I was watching fast money and this came up for discussion. A couple of traders were calling BS on the official story -- Company lost money, threw the guy under the bus. Seems Enronesque -- How could someone at the top not know?
The bank called the fraud "exceptional in its size and nature," and said it apparently went undetected for more than a year by its own multilayered security systems.
It would place the young trader, identified as 31-year-old Jerome Kerviel, atop the pantheon of rogue traders for a scheme from which bank executives said he apparently did not make a personal profit.