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Fight Club!
Bets placed valued at half of France’s Gold & Currency Reserves. Losses nearly the size of Senegal’s GNP. Jerome Kerviel now joins the ranks of Nick Leeson as a “rogue trader.” Leeson is best remembers as the man who “Fight Clubbed” the Barings Bank, one of England’s oldest investment Banks. Barings even facilitated the Louisiana Purchase. Later the Bank was saved by ING and gave birth to those relatively high yielding savings accounts.
Kerviel, has doubtfully managed to “Fight Clubbed” Société Générale since the French Bank is very asset rich, has positive earnings and is closely affiliated with the State. It was barely 20 years ago Société Générale was in fact a State owned enterprise. Apparently, the French attitude toward Kerviel isn’t all negative. Many, view him as an anti-Hero, the old mantra “responsible but not guilty” seems to be his only real defense. To some still, he is becoming a folk hero.
All of this boils down to a global system where fiat is flaunted and leverage lauded. When Kerviel gets out of the pressure cooker, I’d like to form a Forex Trading Outlet with him and Nick Leeson. I’m sure some living Enron executives wouldn’t mind serving on the board. One can only dream.
Hungry for more?
