Sunday, 21 September 2014
Last updated 2 days 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.
Aug 25 2014 | 11:21am ET
As many of you know, FINalternatives was recently acquired by the owners of Futures magazine, a firm called The Alpha Pages LLC. Today marks the soft-launch of a new sister site for both publications. As its name suggests, The Alpha Pages will cover all types of alternative investments, going far beyond the more well-known ones such as hedge funds and private equity. Read more…
Credit default swaps brought down the London Whale and cost JPMorgan $6.2 billion. Here is how it happened.