I’m just back from a trip to Europe and they’re still discussing Jerome Kerviel over there on a daily baisis. Who is Kerviel? Way back before Wall Street went into burndown mode, Kerviel was a trader at Societe Generale until he was accused of losing €3.9bn on a trading book that at one point amount to €56 billion.
The big controversy is over whether or not Kerviel ever was a ‘rogue trader’ or simply a trader operating as his superiors expected who happened to lose an enormous amount of money. Cynical minds ask: why do ‘rogue traders’ always lose money. And the cynical answer is: because when they make money, you call them ‘star traders’
The latest news about Kerviel is a bit less deep. Paris court documents reveal that as he was being arrested, he asked his brother to find him a number for a telephone psychic, Australia’s The Age reports. The reading didn’t go very well. Afterwards, Kerviel conceded that he faced a “black future.”
Our question: what kind of trader doesn’t already have the number of a psychic on hand? Maybe this guy really is a rogue.