It is really looking as though Jerome Kerviel wasn't a rogue trader, but just a convenient fall guy because he wasn't in the protected crowd at SocGen.
Wall Street Journal article details the ironic hit that SocGen may face from a tax liability on gains accrued by rogue trader Jerome Kerviel, and more pain and investigations in store for the bank.
Much has been made of the SocGen blow-up and the trader who overstepped his authority to cause a $7.2 billion loss by betting all of the bank's capital. This is increasingly looking like the story...
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