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Jérôme Kerviel (born January 11 1977) is a French trader who has been charged in the January 2008 Société Générale trading loss incident, resulting in losses valued at approximately €4.9 billion.

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Wikipedia About Kerviel

Jérôme Kerviel (born January 11 1977) is a French trader who has been charged in the January 2008 Société Générale trading loss incident, resulting in losses valued at approximately €4.9 billion.

Early life

Jérôme Kerviel grew up in Pont-l'Abbé, Brittany. His mother, Marie José, is a retired hairdresser and his father, Charles, who died in 2006, was a blacksmith. Kerviel is married, but he and his wife recently separated.

He graduated in 2000 from University Lumière Lyon 2 with a Masters in Finance specializing in organization and control of financial markets. The university's financial program, which was initiated in the 1990s with the support of France's larger banks, was intended to prepare students for middle and back-office positions in the trading departments of financial institutions.

During an interview, one of his former lecturers at Lyon, Gisèle Reynaud, stated that "He was a student just like the others, a young man, and he didn't distinguish himself from the others."

Société Générale

Kerviel joined the middle office of the bank Société Générale in the summer of 2000, working in its compliance department. In 2005 he was promoted to the bank's Delta One products team in Paris where he was a junior trader. Société Générale's Delta One business includes program trading, exchange-traded funds, swaps, index and quantitative trading. Christian Noyer, governor of the Bank of France, has described Kerviel as a "computer genius"; however, sources within Société Générale described Kerviel as "not a star". Kerviel earned a bonus of €60,000 on top of a €74,000 salary in 2006, considered modest in terms of the salaries paid to traders in the financial markets. He had hoped for a €600,000 bonus for 2007 and would have received at least half that amount.

Fraud allegations

main: January 2008 Société Générale trading loss incident The bank states that Kerviel was assigned to arbitrage discrepancies between equity derivatives and cash equity prices,

Bank officials claim that throughout 2007, Kerviel had been trading profitably in anticipation of falling market prices; however, they have accused him of exceeding his authority to engage in unauthorized trades totaling as much as €49.9 billion, a figure far higher than the bank's total market capitalization. Bank officials claim that Kerviel tried to conceal the activity by creating losing trades intentionally so as to offset his early gains. According to the BBC, Kerviel generated €1.4 billion in hidden profits at the beginning of 2008. His employers say they uncovered unauthorized trading traced to Kerviel on January 19, 2008. The bank then closed out these positions over three days of trading beginning January 21, 2008, a period in which the market was experiencing a large drop in equity indices, and losses attributed are estimated at €4.9 billion.

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News about Kerviel

(AFX UK Focus) 2009-04-24 15:14 Latest Kerviel lawyer steps up ex-trader's defence

Interactive InvestorBy Sudip Kar-Guptahttp://www.iii.co.uk/news/?type=afxnews&articleid=7287486&su...

(AFX UK Focus) 2009-04-27 00:35 SocGen denies report on billions in write-downs

Interactive InvestorPARIS, April 27 (Reuters) - Societe Generale denied on Monday a newspaper report that it wrote down 5 billion euros ($7.8 billion) in assets last year as a result of trading at a unit and was left with a similar amount of toxic products. The write-down reported by French newspaper Liberation was of around the same size as the 4.9 billion euros the bank lost in a rogue trading scandal announced ...http://www.iii.co.uk/news/?type=afxnews&articleid=7288420&su...

French ex-trader wants deeper probe into bank loss

AP via Yahoo! FinanceA former trader accused of causing huge losses at French bank Societe Generale has asked investigators to reopen a probe into the case to determine how much his bosses knew about his actions, his lawyer said Thursday.http://biz.yahoo.com/ap/090423/eu_france_bank_trader.html?.v...

Strange News, Politics, Sport, and Celebrity on the Anorak

AnorakNEW reaches us that the Pealstianian woman seen celtating the deaths of so many in the 9/11 attack was an investor with Jermome Kerviel. Kerviel is reclling how in the immediate aftermath of the 7/7 bombings on London he made £350,000.http://www.anorak.co.uk/?p=200810

Infosec 2009: Data consolidation is key to security, says US analyst

Computer WeeklyInformation sprawl caused by distributed, networked computing is one of the biggest causes of data...http://www.computerweekly.com/Articles/2009/04/22/235743/inf...

News about Kerviel

UPDATE 2-SocGen denies report of new writedown scandal

ForbesSocGen has borne the brunt of a wave of negative newspaper articles in the wake of last year's rogue trading scandal involving former employee Jerome Kerviel. Last month its top managers gave up stock options following a public outcry, led by ... http://www.forbes.com/feeds/afx/2009/04/27/afx6343584.html

SocGen Denies Report of Loss of Up to EU10 Billion on Assets

BloombergLiberation said the unit’s troubles came at the same time as SocGen was dealing with a record trading loss of 4.9 billion euros from unauthorized bets amassed by Jerome Kerviel . That loss was taken in the fourth quarter of 2007. The Paris-based ... http://www.bloomberg.com/apps/news?pid=20601090&sid=alCjquc7...

How Long Can SocGen Survive?

BusinessWeekBesides a staggering $7.1 billion hit from rogue trader Jérôme Kerviel’s losses, the bank said on Feb. 11 that it it suffered an additional $871 million in losses from U.S. subprime investments, on top of $2.9 billion disclosed earlier. That ... http://www.businessweek.com/globalbiz/blog/europeinsight/arc...

Societe Generale denies reported losses of up to 10 billion euros

France 24Societe Generale formally denies the claims published by Liberation today," said a statement by the bank, which last year announced losses of 4.9 billion euros in a rogue trading scandal it blames on trader Jerome Kerviel. The left-wing daily ... http://www.france24.com/en/20090427-societe-generale-denies-...

Infosec 2009: Data consolidation is key to security, says US analyst

Computer WeeklyRogue trader Jerome Kerviel should never have been allowed to assume that role in the bank, said Blum, because of his knowledge of the company's IT security systems. Communication between business and IT needs to improve in many organisations to ... http://www.computerweekly.com/Articles/2009/04/22/235743/inf...

Search results for Kerviel

Kerviel's 2007 Bets Raise SocGen Oversight Questions (Update1 ...

Feb. 19 (Bloomberg) -- Jerome Kerviel 's positions at Societe Generale SA in 2007 swung between a loss of 2.2 billion euros ($3.2 billion) and a gain of 1.46 billion euros, court ... http://www.bloomberg.com/apps/news?pid=20601087&sid=aVQwcXf7...

Jerome Kerviel - Zimbio

Jerome Kerviel is the man behind the Societe Generale trading fraud. He's been knick-named the "French Rogue Trader"http://www.zimbio.com/Jerome Kerviel

OFFICIAL WWW.JEROMEKERVIEL.COM WEBSITE

It is an incredible story, the massive SocGen bank alledged that Jérôme Kerviel, - a lone 31 year old options trader was the suspected "genius of fraud".http://www.jeromekerviel.com/

BBC NEWS | Business | French trader under investigation

Preliminary charges have been filed against Jerome Kerviel, the trader blamed for huge losses at French bank Societe Generale. He will be investigated for breach of trust ... http://news.bbc.co.uk/1/hi/business/7211796.stm

Jerome Kerviel: "genius" or mediocre backroom boy?

PARIS (Reuters) - Jerome Kerviel has been portrayed as both a "genius" and a mediocre back-office boy who sent a big French bank reeling by trying to play the world's financial ... http://www.reuters.com/article/topNews/idUSL2665699520080126

Wikipedia results for Kerviel

Jérôme Kerviel - Wikipedia, the free encyclopedia

Jérôme Kerviel (born January 11, 1977) [1] is a French trader who has been charged in the January 2008 Société Générale trading loss incident, resulting in losses valued at ... http://en.wikipedia.org/wiki/Jerome_Kerviel

January 2008 Société Générale trading loss incident - Wikipedia ...

Officials say Kerviel was careful to close the trades in just two or three days, just before the trades' timed controls would trigger notice from the bank's internal control system ... http://en.wikipedia.org/wiki/January_2008_Soci%C3%A9t%C3%A9_...

List of trading losses - Wikipedia, the free encyclopedia

Kerviel, Jérôme Jérôme Kerviel: 2: USD 6.5 bn 1: USD 6.5 bn 3% USD 6.7 bn Canada: Amaranth Advisors: Gas Futures: 2006: Hunter, Brian Brian Hunterhttp://en.wikipedia.org/wiki/List_of_Trading_Losses

Stock broker - Wikipedia, the free encyclopedia

Jérôme Kerviel - Rogue trader who caused a 7 billion dollar loss to his employer, French bank Société Générale. Nick Leeson - Rogue trader whose unchecked risk-taking caused the ... http://en.wikipedia.org/wiki/Stock_broker

Bank fraud - Wikipedia, the free encyclopedia

Jérôme Kerviel, allegedly defrauded Société Générale of 4.9 billion euros ($7.1 billion) while trading stock derivatives. Fraudulent loanshttp://en.wikipedia.org/wiki/Bank_fraud
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Jérôme Kerviel Libre !

Jérôme Kerviel Libre !Jérôme Kerviel Libre !Flash - Video

118 218 - Bourse - Jerome kerviel

118 218 - Bourse - Jerome kervielJerôme Kerviel n'a qua bien se tenir!Flash - Video

Société Générale : pourquoi Ker...

Société Générale : pourquoi Kerviel a été laissé libreSociété Générale : pourquoi Kerviel a été laissé libreVideo - Video

Jerome Kerviel walks out of prison

Jerome Kerviel walks out of prisonFrench trader Jerome Kerviel walked out of prison and into a media scrum on Tuesday after a Paris court ordered his release from custody. Kerviel is accused by his former employer...Video - Video

KERVIEL AFFAIR: Kerviel's fine-tune...

KERVIEL AFFAIR: Kerviel's fine-tuned communications strategyThe Société Générale scandal set a new precedent in the field of communications. For the first time, an individual is being defended by a communications team as well as...Video - Video

Answers for Kerviel

PIETRODo you think that the trader Jérome Kerviel is a victim of a manipulation? Where are the 5 billion Euros now?PIETROYes he was manipulated. He wasnt that experienced a trader and they got him good.Arlington DCould you explain in plain language what did Jerome Kerviel did to fraud SocGen?Arlington DWhat he did was trade on the market going up, when in fact it went the opposite way( down), and he began to lose money, he then tried to hedge his bets by betting more money and got into deep poo as...piet luldid Jerome Kerviel commit a crime, or does he just have a knack for losing money?piet lulHe covered up losses by hacking Societe Generale's computer systems. If nothing else, he's guilty of fraud.Sky Salad ClipperIf Jerome Kerviel caused Societe Generale bank to lose $7 bln., who profited on the other side of the trades?Sky Salad ClipperFrom what I have read, he dealt with the futures markets. In the futures market you are essentially making a deal to deliver " X" number of shares to an investor at " $ XXXX " price. If you bet in the...PIETRODo you think that Jérome Kerviel is a new Christophe de Roccancourt? Do you admire him or do you hate him?Why?PIETROI dont think hes the new one at all. He is his own person. II feel bad for him because of what happened. I font really like him or dislike him.
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