The elusive 31-year-old trader, Jérôme Kerviel, has given the slip to media from around the world pursuing the story of history's biggest trading misadventure. Kerviel has successfully shot from anonymity to international celebrity over the past week when Société Générale said he was behind a "massive fraud" that had cost it $7.1 billion. Internet search engines now turn up hundreds of thousands of entries bearing his name.
Although his photograph - a grainy mug shot - made the front page of papers around the world, Kerviel has managed to remain invisible. He has not spoken a word to the press and has kept journalists guessing about his whereabouts. No fresh photos of Kerviel have been published since the scandal broke. After police held him for nearly 48 hours, judges Monday threw out any fraud charges against him but did file preliminary charges - and he is free on bail while the investigation continues. Although hundreds of reporters are staking out all his known whereabouts, he has still managed to slip away unnoticed.
One thing is certain...an image of Kerviel will fetch "lots and lots of money" and he has propelled Soc Gen right to the No. 1 spot in trading disasters of all times.
As the bank continues to reel under sudden scrutiny, three employees at Societe Generale in Paris have alledgely committed suicide as fresh concerns are being raised about the stressful work environment at the scandal-hit bank. I guess when it rains, it always pours.
TOP 10 TRADING DISASTERS
Here's a league table of the biggest bank trading disasters of all time.
1. Societe Generale - $7.1bn (European index futures) 2008
2. Amaranth Advisors - $6.5bn (Gas futures) 2006
3. Long Term Capital Management - $4.6bn (Interest rate and equity derivatives) 1998
4. Sumitomo Corporation - $2.6bn (Copper futures) 1996
5. Bawag - $2.5bn (Currency and interest rate swaps) 2006
6. Metallgesellscahft - $1.6bn (Oil futures) 1993
7. Sowood Capital Management - $1.6bn (Debt securities)
8. Barings - $1.4bn (Nikkei futures) 1995
9. Credit Suisse - $1.3bn (Emerging markets) 1998
10. Daiwa Bank - $1.1bn (bonds) 1995
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