SG's Rogue Trader Comes Back Down To Earth
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The Appeals Court said that Kerviel should be detained 'to avoid contact with potential accomplices' and because he could be legitimately regarded as a flight risk. The ruling came Friday at a time that it was revealed that French police were questioning a second trader to establish whether he had any knowledge of the affair. 32-year-old Moussa Bakir, a Paris-based trader at Newedge (a futures brokerage joint venture between Fimat, an SG company, and Calyon Financial) was in police custody for two days. He was released Saturday without charge.
A week or so ago, Kerviel was riding high, a cause celebre if ever there was one. And there was a lot of sympathy on his side too. It's very different now. Losing his freedom is a major blow. And, as our our very own Highly Placed Professional says, he is losing what support he had from many who work in the financial markets, as the implications of what he did sink in: 'Kerviel was stealing from SocGen's shareholders, and betraying colleagues and bosses. He is no hero. And he was arrogant enough to think that he was 'the special one'. He wanted to be a star, and doesn't appear to have cared how he got to be one. He shouldn't be on TV, he shouldn't be used to sell books, or become a mini-celebrity. If found guilty, he should be banged up, and then suck up life like the rest of us'.
What's your view on Kerviel ? Use the 'comment on this story' button below to let us know what you think.
