Ha! Just as I thought, something does smell fishy in this whole SocGen vs the Rogue Trader thing. I never believed that Jerome Kerveil concocted such an elaborate scheme all by himself. The Daily Mail reports (emphasis mine):
Executives at Societe Generale had originally insisted that 31-year-old Jerome Kerviel acted alone.
They compared him to a “lone arsonist who burnt down a big factory”.
But yesterday they conceded that he was unlikely to have carried out his deception without accomplices. And in interviews with detectives, Kerviel was said to be “naming names” and refusing to be a scapegoat.
What’s even more interesting from this article is,
But Societe Generale has made it clear that Kerviel did not personally benefit from the fraud.
If he didn’t benefit from this elaborate fraud, then who did at SocGen?
Motive, evidence, contradiction and most important of all, follow the money. But this is peanuts compared to the war profiteers.
“Blue America is endorsing Alan Grayson of Orlando Florida for congress today. This guy is an exciting candidate, a real personality and he comes with a very important portfolio. He’s been suing war profiteers.”
http://digbysblog.blogspot.com/2008/01/dragonslayer-by-digby-blue-america-is.html
Another blog posed this snarky quip,
“Today’s Question: If one low-level French geek can hide $70 billion and lose $7 billion for fun, just how much derivative cash ( a lot of which is subprime debt) can a CEO “hide†or “loseâ€?”