I read a book treats of Jerome Kerviel who is out.
course, the first question that arises is whether her story rings true and if his story is credible. It is true that it is a book written by someone who will soon face justice and that is always doubt. Personally, I say yes: there is in this book a depth and level of human thinking, precision of history and a sense of lived experience that convinced me. Well Naturally, we regret that it does not detail the most fatal months we saw him take risks exponential.
The public hearing will allow Societe Generale to clarify his story, and we check if it obscures the critical elements, but I would be surprised if they can continue to pretend that the entire hierarchy has been deceived by a brilliant manipulator and fraud as they claim.
However, in view of the story, we understand that the bank is felt compelled to present this version of the facts seem so overwhelming for her. There is such a no reaction to the skyrocketing risks taken that I wonder how you could not invent the concept of "non-assistance to endangered trader"
should read this book which contains several pieces of bravery which tastier is probably the long description of the "discovery" of facts by the highest hierarchy of the bank, at first incredulous at the idea of a gain of 1.5 billion € in 2007, and then convinced ready to pounce for losses on subprime, but few minutes later finally lucid and saying that things have changed a lot in 2008 with the issue of the "big boss" that kills "and start 2008, Jerome, you did not take too much risk? ".
Among some interesting info: the reaction of the back office and financial control that discovering that the consideration" Baader "does not confirm (and cause) , asking him to change the input by titling the counterpart to confirm "
We also learn that the price of silence is held by the bank to 700 000 € (see copy transactions from her 2 boss). Which proves itself Incidentally he has few allies in the HRD of the bank!
Finally, last but not least, the conditions of de-loop positions, a trader with not knowing what is in the middle the trading floor, a day when Wall Street was closed. This raises doubts as traders bank does not have the opportunity to hide some nuts (their term for hiding profits say), especially when you read the infamous practice of "Chinese wall" that resembles a vast hoax.
Edifying.
NB: I read the comments in Les Echos of William Maujean which qualifies book without revelation. Maybe since Jerome Kerviel merely reaffirms its view that the bank could not ignore his positions, yet I find it quite striking and it will certainly at the heart of the trial.
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