Legal Commentary

Societe Generale Trader

By davidwanetick

The saga of Jerome Kerviel causing $7.2 billion in losses for his employer, Societe Generale, is a timely reminder of the enormous shocks that small sparks can set. According to The Wall Street Journal, Mr. Kerviel was so low on the bank's totem pole that some bank executives didn't consider him a trader at all. Nevertheless, Mr. Kerviel persistence in squaring his books and never making big profits or losses eventually caused Societe Generale losses to greatly exceed those sustained by Barings Bank when rouge trader Nick Leeson caused $1.3 billion in losses in 1995.

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Full post as published by Vertical Pulse on January 29, 2008 (boomark / email).