Rogue trader 'did not act alone'
Sunday 25 May 2008
Société Générale's rogue trader, Jérôme Kerviel, is said to have used at least three techniques across more than 1,000 different transactions in his attempt to hide his positions in the €4.9bn (£3.9bn) losses discovered earlier this year.
The 69-page report into Mr Kerviel's alleged fraud, which was published in Paris on Friday, also claims that the bank's traders and their superiors regularly broke the rules as part of a free-wheeling culture in its derivatives arm. The business was once one of the most highly regarded in the world.
The report, which is made up of three separate reviews, suggests that Mr Kerviel did not act alone and that there were suspicions of internal collusion involving a middle-office assistant who was working with the trader.
Mr Kerviel is said to have taken unauthorised trading positions of up to €50bn before he was unmasked in January. Two of his superiors, his immediate manager, Eric Cordelle, and the head of the bank's Delta One derivatives trading desk, Martial Rouyere, were dismissed by SocGen because of failings in their supervision after the report was published.
According to the report, Mr Kerviel was involved in taking "massive directional positions, which he hid". It highlights a total of around 1,000 cases in which the trader was involved in "the entry and then cancellation of fictitious transactions, concealing market risks and the latent earnings from unauthorised directional positions".
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