Societe Generale rogue trader contests his firing

Having been released from jail last month, Societe Generale's former rogue trader Jerome Kerviel is contesting his firing -- which occurred after he lost $7 billion of the firm's money in unauthorized, hidden trades.

The Wall Street Journal reports (subscription required) that Mr. Kerviel is claiming his firing was unlawful because the trades were in the black before the bank unwound them. His lawyers also claim that French law entitles him to a face to face meeting with his bosses before his firing, something that has been impossible because the terms of his bail forbid him from contact with the bank.

Hey, maybe he actually has a point. In the current environment, losing $7 billion of shareholders' money is all in a day's work. More than twice that amount of shareholder value evaporated under the leadership of James Cayne, Bear Stearns' (NYSE: BSC) chairman and former CEO.

Yeah, I know. The issue is that Mr. Kerviel didn't have the authorization to make reckless speculative bets that he didn't fully understand. But should anyone have that authority?

Just so you know: I'm being facetious. Of course Mr. Kerviel should be fired and it's hilarious that he actually has a right to a hearing to contest this. It's even more amazing that he's contesting his firing. This guy just can't seem to let go of his 15 minutes of infamy.