Kerviel was today alleged to have carried out a $ 7.4 billion (€4.9 billion) banking fraud.
This Thursday Jérôme Kerviel is the most wanted trader by the police and on the internet. Medias are actively looking for him everywhere, trying to find some information about this man.
This 31-year-old trader made his fraud by investing several billion in Futures.
But strangely Kerviel didn’t have a lot of responsabilities in the Bank. He started in Societe General in 2000, he was working on back and middle-office until 2005, the year when he became in charge of activities covering Futures on European Indices.
Kerviel’s Fraud, who bet on a increase of European Indices, was found a week ago and all the trades were closed this Monday and Tuesday by Société Générale.
Jérôme Kerviel had 11 friends on Facebook this Thursday in the early day, only 4 in the afternoon and now only 1 (at the time I write these lines, Manuel Zabraniecki).
Two Groups were created on Facebook: “Ceux qui recherchent Jerome Kerviel, l’homme qui vaut 4.9 milliards!!!” with generous object “Adherent a ce groupe ceux qui seraient pret a toucher 10% de la somme en donnant des informations sur Jerome Kerviel”.
That means: “Those who are looking for Jerome Kerviel, the €4.9 billion man” with generous object “You can join this group if you are ready to earn 10% of the $7.4 billion by giving some information about Jerome Kerviel”.
But if we think about it, how this trader who earns “only” 100 000 euros per year ($150 000, very low for this type of position) with limited responsibilities, made losing $7.4 billion to Société Générale ?
Several experts think this fraud cannot be achieved by only one person. Did Société Générale made this announcment to mask its €2 billion ($3 billion) loss due to Subprime ?
Experts say that the Bank could had rather done unsuccessful transactions in 2007 and they wanted to give a fall guy ?
How Kerviel could do this fraud without the system or anyone see it ?
A lot of questions, no answers…
A $7.4 billion company, that’s how many jobs ? 50 000, 100 000 ?