SocGen Trader
Jerome Kerveil is the person at the center of the $7 billion dollar fraud at Societe Generale. His resume can be found here.
Kerveil had very basic computing and programming skills — Microsoft Office and Visual Basic. How did he manage to circumvent layers of highly sophisticated security software designed to prevent unauthorized activity?
It seems pretty obvious that he was not equipped to do black hat hacking. I doubt that he had the necessary technical skills to conduct a campaign of illicit, electronic trading over a period of many months.
Was SocGen’s security environment that poorly implemented? Was Kerviel working with someone else?
His actions sent shock waves through the world’s banking system. Some have speculated that his actions might have caused a global market meltdown earlier this week as SocGen sought to unwind its positions.
The power of one rogue trader.
You seem to have already determined that this person is guilty. Perhaps the banking system needs some shock waves. Perhaps the banking system is covering up.
Hello Questioning. You have an interesting email address that you included with your comment. Regardless, I will give you a response.
To be clear, my post highlighted that Kerviel is at the center of the fraud perpetuated at SocGen. That is not under dispute. The extensive media coverage makes that much obvious.
A court of law will determine his guilt.
My point is that I doubt he acted alone. And we will see whether that is the case.
Fraud has been around for as long as banks. The only news with SocGen is the size of the fraud. My sense is that the current subprime crisis is giving the banks quite a shock.