Therapy
/ 83.29.192.* / 2008-01-24 22:17
Kerviel worked in the bank’s Delta One products team in Paris. Société Générale’s Delta One business includes programme trading, ETFs, swaps, index and quantitative trading.
Kerviel lost the main percentage of the funds in short straddle positions.
Kerviel joined the bank in the summer of 2000[1], first working in back and middle office, where he gained knowledge which eventually enabled him to hide these massive positions[citation needed]. Christian Noyer, governor of the Bank of France, has described Kerviel as a computer “genius”.[3] Kerviel earned a combined salary and bonus of less than €100,000 per year, and did not make money on his alleged fraudulent trades. His employers discovered these positions on January 19, and their unwinding of these positions was coincidental with a large drop in equity indices on January 21 and 22. The Federal Reserve had an emergency rate cut of 75 basis points on January 22 in order to stop the fall in the markets. After meeting with his managers Kerviel has vanished