Loner who lost $8 billion got 'carried away a bit'


	Loner who lost $8 billion got 'carried away a bit'

tabsey

2-6-2008 9:59 PM

201 views

tags:

economics, greed

tabsey says:

Monopoly money and greed don't make a good mix, it seems, unless you are able to exploit successfully.

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<div style="margin: 12px 0px; font-family: arial; color: #333333; background: #ffffff; border: solid 4px #e5e5e5; width: 100%; clear: left;"><div class="CM_CTB_Content_Wrap" style="margin: 0px; padding: 0px;background-color: #ffffff;"><div style="border-bottom: solid 1px #dcdcdc; white-space: nowrap; margin-bottom: 8px; background-color: #eeeeee ;background-image: url(http://www.clipmarks.com/images/source-bg.gif); background-repeat: repeat-x; height: 24px; line-height: 24px; vertical-align: middle; padding-bottom: 4px; color: #666666; font-size: 10px;" ><a href="http://clipmarks.com/clip-to-blog/" title="see clips that are hot right now"><img src="http://content.clipmarks.com/blog_embed/7913f396-af8c-4a06-b1b9-545b606883ee/BFC468CA-85EB-44BA-9A68-C75D56E10FE8/" alt="" width="19" height="19" border="0" style="vertical-align: middle; margin: 0px 4px; display: inline; border: none; float:none;" /></a>clipped from <a title="http://business.theage.com.au/loner-who-lost-8-billion-got-carried-away-a-bit/20080206-1qmt.html" href="http://business.theage.com.au/loner-who-lost-8-billion-got-carried-away-a-bit/20080206-1qmt.html" style="font-size: 11px;">business.theage.com.au</a></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.theage.com.au/loner-who-lost-8-billion-got-carried-away-a-bit/20080206-1qmt.html"><P>JEROME Kerviel, the French trader who ran up the biggest trading loss in history, broke his silence yesterday to turn on his former employer, Societe Generale. He said he refused to be a scapegoat for the losses and insisted he acted only to swell the bank's profits.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.theage.com.au/loner-who-lost-8-billion-got-carried-away-a-bit/20080206-1qmt.html"><P>SocGen has painted Mr Kerviel as a fraudulent genius and skilled computer hacker who escaped detection through a smokescreen of fictitious transactions that concealed his huge gambles and who was solely responsible for losses of €4.82 billion ($A8.2 billion).</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.theage.com.au/loner-who-lost-8-billion-got-carried-away-a-bit/20080206-1qmt.html"><P>Helped by a new media adviser, he lifted the lid on the state of mind of traders playing with huge sums on complex futures markets.</P></blockquote><div style="height: 2px; font-size: 2px; background: #dcdcdc; border-bottom: solid 1px #f5f5f5; margin: 2px 4px;"></div><blockquote style="text-align: left; padding: 0px 8px; margin: 4px 0px 8px 0px; background: transparent; border: none;" cite="http://business.theage.com.au/loner-who-lost-8-billion-got-carried-away-a-bit/20080206-1qmt.html"><P>"You lose all sense of the sums involved when you do this kind of work," he said. "It's disembodied. You can get carried away a bit."</P></blockquote></div><div style="margin: 0px 6px 6px 4px;"><table style="font-size: 11px;border-spacing: 0px;padding: 0px;" cellpadding="0" cellspacing="0" width="100%"><tr><td style="background:transparent;border-width:0px;padding:0px;">&nbsp;</td><td align="right" style="background:transparent;border-width:0px;padding:0px;width:107px" width="107"><a href="http://clipmarks.com/share/BFC468CA-85EB-44BA-9A68-C75D56E10FE8/blog/" title="blog or email this clip"><img src="http://content8.clipmarks.com/images/c2b-foot.png" border="0" alt="blog it" width="107" height="17" style="border-width:0px;padding:0px;margin:0px;" /></a></td></tr></table></div></div>

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