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rogues versus scapegoats
In my last post, I began blogging about the made-for-television Jerome Kerviel rogue trading trial taking place in Paris. At issue is whether Kerviel hid risks and positions from his employer,...
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on warning signs: you can’t get there from here
In my last post, rogues versus scapegoats, I argued that, while Kerviel is hardly the “pawn for profit” his lawyers contend, Société Générale bears ultimate responsibility for failing to prevent...
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on warning signs ii: follow the money
As I noted in my last post, on warning signs: you can’t get there from here, a failure to inquire into unusual growth in profits, risk, or trading volume is not unique to Jerome Kerviel’s Société...
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kerviel’s fake trades: the anatomy of a cover-up
Regular ParetoCommons readers know that I’ve been doing a series of posts on the Jérôme Kerviel trial, which ends today in Paris. I wanted to talk a bit in this post about the testimony relating to...
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kerviel’s fake trades: genius or copy cat?
In my last post, kerviel’s fake trades: the anatomy of a cover-up, I began discussing the fake trades Kerviel employed to disguise his unauthorized losses (and gains). Contrary to Société Générale’s...
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it’s the culture, stupid
In testimony last week, Eric Cordelle, Jérôme Kerviel’s immediate supervisor at Société Générale confirmed a point about which I’ve previously blogged: the Delta One desk on which Jérôme Kerviel worked...
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it’s the stupid culture
In my last post, it’s the culture, stupid, I noted that a review of the Société Générale scandal reveals a familiar pattern of organizational and departmental change that stressed trading and oversight...
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denial: it ain’t just a river in egypt
In this series of posts on the Jérôme Kerviel trial, I’ve argued that, contrary to Société Générale’s contentions that they were duped by a genius, the bank itself is to blame for Kerviel’s massive...
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when $61bn seemed like real money
The Jérôme Kerviel three-week trial ended in Paris on Friday, and that means that this post is my last in this series. Kerviel will have to wait until October 5, when the Court has said that it will...
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rogue trader kerviel found guilty
Jérôme Kerviel, the former Société Générale trader who lost EUR 4.9 billion in unauthorized trading in 2008 was sentenced to three years in prison today and ordered to repay the bank the entire amount...
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