Word: traders
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...Following their meeting Wednesday, board members said they had rejected Bouton's resignation in order to preserve stability while the bank is still reeling from the $7.13 billion loss resulting from derivative trader Jérome Kerviel's illicit futures speculation. Many cited Bouton's storied record of fiercely defending Société Générale's independence in the past. But even before that day had ended, the general surprise that greeted Bouton's survival gave way to anticipation that he'd been kept aboard as the best-placed expert to chose the best among several...
Listen, let me tell you something: I knew Nick Leeson. Oh, OK, not personally. But as a reporter, I covered Leeson, the young trader who single-handedly broke the bank at Barings in 1995. And you know what? This kid Jérôme Kerviel, the 31-year-old who managed to lose $7.2 billion (that's with a B) at Paris investment bank Société Générale in just a few weeks, he's ... he's ... so much like Leeson that it's scary...
...swinging standards of Wall Street, Kerviel's salary amounted to chump change. And the fact that he wasn't eligible for dizzyingly huge bonuses is so alien to the average Wall Street trader that they're still trying to digest it. One, a college friend of mine who didn't study "trading" but English literature, and is now a multimillionaire, e-mailed me: "What is that, a French thing...
...rogue trader cost one of Europe's largest banks $7.09 billion?the biggest loss ever from a single trader?but who's really to blame...
...Kerviel, 31, a futures trader from a second-tier business school, had worked at Société Générale since...