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Societe Generale mess a reminder of trading perils

02/04/2008
The unfolding Jerome Kerviel drama says much about cap-and-trade remedies for climate change. Kerviel is the French trader of stock indexes alleged to have lost the venerable Societe Generale $7.2 billion through unauthorized transactions. The bank thinks the 31-year-old Kerviel masked his shenanigans by hacking into its computers. The unraveling of his illicit trade position, disclosed Jan. 24, may have aggravated global financial turmoil. This is not the first time bonkers trading and unvigilant accounting have rocked institutions that seemed to have their affairs under control. The names Metallgesellschaft, Barings Bank, and Enron leap to mind.Kerviel’s misadventure thus serves a...
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