SocGen trader loses $7bn on index futures

[Ardesco]

'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'.

WTF???

stress doing a 30 hour week??? Worked a whole 6 hours ???

lazy ******* permine french ****** scum bastards!!!

They'll be striking next....

[BrilloPad]

'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'.

[BrilloPad]

Oh dear, someone (Guy Newbury's mate, presumably) is having a laugh...

This was the entry a little while ago

some mate

[HairyArsedBloke]

The bank said it had no more exposure to the trader’s positions, which were identified and analysed on January 19 and 20 – just before stock markets crashed unexpectedly around the world on January 21.

It would be a laugh if he had a massive short position and they closed it out just before the market went south.

[FiveTimes]

even that would be wrong as his losses were 4.9billion

[MrRobin]

Not sure its 700.1 billion though

Oh dear, someone (Guy Newbury's mate, presumably) is having a laugh...

This was the entry a little while ago

[BrilloPad]

wiki has been edited!!!!

this is what i c now...

Guy Newbury) US$700.1 billion United Kingdom Barclays ABB

This is what was earlier :-

Undisclosed US$7.1 billion France Societe Generale Equity futures 2008

[BrilloPad]

Not sure its 700.1 billion though

wiki has been edited!!!!

this is what i c now...

Guy Newbury) US$700.1 billion United Kingdom Barclays ABB

[FiveTimes]

straight in @ #1, loss pickers..

Not sure its 700.1 billion though

[BrilloPad]

http://en.wikipedia.org/wiki/List_of_trading_losses

straight in @ #1, loss pickers..

[BrilloPad]

And finally it makes it to the BBC...

http://news.bbc.co.uk/1/hi/business/7206270.stm

[BrilloPad]

http://en.wikipedia.org/wiki/List_of_trading_losses

[BrilloPad]

So that is an extra $7bn floating round the square mile.

I hear rumours that fraud is involved - another Nick Leeson? I thought that was impossible these days?