Kareem Serageldin
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Kareem Serageldin | |
|---|---|
| Born | 1973 (age 51–52) |
| Education | Yale University (1994) |
| Known for | The only banker in the United States to serve jail time as a result of the 2008 financial crisis |
Kareem Serageldin (/ˈsɛrəɡɛldɪn/) (born in 1973) is a former executive at Credit Suisse. He is notable for being the only banker in the United States to be sentenced to jail time as a result of the 2008 financial crisis, a conviction resulting from mismarking bond prices to hide losses.[1][2]
Serageldin was born in Cairo, Egypt to parents of modest means[according to whom?]. He spent some of his childhood in the Upper Peninsula of Michigan in the United States.[3][2] He graduated from Yale University in 1994.[4]
Career
Upon graduating in 1994, he joined the information technology department of Credit Suisse.[2] He moved to London 4 years later to work in the bank's catastrophe bonds business.[2][3] By age 33, he was named the global head of structured credit.[5] By 2007, he was supervising 70 employees and more than $50 billion in trading positions.[3] Despite earning approximately $7 million per year, Serageldin lived modestly; his apartment overlooking London Victoria station was described by his friends as "a grown-up dorm room".[2]
By early 2008, he was fired from Credit Suisse and was reported to the United States Attorney for the Southern District of New York for falsifying records.[2]