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January 26, 2008
Insiders at SocGen Call Kerviel Cover-Up?
Granted, the following claim is from an anonymous post on a public site, so it's a little like some masked stranger shouting it at a busy street corner, but the allegation is at least worth a ponder on the SocGen rogue trader story:
I work at SocGen. I've been there for the last 10 years. I can tell you, even at the higher levels of management no one believes the official story, it's a pathetic cover-up. Bouton has nobody's support, even that of the most loyal, and nor do any of the members of the board. Everyone is completely disgusted.
[via Times of London]
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Eh, I was reading just that earlier today. One of the posters in that thread makes an excellent point on the Machiavellian practices of the good ol' French boys club.
"A nostalgia for Marxism with the kind of gutter capitalism they practice" is the phrase that he used, I think.
A few of my friends actually work (or worked) on the same desk as Kerviel and claim this sort of thing has been going on for some time at SG -- at much broader scale. They claim that (no surprise) Kerviel is the fall guy for the uppers and will eventually get a decent deal out of this. I mean, c'mon, a "trader" making illegal moves like this for no personal financial benefit? Thats as big of a fiction as calling France "capitalist."
At least he'll probably get a movie deal.