Wednesday, 1 October 2014
Last updated 14 hours ago
Jun 25 2010 | 6:30am ET
Jérôme Kerviel, the rogue Société Générale trader who cooked up a phony hedge fund client to hide his €50 billion fraud, should spend four years in prison for his crimes, prosecutors said yesterday.
Kerviel was “a manipulator, a trickster, a liar who caused a worldwide trauma” and nearly €5 billion in losses for SocGen, the prosecutor, Jean-Michel Aldebert told a judge in Paris. “For him, fraud was a full-time job.”
Kerviel should also be fined, Aldebert said.
The 33-year-old is on trial for breach of trust, computer abuse and forgery. He does not deny his crimes, but said his unauthorized trading—which totaled as much as €50 billion—was no secret to his superiors, making them partially responsible. Kerviel’s attorney will make his closing statement today.
Kerviel testified that he was shocked at how easily he hid the trades. In one case, he told a SocGen broker that a rugby-loving hedge fund trader named “Matt” was pushing him to make the risky trades.
Sep 22 2014 | 4:15pm ET
"I tell people that everybody likes good news and so if you have good performance that’s wonderful,” explains Mike McKitish of Peddie School's endowment, “but it’s the people that want to talk about the bad news or where they drifted and how they came back and how they stayed to their discipline…” that he wants to hear from. Read more…
Sep 30 2014 | 9:29am ET
The crisp Autumnal days of October are upon us, and so are a few of the hedge fund industry’s favorite charitable events. If you have never been to Rocktoberfest, well, you are missing out. And for a quieter evening of sipping and socializing, stop by HFC’s Wine Soiree. Read more…
High frequency trading is not evil, it is not a conspiracy and it really is not new; it is the natural evolution of the professional trading community making markets, providing liquidity and hopefully...