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Monday
Jan282008

French Rogue Trader Movie

French Rogue Trader-thumbnail.jpg
French Rogue Trader

Do Not Pass Go


Had to happen didn't it? Already plans are underway to produce a movie based on the French Rogue Trader's billion dollar losses on future's trading last week.

Thirty one year old Jerome Kerviel, the French 'rogue trader' who allegedly defrauded the French bank Societe Generale of 4.9bn euros ($7.2bn) has been approached to detail his trades and computer hacking for a feature-length movie to be made in Paris by Miserable Productions - an Anglo-French film studio with its offices in prestigious Avenue Victor Hugo (hence the name) in the swanky 16th Arrondissement, Paris.

Miserable Productions is using the working title Do Not Pass Go ("go directly to jail") which seems highly appropriate seeing as though Monsieur Kerviel might yet see the inside of a French nick.

Societe Generale announced its colossal losses last Thursday, which reduced the bank's 2007 profits to 600-800 million euros from 5.2bn euros in 2006.

Societe Generale chairman Daniel Bouton was quoted as saying (with a Gallic shrug and typical French buck-passing)

What happened at Societe Generale is certainly not a disaster that resulted from our strategy. It is more like an accidental fire which destroys a large factory at an industrial plant.

Hmmm...with one difference I would say - no Fire Insurance. You've really got to wonder how a junior trader can run up punts of €50Billion - yep, that was the full exposure before the bank managed to cut its losses to a paltry €4.9Billion - about the size of the Gross Domestic Product of some African countries.

Oh yeah - here's the kicker - apparently the trader was known as Tom Cruise to his workmates. He liked to walk around the trading floor saying K.S.A. - which either meant Kick Some Arse or Keep Scientology Alive.

BTW seems he didn't do the bogus trading for personal gain - au contraire - he wanted to make a name for himself. I'd say Mission Accomplished wouldn't you?


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Tom Cruise?
French Rogue Trader Tom Cruise-thumbnail.jpg
Tom Cruise at 27

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