The first e-mail message arrived in Société Générale’s offices on Nov. 7. The surveillance office at Eurex, one of Europe’s biggest exchanges, alerted a compliance officer at the bank that for seven months a trader named Jérôme Kerviel had engaged in not just one but “several transactions” that had raised red flags.
Société Générale, taking its time, responded on Nov. 20, when another risk-control expert at the bank replied that there was nothing irregular. “The recent volatility increase on the U.S. and European stock markets explains our new need for after-hours trading,” the bank official wrote about Mr. Kerviel’s trades, according to e-mail messages reviewed by The New York Times.
A second e-mail message from Eurex came on Nov. 26. Not satisfied by the bank’s explanation, the bourse demanded more details. Société Générale provided them on Dec. 10 — and both Eurex and the bank’s own risk managers let the matter of Mr. Kerviel’s trades drop.
On Nov. 7, the Trading Surveillance Office at Eurex, the derivatives exchange run by German exchange group Deutsche Börse, sent an email to Société Générale to find out why Mr. Kerviel was sending a massive volume of trades through the German futures exchange, Société Générale said.
The bank's back office forwarded the email to Mr. Kerviel, who skirted the request for details by saying he didn't want to reveal trading strategies to competitors, according to Société Générale's lawyer. Eurex said it needed a better explanation. In the end, Mr. Kerviel managed to provide a response that convinced his bank and Eurex that there was nothing untoward. http://online.wsj.com/article/SB120207615074539005.html
Кстати, французские коллеги утверждают, что опубликованные в WSJ сведения от том, что его нельзя уволить без личного собеседования в присутствии юриста и/или представителя профсоюза, оказались враньём. На самом деле требуется только официально пригласить увольняемого на собеседование, а если он не явится, то это уж его дело. И никто другой там присутствовать не обязан (хотя и может).
Где-то на пороге нынешнего тысячелетия я утратил веру в Federal Express. А теперь, оказывается и WSJ врет (причем не только на Op/Ed page). Как дальше жить? :)
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timeasmymeasure
WSJ versus NYT
Date: 2008-02-06 04:36 am (UTC)The first e-mail message arrived in Société Générale’s offices on Nov. 7. The surveillance office at Eurex, one of Europe’s biggest exchanges, alerted a compliance officer at the bank that for seven months a trader named Jérôme Kerviel had engaged in not just one but “several transactions” that had raised red flags.
Société Générale, taking its time, responded on Nov. 20, when another risk-control expert at the bank replied that there was nothing irregular. “The recent volatility increase on the U.S. and European stock markets explains our new need for after-hours trading,” the bank official wrote about Mr. Kerviel’s trades, according to e-mail messages reviewed by The New York Times.
A second e-mail message from Eurex came on Nov. 26. Not satisfied by the bank’s explanation, the bourse demanded more details. Société Générale provided them on Dec. 10 — and both Eurex and the bank’s own risk managers let the matter of Mr. Kerviel’s trades drop.
http://www.nytimes.com/2008/02/05/business/worldbusiness/05bank.html?_r=1&pagewanted=print
On Nov. 7, the Trading Surveillance Office at Eurex, the derivatives exchange run by German exchange group Deutsche Börse, sent an email to Société Générale to find out why Mr. Kerviel was sending a massive volume of trades through the German futures exchange, Société Générale said.
The bank's back office forwarded the email to Mr. Kerviel, who skirted the request for details by saying he didn't want to reveal trading strategies to competitors, according to Société Générale's lawyer. Eurex said it needed a better explanation. In the end, Mr. Kerviel managed to provide a response that convinced his bank and Eurex that there was nothing untoward.
http://online.wsj.com/article/SB120207615074539005.html
Re: WSJ versus NYT
Date: 2008-02-07 04:04 am (UTC)Re: WSJ versus NYT
Date: 2008-02-07 03:21 pm (UTC)Re: WSJ versus NYT
Date: 2008-02-08 02:48 am (UTC)