Societe Generale’s Jerome Kerviel – Alleged Rogue Trader on File in Paris
Remember Jérôme Kerviel? He was the French rogue trader who (allegedly) cost Société Générale $6 billion in trading losses. His trial is now underway in Paris, France.
From some recent media coverage… “Former Société Générale chief Daniel Bouton, who resigned amid intense criticism just over a year ago, branded Kerviel “a terrorist” at the time. But Kerviel quickly became a romantic underdog – a clever anti-hero seen to be caught in the massive cogs of finance, who was only trying to do his job. T-shirts around Paris read, “I am Jerome’s girlfriend,” and he wrote a tell-all book, published last month.”
His book is called L’engrenage, Mémoires d’un trader . Kerviel even had a graphic novel comic book made about his escapades (Le Journal De Jérôme Kerviel).
Here is a video about Kerviel back in court:
Here is an interview from French television (in French) with Kerviel:
But I think these British puppets might describe the whole rogue trader situation the best:
Or perhaps this sums it up more succinctly:
Corgentum releases new paper – Hedge Fund Audited Financial Statement Reviews During Operational Due Diligence
A new research paper by Corgentum Consulting entitled Hedge Fund Audited Financial Statement Reviews During Operational Due Diligence .
This paper provides a discussion of the importance of audited financial statement reviews as part of the broader hedge fund operational due diligence process. Additionally, this paper provides a list of key questions investors may want to consider when reviewing audited financial statements.
The paper can be found in the Research section of the www.corgentum.com website, or via direct link here .
More Operational Due Diligence Job Postings: The Market Continues to Grow
This post is a follow up from a previous post in which I listed several new operational due diligence positions which have been posted. Despite the current state of the economy the number of firms hiring operational due diligence positions has continued to increase. Some trends in these job postings of note:
1) the demand for operational due diligence seems to be global in nature (i.e. – USA, Asia and Europe);
2) direct hedge fund operational due diligence experience is (foolishly) not always required, but rather an industry qualification is sufficient in some cases;
3) based on some job descriptions it is clear that certain operational due diligence functions will be understaffed to performed a thorough operational due diligence review;
4) In certain other cases, the operational due diligence position may be part of a larger role which will require the operational due diligence analyst to both perform due diligence and oversee other internal operational processes
In short, based on the continued apparent misperception among certain hedge fund allocation groups as to the time and effort required to perform operational due diligence, I would highly encourage all those seeking an operational due diligence role to perform some sort of due diligence on your potential employer to ensure they actually understand the appropriate effort required to thoroughly perform operational due diligence on a hedge fund. If not, an under resourced and overworked operational due diligence analyst may find themselves serving as a scapegoat in the event a hedge fund failure occurs (a fund which they may not have had the opportunity to thoroughly vet). Here’s a video about scapegoating:
|
|
||||
Some recent links to some operational due diligence jobs are posted below. As I stated in the previous post, I do not know if these positions have been filled and I do not vouch for or endorse any of these positions. Now with all of this hokum out of the way I thought this list might be of interest to some of this website’s readers:
Operational Due Diligence Researcher (Seattle, Washington, USA)
Hedge Fund Due Diligence Analyst (New York, New York, USA)
Operational Due Diligence Associate (New York, New York, USA)
Director, Operational Due Diligence (New York, New York, USA)
Operational Due Diligence Analyst (London, United Kingdom)
Head of Operational Due Diligence (United Arab Emirates)
