{"id":2836,"date":"2008-01-25T19:08:34","date_gmt":"2008-01-26T03:08:34","guid":{"rendered":"http:\/\/www.meehawl.com\/Blogfiles\/2008\/01\/25\/19\/08\/good-with-kids\/"},"modified":"2008-01-25T19:08:34","modified_gmt":"2008-01-26T03:08:34","slug":"good-with-kids","status":"publish","type":"post","link":"https:\/\/www.meehawl.com\/Blogfiles\/2008\/01\/25\/19\/08\/good-with-kids\/","title":{"rendered":"Good With Kids"},"content":{"rendered":"<blockquote><p><a href=\"http:\/\/www.usatoday.com\/money\/world\/2008-01-25-trader_N.htm\">Jerome Kerviel taught kids judo, held the door for his elderly neighbors in a posh Paris suburb \u00e2\u20ac\u201d and appears to have committed one of the biggest bank frauds in history &#8230; In the Brittany town of Pont l&#8217;Abbe where Kerviel grew up, his former judo teacher remembered him as a serious, helpful teenager. &#8220;He came in to train two or three times a week, and he also helped out with classes for kids,&#8221; said Philippe Orhant &#8230; &#8220;I liked him a lot, and I had total confidence in him&#8221; &#8230; Kerviel&#8217;s mother traveled to the Paris area on Thursday, when the bank revealed the scandal, to see her son, &#8220;because he wasn&#8217;t doing well,&#8221; said another aunt, Sylviane Kerviel. &#8220;Jerome has done nothing wrong,&#8221; she said. &#8220;He was a reserved, serious child. He didn&#8217;t pocket a cent, I&#8217;m sure of it&#8221; &#8230; Kerviel took &#8220;massive fraudulent directional positions&#8221; in various futures contracts, the bank said, betting at the start of this year that markets would rise. The bank says his actions cost it \u00e2\u201a\u00ac4.9 billion (US$7.18 billion).<\/a><\/p><\/blockquote>\n<blockquote><p><a href=\"http:\/\/online.wsj.com\/public\/article\/SB120115814649013033-nKmB9Ply72N9lnWnob4y_68_rVc_20080224.html?mod=tff_main_tff_top\">[Bank] Executives called him in for questioning on Saturday &#8230; Mr. Kerviel had convinced himself that he had mastered a new way to trade stock-index futures &#8230; For a while, he went in circles while justifying the trading strategy, this person said, but finally on Saturday night he broke down and admitted the trades. [To avoid] tipping off rivals (which could take advantage of the mass selling), on Monday the bank began unwinding the positions in small trades. [They] dealing with a market selloff that had begun in Asia [and] some index traders suspect that Soci\u00c3\u00a9t\u00c3\u00a9 G\u00c3\u00a9n\u00c3\u00a9rale&#8217;s steady selling kept the European markets from shaking off the sharp downturn on Monday &#8230; The day after that turmoil, the U.S. Federal Reserve slashed short-term interest rates three-quarters of a point. According to people familiar with the matter, the Fed hadn&#8217;t been told of the selling by Soci\u00c3\u00a9t\u00c3\u00a9 G\u00c3\u00a9n\u00c3\u00a9rale that conceivably was helping cause the Monday market volatility.<\/a><\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"<p>Jerome Kerviel taught kids judo, held the door for his elderly neighbors in a posh Paris suburb \u00e2\u20ac\u201d and appears to have committed one of the biggest bank frauds in history &#8230; In the&#46;&#46;&#46;<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[114,517,514,419,515,513,516],"tags":[],"class_list":["post-2836","post","type-post","status-publish","format-standard","hentry","category-banking","category-doh","category-finance","category-france","category-hedging","category-jerome-kerviel","category-societe-generale"],"aioseo_notices":[],"jetpack_featured_media_url":"","jetpack-related-posts":[],"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/posts\/2836","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/comments?post=2836"}],"version-history":[{"count":0,"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/posts\/2836\/revisions"}],"wp:attachment":[{"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/media?parent=2836"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/categories?post=2836"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.meehawl.com\/Blogfiles\/wp-json\/wp\/v2\/tags?post=2836"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}