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French Trader Paid Price for Leverage, Hubris
Vanity, not greed, brought down SocGen trader Jerome Kerviel.
 
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Posted 7:15 PM EST January 30, 2008
cgm205 SmartMoney Insiders
106 Comments
I love stories about wheeler dealers, speculators, and con artists. It continues to amaze me how they get away with it so long. I forget that most average people don't think like they do and are not continually on the lookout for the scam and the remainder get hooked on their greed or knavery.
Posted 10:06 AM EST January 29, 2008
Posted by: pat2153
Vanity and greed...one in the same.
Posted 10:01 AM EST January 29, 2008
Posted by: dave583
Greed is always involved. Thats why youre here.
Posted 9:07 PM EST January 28, 2008
Posted by: cwrasmith
You are ill-informed! His trades were such big winners that he needed losses to keep from being exposed. When he was creating the losses is when he was discovered. When found out the bank liquidated all of his positions therefore incurring the loss. So, in other words, he didn't do this by himself!
Posted 1:38 PM EST January 28, 2008
Posted by: hbehler
Jerome Kerviel is only a pawn in a big game SG played. Why do you think SG managers agressively sold SG stock the last weeks?
But your point is the discussion of risk - very well done - a pleasure to read, like always!
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