Jerome Kerviel – scapegoat

KervielThis was by far the most interesting piece of journalism I’ve done over the past year. 5000 words in The Sunday Times of London magazine about the trader accused of losing 4.9 billion Euros of Societe Generale’s money. I spent time in Paris, waded through the documents, reports and interviews around the case, and it took a while to piece all of this together. But at the end, I couldn’t help feeling that though Kerviel had perpetrated a fraud, he had good reason to think that no one much cared about what he was doing until far too late. As I wrote at the end of the piece, given all that we know of the era just past, it’s not hard to imagine that smart people saw that his trades were dangerous, but simply couldn’t be bothered. And he took this as approval. His trial is still months away, but it should be fascinating. Definitely a movie in this somewhere.

One thought on “Jerome Kerviel – scapegoat

  1. Andrew

    One would think, especially after Barings in ’95, that some degree of common sense would have prevailed here. Clearly, Societe Generale saw the same behavior here, yet somehow expected a different result. The bottom line is whether anyone has a single reason to trust such a bank with one’s money. I’m disappointed that the chiefs are not in the dock with Kerviel, perhaps instead of him.


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s