Monday, January 28, 2008

The hardworking French...


Depending on which newspaper (or tabloid) that you have been reading, you might have come to a conclusion as to whether Kerviel (the rogue trader who has relieved SocGen of 3.7 billion pounds due to trading losses) is indeed a scrapegoat and the blame lies somewhere high up on the food chain. Kerviel made a statement today, when he was formally charged, that other traders are similarly flouting the trading limits. If what he says is true, SocGen's losses may not be limited to just 3.7 billion pounds judging at how the market is faring. But then again, Kerviel's colleagues may just be betting the opposite way as him...

Anyway, there was an internet joke circulating around that claimed that Kerviel committed the mistake because he was too stressed working 30hr week...

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