French trader who hid $7.1 billion loss gets IT consulting job

The New York Times reports that the trader who hid a $7.1 billion loss from Société Générale last year has landed in a nice new job as an Information Technology (IT) consultant. The trader is Jerome Kerviel and his new employer is Lemaire Consultants & Associates, which specializes in computer security and system development. In February the firm's founder, Jean-Raymond Lemaire said of Kerviel, "He is not an I.T. prodigy."

This reminds me of the Steven Spielberg flick Catch Me if You Can which starred Leonardo DiCaprio as Frank Abagnale Jr. who, before his 19th birthday, successfully conned millions of dollars worth of checks as a Pan Am pilot, doctor, and legal prosecutor. Abagnale did some prison time and then went to work for the FBI with the agent who caught him, Carl Hanratty (played in the movie by Tom Hanks).

Granted, the analogy is not perfect. But I will be sure not to recommend Lemaire's firm to any of my clients. Naturally, A lawyer for Société Générale, Jean Veil, said that he was "delighted" that Kerviel had found employment. "It means he will be in a position to start repaying the bank." Sure -- assuming that Lemaire pays Kerviel $1 billion a year -- his debt should be paid off in a mere eight years.

Peter Cohan is President of Peter S. Cohan & Associates. He also teaches management at Babson College and edits The Cohan Letter.