The lastest twist in the Jarome Karviel story, according to Dealbreaker.com is that the French trader remains employed by Soc Gen.
Dealbreaker.com: Shocker: Kerviel Still Has His Job!
Aside from the fact that the high water mark for reporting on this scandal remains the "FRENCH TRADER WAS FORCED TO WORK 30 HOURS A WEEK" from Britain's The Daily Mash, two things have become apparent. First, almost everything I've read so far on this story in the mainstream press has reeked of bullshit, and makes me lean towards the coverup hypothesis. And second, providing that young Jerome was in fact taking positions that were deep in the money until December 30th, and providing that he doesn't end up barred from working in the securities trade, I expect that he will have plenty of opportunities open up for him at firms that would reward such behavior better than Soc Gen.
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Dealbreaker.com: Shocker: Kerviel Still Has His Job!
Unlike Wall Street, where employees can typically be fired at a moment’s notice, French law requires that the bank must explain it’s decision to fire him at a sit-down meeting arranged in advance. Kerviel is permitted to bring along a union representative, a lawyer or even his mom. The judge in the case, however, has forbidden Kerviel from having any contact with the bank. So it seems that until this order is lifted, Kerviel will keep his job and Soc Gen will remain the bank that continues to employ the guy who lost them billions. (Now that we think about this it does kind of remind us of Wall Street—or at least Bear Stearns.)
Aside from the fact that the high water mark for reporting on this scandal remains the "FRENCH TRADER WAS FORCED TO WORK 30 HOURS A WEEK" from Britain's The Daily Mash, two things have become apparent. First, almost everything I've read so far on this story in the mainstream press has reeked of bullshit, and makes me lean towards the coverup hypothesis. And second, providing that young Jerome was in fact taking positions that were deep in the money until December 30th, and providing that he doesn't end up barred from working in the securities trade, I expect that he will have plenty of opportunities open up for him at firms that would reward such behavior better than Soc Gen.
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