SocGen rogue trader Jerome Kerviel 'hit the jackpot' on 7/7

Times Online ^ | 23 Jan 2009 | Adam Sage

[BGHater]

It was a day of carnage that left 56 people dead and a dark shadow for ever cast over the history of London. But for Jérôme Kerviel, the French rogue trader, 7/7 was the jackpot.

Mr Kerviel, whose wild bets on the stock market ended with record losses, celebrated as Britain’s worst terror attack helped him to register a €500,000 profit and to continue a winning streak that brought him “orgasmic pleasure”.

The trader made the confession as he told the newspaper Le Parisien how he had lost touch with reality in the pursuit of money-making at Société Générale, the bank that employed him. It is alleged that his rogue dealings resulted in record losses of almost €5 billion and plunged the 144-year-old French financial institution into crisis.

Mr Kerviel, who was questioned by magistrates yesterday, is under investigation on suspicion of breach of trust, fabricating documents and accessing computers illegally. He faces a maximum sentence of five years in prison if found guilty.

The trader, 32, claimed that his colleagues and superiors had been aware of his actions, which brought him the nickname of le cash machine. He painted a damning picture of the bank’s trading room as earnings soared in the years before the financial crisis.

“The best trading day in the history of Société Générale was September 11, 2001,” he said. “At least, that’s what one of my managers told me. It seems that profits were colossal that day.

“I had a similar experience during the London attacks in July 2005.”

[BlackVeil]

Kerveil's fraud, which gets less coverage than some others because it is European based, was one of the early events of the avalanche of the banking collapse.

As with Madoff, he walks around as a free man, while enquiries "continue." And also as with Madoff, there are signs of larger links to the money laundering industry, to organised crime ... and from there to the shadowy world of terrorism and the intelligence agencies.

“The best trading day in the history of Société Générale was September 11, 2001,” he said. “At least, that’s what one of my managers told me. It seems that profits were colossal that day. “I had a similar experience during the London attacks in July 2005.”

One is aware, when reading that, of a monstrous evil only just out of sight.

[Liz]

Jérôme Kerviel, the French rogue trader says “The best trading day in the history of Société Générale was September 11, 2001.....profits were colossal that day. ”

Well, it helps if he had “inside” information.

Did the authorities get ahold of his Blackberry, emails, cellphone records, computer transfers....and the like?

[Liz]

As with Madoff, Jérôme Kerviel, the French rogue trader walks around as a free man, while enquiries "continue." And also as with Madoff, there are signs of larger links to the money laundering industry, to organised crime ... and from there to the shadowy world of terrorism and the intelligence agencies.

Jérôme Kerviel, the French rogue trader.

"I'm Bernie. Trust me.