:
• "I can't believe that my superiors were not aware of the kinds of sums that I was committing. It is impossible to generate such profits with small positions."Ass-covering? No doubt. Untrue? Mmmm... Harder to say. Kerviel also told authorities that his illicit trades started much earlier than had been previously indicated. He claims to have begun hiding his market moves as far back as 2005, with cumulative profits of more than $2 billion. Kerviel even stated that some of his loss taking positions were intentional - designed to distract from his towering market genius.
• "That's what led me to believe that, as long as I was making a profit, my bosses would close their eyes to the methods and amounts I used ... With normal activities, with normal commitments [of cash], no trader could generate so much money."
• "Not seen, not caught. If you are caught, you are hanged."
• "What gave me my profits was the real position and as soon as I let my fictional position fall, my balance would be adjusted accordingly..."
• "As long as we earned money and things weren't too obvious, as long as things could be arranged, nothing was said."
Apparently all this fuss has made Kerviel a bit of a folk hero in some corners of France. Many have glommed on to the notion that Kerviel is merely a scapgoat for bank mismanagement. He's been called the James Bond of SocGen or even the Che Guevara of Finance. There are t-shirts, and Facebook social groups. He's become a management critique. He's even had a tabloid moment - HIS BROTHER WAS A ROGUE TRADER TOO! Seriously...meet Oliver Kerviel.
Yep. Jerome Kerviel has gone viral, thoroughly crossing over from the business pages and into brand name category. At least for another 14 and a half minutes...
-- MDT
Labels: Jerome Kerveil, Jerome Kerviel, Oliver Kerviel, Societe Generale
1 Comments.
Considering that he had bet against the market, the overall stock market losses following the SG revelations should have turned a tidy profit. Unwinding those positions would have been the worst thing the bank could have done!
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Kerviel, Societe Generale - Wha' Happen?
What a difference a few days makes. Jerome Kerviel, who last week was the most famous name in finance for supposedly sticking French Bank Societe Generale with a $7 billion loss, is still burning up the business pages.
While his immediate whereabouts weren't all that easy to nail down, Kerviel ended up questioned by police and remains under investigation but out on bail while authorities try to figure out exactly what happened. That may well involve some deep questioning of the version of events that Societe Generale has been pushing.
Based on Kerveil's actions it does not appear that he overstepped his bounds as a trader, rather than made any attempt to commit fraud upon the bank. This let him skate on the most serious charges. Beyond a juicy salary bonus he stood to gain from profitable trades, personal wealth doesn't seem to have been his primary goal.
While the bank claimed to have only discovered Kerviel's actions in the last few days, that claim doesn't exactly jibe with the report from Eurex, the European futures and options exchange, which apparently stepped in to question trades by Kerviel back on November of 2007.
Setting aside the fact that Kerveil was able to place what appear to be unapproved trades and then hide the dismal results, it appears that Societe Generale's rapid dumping of Kerveil's positions was in part responsible for their losses.
In a potentially related note, Societe Generale shareholders are roiling over potential insider dealings. Eight days before the Kerviel trading scandal erupted, Robert A. Day, an SG director dumped more than $1million in Societe Generale stock. Day's people claim the transactions are related to SG losses in the sub prime market, but well, appearances count, right?
Meanwhile, French PM Nicolas Sarkozy has made it fairly clear in the media that he expects senior executives of Societe Generale to resign over the whole affair.
-- MDT
1/24/2008
While his immediate whereabouts weren't all that easy to nail down, Kerviel ended up questioned by police and remains under investigation but out on bail while authorities try to figure out exactly what happened. That may well involve some deep questioning of the version of events that Societe Generale has been pushing.
Based on Kerveil's actions it does not appear that he overstepped his bounds as a trader, rather than made any attempt to commit fraud upon the bank. This let him skate on the most serious charges. Beyond a juicy salary bonus he stood to gain from profitable trades, personal wealth doesn't seem to have been his primary goal.
While the bank claimed to have only discovered Kerviel's actions in the last few days, that claim doesn't exactly jibe with the report from Eurex, the European futures and options exchange, which apparently stepped in to question trades by Kerviel back on November of 2007.
Setting aside the fact that Kerveil was able to place what appear to be unapproved trades and then hide the dismal results, it appears that Societe Generale's rapid dumping of Kerveil's positions was in part responsible for their losses.
In a potentially related note, Societe Generale shareholders are roiling over potential insider dealings. Eight days before the Kerviel trading scandal erupted, Robert A. Day, an SG director dumped more than $1million in Societe Generale stock. Day's people claim the transactions are related to SG losses in the sub prime market, but well, appearances count, right?
Meanwhile, French PM Nicolas Sarkozy has made it fairly clear in the media that he expects senior executives of Societe Generale to resign over the whole affair.
-- MDT
Labels: Jerome Kerviel, Kerome Kerviel, Societe Generale
Societe Generale Reveals Multi-Billion Dollar Fraud
Jerome Kerviel. That's a name you'll be hearing more of. This unremarkable 31 year old options trader cost investment bank Societe Generale $7 billion.
A complaint from a shareholder prompted the initial investigation late last week, which revealed that SG was out billions due to an elaborate series of fictitious trades, apparently perpetrated by Kerviel, who bet big on EU stock market upswings that didn't transpire.The losses, while astonishing in size, were hidden from management by Kerviel who was able to leverage his knowledge of bank administration and procedure to cloak his activities, albeit not permanently.
I can only imagine that this was a very, very long weekend indeed for the folks at SG. And how did Kerviel, who lost hundreds of times his own salary in other peoples' money - how did he manage to go to work every day since? I can't imagine...a crazy, crazy thing.
So, what else do we know about this guy? Well...here's a rundown of what's out there:
• The WSJ digs in on the question - Who is this dude?Now you know more than the guy in the corner office - don't ever say The Daily Caveat doesn't love you!
• Alphaville has the first picture.
• SkyNews offers video coverage.
• The Telegraph turns up Kerviel's CV.
• Paul Kedrosky scopes out Kerviel's dwindling Facebook friend count.
• Grown folks can get LinkedIn with Kerviel right here.
• Streetwise explains why we have Kerviel to thank for the Fed's rate cut.
• And, lastly, the FT provides a star-studded list of rogue traders past.
-- MDT
Labels: Jerome Kerviel, options, Societe Generale
2 Comments.
4900 million euros says this guy doesn't turn up for prosecution.
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We are a company based in Hong Kong and have been providing custom made suits & shirts since 1997. With representatives in major cities around the globe we can arrange to show you the fabric samples and take your measurements, or you can also place your orders online with the help of our measuring guide. There are over 2000 fabrics to choose from along with all the latest styles.
All our suits and shirts are produced by highly skilled Shanghainese tailors in Hong Kong and delivered in about 4 weeks, express delivery can be made in 2 weeks at a minor extra cost. In case you are not able to find what you are looking for then please let us know your requirement may it be in words or by a photograph and we could arrange it for you.
We also have an outlet at the Hotel Intercontinental Budapest where you are most welcome to visit us. Though we are not located in streets like Savile Row (London), we have still been able to offer made to measure suits to many VIP’s from around the world.
Experience an easier way of shopping for bespoke suits & shirts at Euro Tailors
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