Legal Commentary
: Vertical PulseSociete Generale Trader
By davidwanetick (index)
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.
These are some of the kinds of episodes that are discussed in our new book, The Power of Incremental Advantage: How Incremental Improvements Produce Dramatically Disproportionate Results.
The Power of Incremental Advantage documents how one bullet, one vote, one second, one word, and one inch have shaped history and changed the world.
The Power of Incremental Advantage is replete with strategies, tactics and practical leadership lessons to help you stay one step ahead of your closest competitors. These leadership lessons are supported by well-researched historical examples.
Full post as published by Vertical Pulse on January 29, 2008 (boomark / email).
Societe Generale: rogue trader or poor systems?
Apart from the size of the loss (about ?4.9 billion (US $7.2 billion)) attributed to the Societe Generale rogue trader Jérôme Kerviel, the most interesting aspect of the affair is the speculation over whether the Societe Generale Bank's systems were...
Societe Generale Inspection Report
An English translation of the "Mission Green" Report (pdf) concerning the fraud committed by Jérôme KERVIEL (JK), Societe Generale trader on the Turbo warrants market within SG's equity derivatives division has been published...
Responding to the Massive Fraud at Société Générale -- A Study in Contrasts
Legal cultures respond differently to reports of wrongdoing, and the disclosure of the massive fraud in France perpetrated by a "rogue trader" identified as Jérôme Kerviel shows how different things can be...
France authorities detain second banker in massive fraud case
[JURIST] A second employee of French bank Societe Generale [corporate website] has been detained in connection with the investigation into fraudulent activity allegedly committed by rogue trader Jerome Kerviel [BBC profile], the bank said Tuesday...
U.S. Authorities Investigate Sales of Societe Generale Stock
Both the SEC and the DOJ are reportedly investigating wrongdoing at the beleagered French bank, Societe Generale...
Société Générale Isn't Too Hard On Itself Despite Losing $7.2 Billion
When you are the victim of a $7.2 billion fraud perpetrated by an employee, one would think that there would be a fair measure of self-criticism for not detecting the misconduct...
Trading Fraud
Former stock trader to pay $55,000 in CFTC settlement.
#1 Online Legal Resource
On 08-28 at 21:13PM
Ten months later, Fed must reveal names of emergency lending recipients #FOIA
On 08-25 at 19:02PM
Squeaky Fromme, would-be Ford assassin and Manson devotee, released from prison
On 08-14 at 15:19PM
Likely unintended consequence of cash-for-clunkers stimulus is dampening of 2010 spending
On 08-14 at 14:34PM
Palm seeks to halt Palm Pre Android theme on copyright and trademark ground
On 08-12 at 17:30PM
Congressional investigation demonstrates Karl Rove lied about his active role in US attorney's firing
On 08-12 at 16:20PM
Family of New York City swine flu victim to sue city for failure to secure school #nyc #swineflu
On 08-12 at 12:59PM
Real Network's DVD copying software deemed to break DMCA's anti-circumvention provisions
On 08-12 at 12:57PM
Prepaid funeral operators indicted for $100 Million fraud
On 08-12 at 12:53PM
NY Jets join Cincinnati, Dallas, Green Bay, Houston & Seattle #NFL teams offering branded state lottery games
On 08-12 at 12:43PM
 |
|
Contact Us | About Us | Celebrity Law Blog |
Our Partners | Disclaimer
| Law Blog Directory
| Law Jobs
| Law Tweets
| Get GoDaddy Hosting
All original material © 1999-2009 by USLaw.com. All other material, including Blog Directory feed content, are © by their respective copyright holders. |