It may seem like a different world now, but it was about 8 years ago when panicked traders woke up to find a dramatic collapse in overnight futures, which forced the clueless Fed to cut rates by 0.75% on fears that the great selling had started. It hadn’t, at least not just yet, and a few hours later it was revealed that the plunge was the result of the action of one solitary “rogue” trader: Jerome Kerviel, who at that time worked for SocGen, Kerviel was later convicted of causing a record trading loss of €4.9 billion at the second largest French bank, Societe Generale.