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Following the huge fraud at French bank Société Générale, everybody is talking about this story and all are wondering how and why this happened.
While French newspapers are shocked, US newspapers want to thank Jérôme Kerviel as an unlikely hero.
1) The fraud was discovered last friday, then Jérôme Kerviel was questionned during the week-end.
2) SocGen ended up unwinding all the misbegotten trades on Monday.
3)Traders see the plunge in futures amid massive and mysterious selling, and even though the U.S. markets are closed for Martin Luther King Day, they start selling everything else.
4) To head off the worst of the disaster, Ben Bernanke (from the FED) steps into the breach with a 75 basis point rate cut Tuesday morning.
5) Et voila, Jerome Kerviel is a friend of overstretched borrowers all across the US.
Another fun fact is the digital identity of Jérôme Kerviel. When Jerome Kerviel in Facebook’s Banque Société Générale group was named in the media as the man who has cost French bank €4.9bn (£3.7bn) he still had 11 friends.
One hour after his name was published on news sites, four friends had already deserted the 31-year-old. And today, if you check his profile, he has just one friend. Many groups are created relating this story or simply for fun, and a lot of impostors created profiles in order to take advantage of the story.
Kerviel will at least be thankful that he chose to post a closed profile on the social networking site. He also took the wise decision - or maybe he was just lucky enough not to get round to it - not to post a picture.
Instead, he has a question mark in the picture space - just one of the many questions being asked today about the world’s biggest rogue trader.
Posted by: ImAzIr
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