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Most Shocking Headline: Biggest Fraud in Banking History

Banks have been going through big drama from the beginning of the year all the way through the end. In January, a French rogue trader named Jérôme Kerviel managed to lose about $7.2 billion with a series of bogus transactions. The 31-year old trader was responsible for betting on the markets' future performance for his employer, French bank Societe Generale. The enormity of this scandal ($7.2 billion!) makes it one of the shocking headlines of 2008.

The affects of the huge loss were realized by law enforcers and Kerviel was sent to jail — only to be released after three months in prison. He walked out of jail and into a job offer from Lemaire Consultants & Associates. The company specializes in computer security and system development, and while Kerviel had very little IT experience and his degree is in finance, his demonstrated knowledge of electronic risk controls got him the job.


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Glittersniffer Glittersniffer 7 years
Madoff is so much worse than this...but I am stunned that this guy's employed! I guess it's a "to catch a thief" sort of thing, but still...
patrice888 patrice888 7 years
Yeah .. i thought Madoff would get the reign ... But WTF ?????? where is justice ??!?!?!
sunnynight sunnynight 7 years
What about the $50 billion Ponzi scam run by Bernard Madoff? Shouldn't that qualify as the Most Shocking Headline of 2008?
ilanac13 ilanac13 7 years
this one just baffles me. i heard about the story when it happened and it was in shock! how could someone lose that kind of money and still be around to talk about it. it's just INSANE to me. and to think that someone is willing to bank on him for another job? come on - that's just nuts! we never heard really what the impact of that $7.2B was on the company and the market there
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