Kerviel or the shame of France

You have to be very naive to believe that a stockbroker like Jérôme Kerviel could embezzle €4.9 billion without anyone at Societe General knowing about it, well, we read today in Cinco Díasthat the good Jérôme has been remanded in custody, and that no one in the bank knew anything about it, well, no one, no, because a colleague of his, who has not been identified, may have been aware of it,... in short, that since it is too much to make a single scapegoat for €4.9 billion, they will look for another one, and thus only touch €2.45 billion per beard.

I never thought that something like this could happen in France, and I still find it hard to believe that my admired neighbors are capable of swallowing this, but what about the shareholders of Societe Generale? Are they not going to try to find the truth?

Added February 21: It is not very clear whether Societe Generale's shareholders are seeking the truth or not, what seems clear is that many of them are fleeing the bank like gunpowder, and their shares are worth half of what they were a year ago. Press The mass economic crisis has led to the conclusion that poor Kerviel and Subprime are to blame, and that despite all this, Societe Generale is still making a profit.

Added on March 13: A former colleague of Jerôme Kerviel, the former Société Générale (SG) market trader blamed by the bank for losses of €4.9 billion, has been released after being questioned by investigators.

Added on March 18, 2008: SocGen's "broker" accused of fraud is released. So if Kerviel is guilty, 4.900M€ have been released for a couple of months in jail.

Added on April 29, 200: The harassment against Société Générale for the Kerviel case claims the head of its president. Article in El País


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