Jerome Kerviel, an unlikely hero?

[spartan]

http://www.guardian.co.uk/business/2008/jan/27/europeanbanks.marketturmoil

Thoughts?

Its good to hear that lots of French people still distrust "big money" and "international Capitalism", and Kerviels actions seem very popular with your average French person at the moment.

Which leads me to think that this could be a possible indication of a rising support of Socialism in France, as a reaction against Sarkozy and his Thatcher style pro-US politics.

[Keyser]

They (the media and his employer, Societe General) say that Kerviel was mentally unstable and his 'condition' caused this to happen. Though I think that is a cheap attempt to cover up the shit Societe General is in, no one broker/trader can hide fraud on that scale, the paperwork and other staff who are involved in the chain of command to execute such deals means that Kerviel was more likely a scapegoat than the "mad computer geneius" that his employers have come to call him.

[redarmyfaction38]

http://www.guardian.co.uk/business/2008/jan/27/europeanbanks.marketturmoil

Thoughts?

Its good to hear that lots of French people still distrust "big money" and "international Capitalism", and Kerviels actions seem very popular with your average French person at the moment.

Which leads me to think that this could be a possible indication of a rising support of Socialism in France, as a reaction against Sarkozy and his Thatcher style pro-US politics.

there is french french teacher at the school where i work as a caretaker, she displays an almost "anarchic" attitude to the banking system and capitalism in general.
if all french people are like her, i wish they'd come over england and give lessons

[RedAnarchist]

Don't rush to congratule him just yet, looks like he may have done the rich a big favour -

The five billion euro man, Jérôme Kerviel, emerged yesterday as an unlikely and unwitting hero for the global age: the man who accidentally saved the world from recession.

He was also arrested.

Mr Kerviel, 31, was taken into custody by police in Paris on suspicion of three different kinds of fraud. He has reportedly told investigators that he is ready to explain – if he can – how his late-night "virtual" trading on share futures cost his bank, Société Générale, €4.9bn (£3.6bn).
The case for Mr Kerviel as a hero, as well as a suspected fraudster, is complicated – but not that complicated.

Société Générale's chairman, Daniel Bouton, yesterday dismissed as "absurd" suggestions that his decision to dump more than €50bn in unauthorised trades by Mr Kerviel early last week had plunged European stock exchanges into a tailspin. Market experts pointed out, however, that heavy selling by SocGen on Monday – especially of German shares futures – reinforced a mood of panic and helped push all markets down.
This in turn jolted the US Federal Reserve into cutting its interest rates sharply on Tuesday, preventing a copycat crash on Wall Street and possibly also steering the world out of recession.

http://www.independent.co.uk/news/europe/rogue-trader-the-man-who-saved-the-world-or-not-774658.html

[ComradeR]

They're talking out their ass comrade. This idiot may have inadvertently jolted the US Federal Reserve to cut rates but it won't stop the slide into recesion. It does nothing to fix the problems that started this crisis, and now their answer to fix it is using the same methods that ultimately brought the crisis on in the first place.

[Raúl Duke]

It does nothing to fix the problems that started this crisis, and now their answer to fix it is using the same methods that ultimately brought the crisis on in the first place.

More war?

Fed's interest rate regulation action?

Which same methods?