The center, colloquially known as the five or the pivot, is one of the standard positions in a regulation basketball game. The center is normally the tallest player on the team, and often has a great deal of strength and body mass as well. A typical NBA center is between 6'10" (2.08 m) and 7'3" (2.21 m).

In many cases, the center's primary role is to use his or her size to score and defend from a position close to the basket. A center who possesses size along with athleticism and skill constitutes an unparalleled asset for a team. The centers are also generally the players who are chosen to take jump balls.

There has been occasional controversy over what constitutes a "true center". For example, some would say that Tim Duncan, although listed throughout his career as a power forward, is actually a center, because of his size and style of play. Nonetheless, the judgment of whether a given player is a center or power forward is often highly subjective. Because there are currently so few people who meet the ideal size requirements of an NBA center, teams will sometimes find it necessary to play an individual at that position who would be more effective as a power forward.

It should also be noted that centers and power forwards often have low free throw percentages. Because of this, it is not uncommon for the opposing team to purposely foul and therefore send them to the line, especially late in games. This has been a common strategy used against certain centers who have continuously struggled with free throws; examples include Wilt Chamberlain, Shaquille O'Neal, and Dwight Howard. The technique of fouling a poor free throw shooter in order to win back possession in the hope that the player will (as usual) miss his free throws is sometimes known as the Hack-a-Shaq strategy. Nevertheless, there are centers who are particularly accurate from the free throw line, such as retired Lithuanian great Arvydas Sabonis or his currently active countryman Žydrūnas Ilgauskas, the latter of whom is one of the few centers along with Yao Ming in the NBA regularly assigned to shoot free throws after technical fouls.

Centers are among the leaders in blocks and rebounds and are said to "anchor" defenses. It is common for centers to roam the paint, and therefore block a high numbers of shots, especially when their man does not have the ball.

The tallest player to ever be drafted in the NBA was the 7'8" (2.33 m) Yasutaka Okayama from Japan, though he never played in the NBA. The tallest players to ever play in the NBA, at 7'7" (2.31 m) are centers Gheorghe Mureşan and Manute Bol. Standing at 7'2" (2.18 m), Margo Dydek is the tallest player to have ever played in the WNBA.

History of the center position

Emergence of the Center

The center is considered a necessary component for a successful team, especially in professional leagues such as the NBA. Great centers have been the foundation for most of the dynasties in both the NBA and NCAA. The 6’10" (2.08 m) George Mikan pioneered the Center position, shattering the widely-held perception that tall players could not develop the agility and coordination to play basketball well, and ushering in the role of the dominant big man. He led DePaul University to the NIT title, then, after turning professional, won seven National Basketball League, Basketball Association of America and NBA Championships in his ten year career (1946–56), nine of them with the Minneapolis Lakers. Using his height to dominate opposing players, Mikan invented the hook shot and the shot block; as a consequence, the NCAA, and later NBA, adopted the goaltending rule, and, in 1951, the NBA widened the foul lane, a decision known as the 'Mikan rule.'

1960s: The era of Bill Russell and Wilt Chamberlain

In the 1960s, Bill Russell and Wilt Chamberlain further transformed basketball by combining height with a greater level of athleticism than previous centers. Following the retirement of George Mikan, the rivalry of the two big men came to dominate the NBA. Between the two of them, Chamberlain and Russell won nine of the eleven MVP awards in the twelve-year period between 1958 and 1969; played against one another in six Eastern Conference Finals and two NBA Finals between 1959 and 1969. Many of the records set by these two players have endured today. Most notably, Chamberlain and Russell hold the top eighteen season averages for rebounds.

Bill Russell led the University of San Francisco to two consecutive NCAA Championships (1955, 56). He joined the Boston Celtics and helped make them one of the greatest dynasties in NBA history, winning eleven championships over his thirteen-year career (1956–69) as well as five MVP awards. Russell revolutionized defensive strategy with his shot-blocking, rebounding and physical man-to-man defense. While he was never the focal point of the Celtics offense, much of the team's scoring came when Russell grabbed defensive rebounds and initiated fast breaks with precision outlet passes, primarily to point guard Bob Cousy. As the NBA's first African-American superstar, Russell struggled throughout his career with the racism he encountered from fans in Boston, particularly after the 1966–67 season, when he became the first African-American in any major sport to be named player-coach.

His principal rival, Wilt Chamberlain, listed at 7'1" (2.15 m), 275 pounds (124 kg), lacked Russell's supporting cast. Chamberlain played college ball for the Kansas Jayhawks, leading them to the 1957 title game against the North Carolina Tar Heels. Although the Jayhawks lost by one point in triple overtime, Chamberlain was named the tournament's Most Outstanding Player. Briefly a member of the Harlem Globetrotters before joining the Philadelphia Warriors of the NBA in 1959, Chamberlain won two Championships, in 1967 with the Philadelphia 76ers and 1972 with the Los Angeles Lakers, although his teams were repeatedly defeated by the Celtics in the Eastern Conference and NBA Finals. He also won seven scoring titles, eleven rebounding titles, and four regular season Most Valuable Player awards, including the distinction, in 1960, of being the first rookie to receive the award. Taller and stronger than any player of his era, he was usually capable of scoring and rebounding at will. Although he was the target of constant double- and triple-teaming, as well as fouling tactics designed to take advantage of his poor free-throw shooting, he set a number of records that have never been broken. Most notably, Chamberlain is the only player in NBA history to average more than 50 points in a season and score 100 points in a single game (both in 1961–62 as a member of the Philadelphia Warriors). He also holds the NBA's all-time records for rebounding average (27.2), rebounds in a single game (55), and career rebounds (23,924).

A lesser-known center of the era was Nate Thurmond, who initially played the forward position opposite Wilt Chamberlain for the San Francisco Warriors but moved to center after Chamberlain was traded to the new Philadelphia franchise. Although he never won a Championship, Thurmond was known as the best screen setter in the league, and his averages of 21.3 and 22.0 rebounds per game in 1966–67 and 1967–68, are exceeded only by Chamberlain and Russell.

Centers in the 1970s and 1980s

In contrast to the Celtics dynasty of the 1960s, the 1970s were a decade of parity in the NBA, with eight different champions and no back-to-back winners. At the college level, the UCLA Bruins, under Coach John Wooden, built the greatest dynasty in NCAA basketball history, winning seven consecutive titles between 1967 and 1973. UCLA had already won two consecutive titles in 1964 and 1965 with teams that pressed and emphasized guard play. After not winning in 1966, Wooden's teams changed their style when Lew Alcindor became eligible. He led UCLA to three championships-in 1967, 68' and 69'-while winning the first Naismith College Player of the Year Award. During his college career, the NCAA enacted a ban on dunking primarily because of Alcindor's dominant use of the shot. His entrance into the NBA with the Milwaukee Bucks in 1969 was timely, as Bill Russell had just retired and Wilt Chamberlain was 33 years old and increasingly plagued by injuries. After leading the Bucks to the 1971 NBA championship, teamed up with legendary Point guard Oscar Robertson, Alcindor, who had converted to Islam, changed his name to Kareem Abdul-Jabbar. In 1975, Abdul-Jabbar was traded to the Los Angeles Lakers, and, after the arrival of Point guard Magic Johnson in 1980, formed part of a new Lakers dynasty that won five NBA titles (1980, 82', 85', 87', 88'). In addition, Abdul-Jabbar won six regular-season MVP awards (1971, '72, '74, '76, '77, '80). At 7'2" (2.18 m), 235 pounds (106 kg), he lacked the strength of Chamberlain in his prime, but had a longer wingspan and ultimately proved more durable, adhering to a strict physical-fitness regime that enabled him to play for twenty years, the longest career in NBA history at the time. Offensively, he was best known for his trademark 'Skyhook' hook-shot, almost impossible to block because of his height and wingspan. His career record of 38,387 points has yet to be broken. Defensively, the 1973–4 season was the first in which the number of blocked shots were kept, and, over the next seven years, Kareem led the league in this statistic or finished second.

Another product of John Wooden's UCLA program, Bill Walton, appeared poised to join the ranks of great centers. He led UCLA to back-to-back NCAA titles in 1972 and 1973, led the Portland Trail Blazers to the NBA championship in 1977, and won the NBA MVP the following year. However, his career was plagued with injuries, most infamously a broken bone in his left foot suffered during his MVP season that he never fully recovered from, and he spent most of the following decade on the bench, although he eventually did win a second NBA title as a backup for the Boston Celtics in 1986, when he received the Sixth Man Award. Willis Reed won two championship with the New York Knicks in 1970 and 1973, teamed with Point guard Walt Frazier; although undersized for the center position at 6'9", he had the strength to play inside, was a highly-skilled jump shooter, and was effective at setting picks, a key element in the Knicks motion-oriented offense. The undersized but scrappy Dave Cowens, drafted at the recommendation of Bill Russell, helped the Boston Celtics win two more NBA titles, in 1974 and 1976.

Leading centers of the late 1970s and early 1980s include Wes Unseld of the Baltimore/Washington Bullets, Artis Gilmore of the ABA Kentucky Colonels, Chicago Bulls and San Antonio Spurs; Moses Malone of the Houston Rockets and Philadelphia 76ers; Mark Eaton of the Utah Jazz and Robert Parish of the Boston Celtics, who was acquired from the Golden State Warriors in 1980 for the top overall pick in the NBA Draft. Unseld led the Bullets to four NBA finals appearances and one championship, in 1978. Using his strength and determination to compensate for his lack of size (6'7", i.e. 2.00 m), he was famous for his rebounding, shotblocking, and bone-jarring picks. Artis Gilmore, often overlooked because of the mediocrity of his teams, established himself as the best low-post scorer in the league. He set the NCAA Division I record for career average in rebounds (25.2) at tiny Jacksonville University, and enjoyed an illustrious ABA career before joining the NBA's Chicago Bulls in 1976, playing there until he was traded to San Antonio in 1982, for whom he played until his retirement in 1987. He remains the NBA's career leader in field goal percentage (minimum 2000 shots made) with a 59.9 percentage. Malone, the first high school player to turn professional, was drafted by the Houston Rockets after several years in the ABA, and won two MVP Awards and led Houston to its first NBA Finals in 1981, before joining the Philadelphia 76ers, where, teamed with Julius Erving and Bobby Jones, he won an NBA Championship in 1983, as well as a third League MVP. Never a dominant defender, his quickness and tenacity made him one of the best rebounders in NBA history, particularly on the offensive end; he led the league in rebounds six times in a seven-year period and still holds the NBA record for offensive rebounds.

In the mid-1980s, the 7'4" (2.23 m) Eaton was the most prolific shot-blocker in the league, and, although never a major offensive contributor, won two NBA Defensive Player of the Year Awards while helping transform the lowly Utah Jazz into a playoff contender. Of all these players, none enjoyed the success of Robert Parish, who, with forwards Larry Bird and Kevin McHale, formed the legendary frontcourt of the Boston Celtics team that won three titles (1981, 1984 and 1986). The Celtics' fierce rivalry with the Lakers dominated the NBA during the decade and helped basketball reach an unprecedented level of popularity. Nicknamed "Chief" after a character in the film ''One Flew Over the Cuckoo's Nest'' because of his stoic demeanor, Parish was known for his trademark arching jump-shot—leading many experts to consider him the best medium-range shooting center of all time—and his ability to finish fast-breaks with his surprising speed. Playing until the age of 43, Parish broke Abdul-Jabbar's record for career games played.

Centers in the 1990s

Coach John Thompson, once a seldom-used backup to Bill Russell with the Celtics, developed the Georgetown Hoyas into a chief pipeline for talent at the Center position, producing a succession of great defensive big men in Patrick Ewing, Dikembe Mutombo and Alonzo Mourning. In 1984, Georgetown, led by Patrick Ewing, defeated the University of Houston, led by Hakeem Olajuwon, to win the NCAA championship. This matchup involved the two premier Centers of their generation.

The Nigerian-born Olajuwon, a former soccer goalkeeper who did not play basketball until age 15, was drafted by the Houston Rockets and paired with power forward Ralph Sampson in what was dubbed the 'Twin Towers' duo. In his second season, 1985–86, the Rockets upset the Lakers in the Western Conference finals. After Michael Jordan's first retirement, Olajuwon established himself as the NBA's most dominant player, leading the Rockets to two consecutive NBA championships in 1994 and 1995. In the 1993–94 season he became the only player in NBA history to win the NBA's Most Valuable Player (MVP), Defensive Player of the Year, and Finals MVP awards in the same season. In both Finals, Olajuwon outplayed two of the league's leading Centers, Patrick Ewing of the New York Knicks and the Orlando Magic's young Shaquille O'Neal. Defensively Olajuwon broke Abdul-Jabbar's career record for blocked shots. Offensively, he was best known for his 'Dream Shake,' a series of fakes and spin moves regarded as the pinnacle of big man footwork.

Ewing, from Jamaica by way of the Boston area, was drafted by the New York Knicks in 1985, with whom he spent fifteen of his seventeen seasons in the NBA. An eleven-time All Star, Ewing was one of the best shooting centers in NBA history, possessing a nearly unstoppable baseline jump-shot, as well as a formidable shot blocker and rebounder. Ewing never won an NBA championship, but his Knicks represented the most formidable opponents of the Michael Jordan-led Chicago Bulls dynasty in the Eastern Conference playoffs. Ewing's successor as the starting center at Georgetown, Dikembe Mutombo, who played most of his NBA career with the Denver Nuggets and Atlanta Hawks, was less adept offensively, but proved an even more dominant defender. Mutombo, who had not played basketball before arriving in the U.S. from his native Zaire on a USAID scholarship, was among the greatest shot blockers in NBA history, leading the NBA in blocked-shots five consecutive years, in the course of a career in which he ranked second in the history of the league in blocked shots, behind only Hakeem Olajuwon. He was also the recipient of four NBA Defensive Player of the Year Awards, tied for the record with Ben Wallace.

The other dominant center of the early 1990s was David Robinson. Playing college ball at the United States Naval Academy, his entry into the NBA was delayed by his military service, but he unanimously won the Rookie of the Year Award in 1990 and, in 1995, was voted the MVP. Offensively, Robinson excelled in fast-breaks, running the floor like no 7-footer (2.13 m and above) before or since, while also possessing an effective left-hand jumper. Defensively, his speed and agility helped him hold the distinction of being the only player in NBA history to rank among the top five in rebounds, blocks and steals in a single season.

Several European centers made an impact in the NBA in the 1990s, most notably Lithuanian Arvydas Sabonis of the Portland Trail Blazers, Serbian Vlade Divac of the Los Angeles Lakers and Sacramento Kings and Dutchman Rik Smits. In keeping with its more perimeter-oriented style of play, European basketball strategy utilized centers as playmakers more than in the NBA, and Divac and Sabonis in particular distinguished themselves as the best passing centers in the league. The 7'3" (2.20 m) Sabonis, who led the Soviet Union to an upset victory over the U.S. en route to a gold medal at the 1988 Olympics, was considered by many experts to have been among the best centers in the world in the late 1980s, but did not enter the NBA until he was well past his prime and limited by injuries. He nonetheless played seven solid seasons in Portland before returning to his homeland to finish his career. In his next-to-last season, during which he turned 39, he earned MVP honors in both of the initial two phases of the 2003–04 Euroleague with the club of his youth, Žalgiris.

The 1992 NBA Draft marked the entrance into the league of Shaquille O'Neal, who was drafted by the Orlando Magic. Immediately drawing comparisons to Wilt Chamberlain, the 7'1" (2.15 m), 325-pound (147 kg) O'Neal was billed as potentially the most physically dominating player ever and he quickly lived up to the hype. By his third season, he led the league in scoring and led the Magic to the NBA Finals, where they were swept by the Houston Rockets, with O'Neal out-played by the more experienced Olajuwon. After the 1995–96 season, he signed with the rebuilding Los Angeles Lakers. Former Georgetown center Alonzo Mourning, also drafted in 1992, established himself as a premier big man with the Charlotte Hornets and, later, the Miami Heat, winning two Defensive Player of the Year Awards thanks to his prolific shot blocking while also proving a reliable scoring threat.

Centers in the 21st century

The balance of power shifted to the Western Conference, and the NBA was dominated by the Los Angeles Lakers, who won titles in 2000, '01, '02, '09, and '10, and the San Antonio Spurs, who won in '03, '05, and '07. The Lakers hired former Bulls coach Phil Jackson, and Shaquille O'Neal thrived in Jackson's triangle offense. The San Antonio Spurs were initially led by the 'Twin Towers' tandem of center David Robinson and power forward Tim Duncan. With the arrival of Duncan, the veteran Robinson modified his game by playing primarily in the high post to accommodate Duncan's strengths as a low-post scorer and defender.

In the 1990s, an increasing number of smaller forwards, most notably Dennis Rodman and Charles Barkley, excelled at the traditional Center functions of rebounding, shot-blocking and low-post defense, anticipating a trend towards relying on shorter and quicker post players that has continued into the 2000s, as exemplified by perennial Defensive Players of the Year Ben Wallace and Ron Artest. In the fast break oriented style of offense employed by a growing number of teams, the traditional role of the Center is diminished, if not done away with altogether. Many talented big men have elected to play the more versatile power forward position, giving them more room to run the floor and play outside the paint. The best example of this is Kevin Garnett, a 7-footer (2.13 m and above) who listed his height as 6'11" (2.10 m) in order to avoid playing Center. Under the influence of European basketball, the offensive role of big men has been redefined to include more emphasis on perimeter play, as exemplified by 3-point shooting big men like Dirk Nowitzki, Mehmet Okur, Andrea Bargnani and Channing Frye.

The 7'6" (2.28 m) Yao Ming was drafted by the Houston Rockets with tremendous hype in 2002; possessing unprecedented shooting touch and coordination for a player of his height, many experts predicted he would revolutionize basketball. Yao has proven a highly efficient rebounder and scorer, particularly with his mid-range jump shot, and shown the potential to be an elite defender. Another heralded young prospect, Dwight Howard of the Orlando Magic, has used his exceptional vertical leap to become one of the top rebounders in the NBA, while his spectacular slam dunks have made him a staple of highlight reels.

Dominant big men continue to anchor the teams that have had the most success in the post-season. Two of the last three teams to win championships have had notable centers: Detroit Pistons/Ben Wallace (2004) and Miami Heat/Shaquille O'Neal (2006). However, O'Neal's playing time has been increasingly limited by injuries, benefiting in the Heat's Championship run from the presence of another veteran, Alonzo Mourning, as his backup. Defensive specialist Ben Wallace, listed at 6'9" (2.05), is considered by most experts as a Power Forward playing out of position, although his strength, leaping ability and uncanny timing has enable him to dominate taller players in the low-post, helping him tie Dikembe Mutombo's record of four NBA Defensive Player of the Year Awards. The San Antonio Spurs have won 2 championships since the retirement of David Robinson, in 2005 and 2007, with Tim Duncan assuming an even greater share of the work as the primary rebounder, shot-blocker and low-post scorer, as well as taking most of the teams jump balls, although he continues to be listed primarily as a power forward. The entry into the NBA of Greg Oden, who won two national high school player of the year awards, led the Ohio State Buckeyes to the NCAA Finals, and is arguably the most physically skilled Center to come into the league since Dwight Howard, has caused many experts to predict a revival in the importance of the Center position.

Centers in women's basketball

In women's basketball, 7'0" (2.13 m) Iuliana Semenova pioneered the center position, helping the Soviet Union women's team win two Olympic Gold medals, in 1976 and 1980, and never losing a game in international competition. Semenova also led her club team, TTT Riga to fifteen European Champion's Cup titles. The 6'8" (2.03 m) Anne Donovan led the Old Dominion University Lady Monarchs to the 1979 Association for Intercollegiate Athletics for Women championship, and was the first female Naismith College Player of the Year recipient in 1983, before enjoying a successful professional career in Japan and Italy.

With the formation of the WNBA, Lisa Leslie established herself as the premier center, and the league's most popular player. The first WNBA player to reach the 3,000 point milestone, she led the Los Angeles Sparks to consecutive titles in 2001 and 2002, and holds the distinction of being the first player to dunk in a WNBA game. Other prominent centers in women's basketball include Australian Lauren Jackson of the Seattle Storm and Karl Malone's daughter Cheryl Ford of the Detroit Shock. Jackson can also be considered a forward-center because she is also a very good outside shooter, leading the WNBA in three-point shooting percentage in one season. Rebecca Lobo led the Connecticut Huskies to a NCAA Championship in 1995, but never recovered from a torn ACL and had a disappointing professional career. When at the University of Oklahoma, Courtney Paris was considered the next dominant female center after becoming the only NCAA player, male or female, to score 700 points, grab 500 rebounds and block 100 shots in a single season; however, she had a disappointing WNBA career and was waived before what would have been the start of her second season in 2010.

List of centers

See also

List of tallest players in National Basketball Association history

Notes

Further reading

Category:Basketball positions Category:Basketball terminology

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Name	Jérôme Kerviel
Birth date	January 11, 1977
Birth place	Pont-l'Abbé, Brittany, France
Known for	Rogue trader
Alma mater	Lumière University Lyon 2University of Nantes
Occupation	Trader, consultant
Nationality	France
Education	Master's degree in Finance
Employer	Société Générale (formerly)Lemaire Consultants (currently)
Home town	Pont-l'Abbé
Criminal charge	Abuse of confidenceillegal access to computers
Parents	Charles (deceased)Marie José
Spouse	(separated) }}

Jérôme Kerviel (; born 1977) is a French trader who has a pending appeal of his conviction in the January 2008 Société Générale trading loss incident for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion. Société Générale characterizes Kerviel as a rogue trader and claims Kerviel worked these trades alone, and without its authorization, assertions that have been met with skepticism from expert commentators and analysts alike. Kerviel had told investigators that such practices are widespread and that getting a profit makes the hierarchy turn a blind eye. Kerviel published a book in May 2010, ''L'engrenage: Mémoires d’un Trader'' (Downward spiral: Memoires of a Trader), in which he alleges that his superiors knew of his trading activities, and that the practice was very common.

Early life

Jérôme Kerviel grew up in Pont-l'Abbé, Brittany. His mother, Marie-Josée, is a retired hairdresser and his father, Charles, who died in 2006, was a blacksmith. Kerviel has an older brother, Olivier. Kerviel is married, but he and his wife recently separated.

He graduated in 2000 from University Lumière Lyon 2 with a Master of Finance specializing in organization and control of financial markets. The university's financial program, which was initiated in the 1990s with the support of France's larger banks, was intended to prepare students for middle and back-office positions in the trading departments of financial institutions. Prior to that he received a bachelor's degree in Finance from the University of Nantes.

During an interview, one of his former lecturers at Lyon, Gisèle Reynaud, stated that "He was a student just like the others, a young man, and he didn't distinguish himself from the others." In 2001, at the suggestion of Thierry Mavic, the Mayor of Pont l'Abbé, Kerviel stood for a seat on the local council with the Union for a Popular Movement party but was not elected.

Société Générale

Kerviel joined the middle office of the bank Société Générale in the summer of 2000, working in its compliance department. In 2005 he was promoted to the bank's Delta One products team in Paris where he was a junior trader. Société Générale's Delta One business includes program trading, exchange-traded funds, swaps, index futures and quantitative trading. Christian Noyer, governor of the Bank of France, has described Kerviel as a "computer genius"; however, sources within Société Générale described Kerviel as "not a star". Kerviel earned a bonus of €60,000 on top of a €74,000 salary in 2006, considered modest in terms of the salaries paid to traders in the financial markets. He had hoped for a €600,000 bonus for 2007 and would have received at least half that amount.

Unauthorized trading

The bank states that Kerviel was assigned to arbitrage discrepancies between equity derivatives and cash equity prices, and "began creating the fictitious trades in late 2006 and early 2007, but that these transactions were relatively small. The fake trading increased in frequency, and in size".

Bank officials claim that throughout 2007, Kerviel had been trading profitably in anticipation of falling market prices; however, they have accused him of exceeding his authority to engage in unauthorized trades totaling as much as €49.9 billion, a figure far higher than the bank's total market capitalization. Bank officials claim that Kerviel tried to conceal the activity by creating losing trades intentionally so as to offset his early gains. According to the BBC, Kerviel generated in hidden profits at the beginning of 2008. His employers say they uncovered unauthorized trading traced to Kerviel on 2008. The bank then closed out these positions over three days of trading beginning 2008, a period after which the market experienced a large drop in equity indices, and losses attributed are estimated at ().

The bank claimed Kerviel "had taken massive fraudulent directional positions in 2007 and 2008 far beyond his limited authority" and that the trades involved European stock index futures. Though bank officials say Kerviel apparently worked alone, skeptics question how unauthorized trading of this magnitude could go unnoticed. Kerviel's unassuming background and position have heightened the skepticism that he worked alone. Some analysts suggest that unauthorised trading of this scale may have gone unnoticed initially due to the high volume in low-risk trades normally conducted by his department. The bank said that whenever the fake trades were questioned, Kerviel would describe it as a mistake then cancel the trade, after which he would replace that trade with another transaction using a different instrument to avoid detection. Kerviel's lawyers, Elisabeth Meyer and Christian Charrière-Bournazel, said that the bank's managers "brought the loss on themselves"; accused the bank's management of wanting to "raise a smokescreen to divert public attention from far more substantial losses in the last few months"; and said that Kerviel had made the bank a profit of US$2 billion as of 2007.

Managers for Société Générale have described some of the means Kerviel employed to avoid the bank's internal controls and escape detection. Its Executive Chairman Daniel Bouton describes the pattern as like "a mutating virus" in which hundreds of thousands of trades were hidden behind offsetting faked hedge trades. Officials say Kerviel was careful to close the trades in just two or three days, just before the trades' timed controls would trigger notice from the bank's internal control system, and Kerviel would then shift those older positions to newly initiated trades. City experts have expressed skepticism of the bank's account, saying that a pattern of closing out trades within the three day cycle alleged could not be accomplished given the immense sums involved.

Kerviel is not thought to have profited personally from the suspicious trades. Prosecutors say Kerviel has been cooperative with the investigation, and has told them his actions were also practiced by other traders in the company. Kerviel admits to exceeding his credit limits, but claims he was working to increase bank profits. He told authorities that the bank was happy with his previous year's performance, and was expecting to be paid a €300,000 bonus on a declared profit (approximately 0.5%) which illustrates the definition of "fair pay" in the French investment banks. Family members speaking out say the bank is using Kerviel as a scapegoat to excuse its recent heavy losses.

Legal repercussions

In answer to the rumors that Kerviel had fled Paris following the discovery of the unauthorised trading, on 2008 Kerviel's lawyer denied that he attempted to disappear and said he remained in Paris to face the accusations.

Also on 24 January 2008, Société Générale filed a lawsuit against "a 31-year-old person" for creating fraudulent documents, using forged documents and making attacks on an automated system, according to Clarisse Grillon, a spokeswoman for the Nanterre prosecutor. ''Le Figaro'' reported that in addition to the Société Générale lawsuit, a group of shareholders filed a lawsuit for fraud, breach of trust and forgery.

On the eve and afternoon of 25 January 2008, police raided the Paris headquarters of Société Générale and Kerviel's apartment in the western suburb of Neuilly-sur-Seine to seize his computer files. On 26 January 2008, the Paris prosecutors' office stated that Kerviel "is not on the run. He will be questioned at the appropriate time, as soon as the police have analysed documents provided by Société Générale." He was taken into police custody later that day.

Kerviel's initial 24-hour detention was extended to 48 hours while French law enforcement questioned him about possible accomplices. The investigation later widened to encompass his personal cell phone records, and to explore possible links to other individuals working at rival banks and private investment firms who may be involved. The police were investigating whether he worked alone, and whether any investors outside of Société Générale may have been tipped off in advance. Police were interested whether others were involved either in the trades themselves or received notice of the bank's impending sell-off before the details of the scandal were publicly disclosed.

Kerviel was formally charged on 2008 with abuse of confidence and illegal access to computers. He was released from custody a short time after. The charges filed carry a maximum three-year prison term. On 2008 investigating judges Renaud van Ruymbeke and Françoise Desset had rejected prosecutor Jean-Claude Marin's bid to charge Kerviel with the more serious crime of "attempted fraud" and refuse bail.

His trial began on 8 June 2010. On 2010, he was found guilty and sentenced to five years of prison, with two years suspended, full restitution of the $6.7 billion which was lost, and a permanent ban from working in financial services. Caroline Guillaumin, a spokes-woman for Société Générale, stated that the restitution was "symbolic", and that the bank had no expectation that the sum would be paid. Olivier Metzner, Kerviel's lawyer, described the sentence as "extraordinary" and said that Kerviel would appeal. Kerviel's sentence was suspended until his appeal is completed.

Lemaire Consultants

Since release, Kerviel has been hired by Lemaire Consultants & Associates, an information systems and computer security consulting firm.

See also

Nick Leeson

References

Category:University of Nantes alumni Category:University of Lyon alumni

External links

Excerpts of police questioning Online Fans Hail Finance's Che Guevara by Katie Allen, ''The Guardian'', 2009 Fritz-Morgenthal, S./ Rafeld, H: Breaking Down the Biggest Trading Fraud in the History of Banking, in: Risk Professional, , pp. 47–51.

Category:1977 births Category:Living people Category:People from Finistère Category:Rogue traders

ar:جيروم كرفييل br:Jérôme Kerviel de:Jérôme Kerviel es:Jérôme Kerviel fr:Jérôme Kerviel it:Jérôme Kerviel hu:Jérôme Kerviel nl:Jérôme Kerviel no:Jérôme Kerviel pl:Jérôme Kerviel sv:Jérôme Kerviel vi:Jérôme Kerviel zh:熱羅姆·凱維埃爾

name	Gerrit Rietveld
birth name	Gerrard Thomas Rietveld
birth date	June 24, 1888
birth place	Utrecht, Netherlands
death date	June 25, 1964
death place	Utrecht, Netherlands
resting place	Soestbergen CemeteryUtrecht, Netherlands
nationality	Dutch
known for	Red and Blue Chair (1917)Schröder House (1924)
occupation	Furniture designer, architect
footnotes	}}

Gerrit Thomas Rietveld (24 June 1888–25 June 1964) was a Dutch furniture designer and architect. One of the principal members of the Dutch artistic movement called De Stijl, Rietveld is famous for his Red and Blue Chair and for the Rietveld Schröder House, which is a UNESCO World Heritage Site.

Biography

Rietveld was born in Utrecht in 1888 as the son of a joiner. He left school at 11 to be apprenticed to his father and enrolled at night school before working as a draughtsman for C. J. Begeer, a jeweller in Utrecht, from 1906 to 1911. By the time he opened his own furniture workshop in 1917, Rietveld had taught himself drawing, painting and model-making. He afterwards set up in business as a cabinet-maker.

Rietveld designed his famous Red and Blue Chair in 1917. Hoping that much of his furniture would eventually be mass-produced rather than handcrafted, Rietveld aimed for simplicity in construction. In 1918, he started his own furniture factory, and changed the chair's colors after becoming influenced by the 'De Stijl' movement, of which he became a member in 1919, the same year in which he became an architect. The contacts that he made at De Stijl gave him the opportunity to exhibit abroad as well. In 1923, Walter Gropius invited Rietveld to exhibit at the Bauhaus. He designed his first building, the Rietveld Schröder House, in 1924, in close collaboration with the owner Truus Schröder-Schräder. Built in Utrecht on the Prins Hendriklaan 50, the house has a conventional ground floor, but is radical on the top floor, lacking fixed walls but instead relying on sliding walls to create and change living spaces. The design seems like a three-dimensional realization of a Mondrian painting. The house has been a UNESCO World Heritage Site since 2000.

Rietveld broke with 'De Stijl' in 1928 and became associated with a more functionalist style of architecture, known as either Nieuwe Zakelijkheid or Nieuwe Bouwen. The same year he joined the Congrès Internationaux d'Architecture Moderne. From the late 1920s he was concerned with social housing, inexpensive production methods, new materials, prefabrication and standardisation. In 1927 he was already experimenting with prefabricated concrete slabs, a very unusual material at that time. In the 1920s and 1930s, however, all his commissions came from private individuals, and it was not until the 1950s that he was able to put his progressive ideas about social housing into practice, in projects in Utrecht and Reeuwijk.

Rietveld designed the "Zig-Zag" chair in 1934 and started the design of the Van Gogh Museum in Amsterdam, which was finished after his death.

In 1951 Rietveld designed a retrospective exhibition about De Stijl which was held in Amsterdam, Venice and New York. Interest in his work revived as a result. In subsequent years he was given many prestigious commissions, including the Dutch pavilion for the Venice Biennale (1953), the art academies in Amsterdam and Arnhem, and the press room for the UNESCO building in Paris. Designed for the display of small sculptures at the Third International Sculpture Exhibition in Arnhem’s Sonsbeek Park in 1955, Rietveld's ‘Sonsbeek Pavilion’ was rebuilt with new materials at the Kröller-Müller Museum in 2010. In order to handle all these projects, in 1961 Rietveld set up a partnership with the architects Johan Van Dillen and J. Van Tricht. He built hundreds of homes, many of them in the city of Utrecht.

His work was neglected when rationalism came into vogue, but he later benefited from a revival of the style of the 1920s thirty years later.

Recognition

Rietveld had his first retrospective exhibition devoted to his architectural work at the Centraal Museum, Utrecht, in 1958. When the art academy in Amsterdam became part of the higher professional education system in 1968 and was given the status of an Academy for Fine Arts and Design, the name was changed to the Gerrit Rietveld Academy in honour of Rietveld. "Gerrit Rietveld: A Centenary Exhibition" at the Barry Friedman Gallery, New York, in 1988 was the first comprehensive presentation of the Dutch architect's original works ever held in the U.S. The highlight of a celebratory “Rietveld Year” in Utrecht, the exhibtion “Rietveld’s Universe” opened at the Centraal Museum and compared him and his work with famous contemporaries like Wright, Le Corbusier and Mies van der Rohe.

Gallery

References

External links

Rietveld at the Centraal Museum Utrecht

www.ModernFurnitureClassics.com Rietveld Bio

Great Buildings Online

Category:1888 births Category:1964 deaths Category:Dutch architects Category:Congrès International d'Architecture Moderne members Category:Furniture makers Category:Dutch architecture Category:De Stijl Category:People from Utrecht (city) Category:Dutch furniture designers Category:Dutch industrial designers Category:Dutch graphic designers

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