Massive fraud at SocGen bank

[raindog]

Saw this on another site this morning...

  "FRIENDS of rogue trader Jerome Kerviel last

night blamed his $7 billion losses on unbearable levels of stress

brought on by a punishing 30 hour week.

Kerviel was known to start work as early as nine in the morning and

still be at his desk at five or even five-thirty, often with just an

hour and a half for lunch.

One colleague said: "He was, how you say, une workaholique. I have a

family and a mistress so I would leave the office at around 2pm at the

latest, if I wasn't on strike.

"But Jerome was tied to that desk. One day I came back to the

office at 3pm because I had forgotten my stupid little hat, and there

he was, fast asleep on the photocopier.

"At first I assumed he had been having sex with it, but then I remembered he'd been working for almost six hours."

As the losses mounted, Kerviel tried to conceal his bad trades by

covering them with an intense red wine sauce, later switching to

delicate pastry horns.

At one point he managed to dispose of dozens of transactions by

hiding them inside vol-au-vent cases and staging a fake reception.

Last night a spokesman for Sócíété Générálé denied that Kerviel was

overworked, insisting he lost the money after betting that the French

were about to stop being rude, lazy, arrogant b@stards"

I didn't, repeat didn't, write it.....

[Wendy]

No, but whoever wrote it was right. Traders in this business anywhere else work well over an 80 hour week.

What a wimp. This bank has an operating income of 22 billion euros. This guy lost this bank in excess of 5 billion euros. It's net income! With employees numbering WORLDWIDE at 122,000. How many employees do Nationwide and Halifax employ UK wide? much more! This bank is in serious trouble with losses like that as are it's account holders.

"Last night a spokesman for Sócíété Générálé denied that Kerviel was overworked, insisting he lost the money after betting that the French were about to stop being rude, lazy, arrogant b@stards"

You can bet what you like on this one and never come out a winner.

No icon here because I am serious. No wonder the French are the laughing stock of the world; after the UK that is.

[raindog]

[quote user="Jura"]

This guy lost this bank in excess of 5 billion euros. .

[/quote]

Mind you, that's like you or me having 50 quid go missing - have you seen their profits?

[The Riff-Raff Element]

[quote user="Jura"]

No, but whoever wrote it was right. Traders in this business anywhere else work well over an 80 hour week.

What a wimp. This bank has an operating income of 22 billion euros. This guy lost this bank in excess of 5 billion euros. It's net income! With employees numbering WORLDWIDE at 122,000. How many employees do Nationwide and Halifax employ UK wide? much more! This bank is in serious trouble with losses like that as are it's account holders.

"Last night a spokesman for Sócíété Générálé denied that Kerviel was overworked, insisting he lost the money after betting that the French were about to stop being rude, lazy, arrogant b@stards"

You can bet what you like on this one and never come out a winner.

No icon here because I am serious. No wonder the French are the laughing stock of the world; after the UK that is.

[/quote]

You sure about this?

Nationwide employ 19,000 people. Halifax are part of HBOS, which in its entirety employs about 72,000. Neither come close in size or reach to Socgen.

Traders in a French bank work pretty much the same kind of hours as traders anywhere else. They have probably heard of the thirty five hour week but have no truck with it.

That story was a chucklo-chucklo.

[Clair]

Pas vu, pas pris. Pris, pendu.

'Rogue trader' breaks his silence and insists his bosses knew what he was doing

Le trader affirme que sa hiérarchie était au courant