Ironically, in France it's the same bank that is putting a lot of pressure on individuals and small companies when they have difficulties.
I just had lunch with two of their clients in France and they told me about the numerous phone calls; letters, penalty charges for ridiculous overdrafts etc.

DLondon, London,

The media terminology here is doubtful. This was not fraud; Kerviel did what traders are employed to do; to call him a rogue trader is like calling water wet. The sum involved was not money, it was credit: it has not been lost, simply moved elsewhere. The global economy has not lost a ha’penny. The whole thing is a storm in a teacup.

Nicolas Wibberley, El Contador, Spain

Bloody well done young Mr. Kerveil.

Nick Leeson, Barna/County Galway, Ireland

It is the "bonus " time of year for the banks right now, when everyone finds out how much they'll get. Maybe Jerome did'nt like what he found in his payslip, and decided on a little payback. Or rather a lot of payback!

Even his picture at the top of the article has that "don't mess with me look!"

Christian, London, UK or is it?

what did he do with the money, which he took

lee , london, england

Quelle courage de l'homme et stupidite de la banque!

Pity though that the country's President was the last to know.

Maxadolf, Epsom, UK

I always thought that banks speculate with someone elses money, some you win some you lose, Greedy banks and speculators don't even work for the money they use, putting workers on the dole with their shinnanigans, hope more of these parasites go to the wall. this man deserves a medal for showing what it's all about.

waine UK, merseyside, UK

Now we learn how vulnerable bank systems are as regards their own money, let's give them the rasberry when they try and tell us their systems are infallible when we have phantom withdrawals.

Andy Dyer, London, UK,

How many other banks have this problem????

Jeff Dunham, Worry, USA

Jerome is a hero. There is a great Australian movie called 'The Bank' - everyone should get that and watch it.

I have some news. Bankers/ banks are not victims.

I bags the movie rights! Go Jerome!

Brad

Brad, London,

This case is a symptom of a much larger problem. Individuals can make fortunes just moving money from place to place. This has exacerbated the considerable instabilities and dangers of global capitalism. Money should be a means to an end not an end in itself.

J Jones, London,

As with Barings, we have someone who worked in the back office moved forwards into the front office, and then able to manage his book covertly without corporate risk management being aware of it. What is probably most concerning is that SG's counterparties in the market were not aware of this either - or at least, if they were, they seem not to have raised it. I guess there is an assumption that internal risk management is staying on top of it. I'm amazed you can build up a position like this without a counterparty asking around, but obviously you can!

Stuart, Brighton, England

I am french, and what a mess round here in France ! End of SocGen.... Probably yes... this guy was not a very high diplomated trader, and we still dont know if he has done all that on his own... he did better than nick leeson anyway !

vince, Paris, france

Just when you think you're having a bad day, someone's always got it worse!!!

Jerome has only done to his employer what they (with their multi-billion bonuses for a handfuly of people) themselves are doing to the public in general every day.

Allez Jerome!!!
Courage!!!

Rob, Paris, France

We have often been accused of being behind in financial matters.
No more, We are now at the forefront !

Michel BODIANSKY, Paris, France

Ha ha, well done Jerome!! What I love about the story is that even after his massive fraud, he only managed to "almost" squander the banks ANNUAL profits.

Bryan, chichester, west sussex

Sorry - but how can a £3.7 billion fraud be credibly associated with turmoil in the global financial markets? This is an extremely small amount and would have had no bearing on the movement by the Fed of 75 bps earlier this week.

To put this into context - compare this £3.5 billion loss with the £25 billion plus that Alistair Darling has just squandered on Northern Rock. Mr Darling of course says this will be paid back through a bond issue that would no one would buy were it not for a Treasury guarantee. Is this 'paying taxpayers back? Even my three year old daughter says 'no', but then there is no accounting for the british electorate.

Simon Booker, Surrey, UK