‘A disloyal, dishonest, criminal cheat’ – bank boss denounces rogue trader
Jérôme Kerviel, the vagrant trader accused of losing almost €5 billion, was denounced ~ the agency of a former boss as criminal, dishonest, disloyal and a cheat at his case in Paris yesterday.
Christophe Mianné, head of Global Markets at Société Générale, the French bank, declared that he was “extremely shocked” to hear Mr Kerviel claim that executives had turned a unenlightened eye to his activities.
The junior trader, employed by SocGen towards eight years, faces charges of abuse of confidence, forgery and computer guile. If found guilty, he faces up to five years in gaol and a fine of €375,000 (£312,000).
He admits seizure unauthorised positions totalling €50 billion, 400 times the official bourn for the entire desk on which he worked, but says that he did in the same state with the approval of his superiors.
When the positions were unwound, SocGen recorded a €4.9 billion overthrow, creating the biggest financial scandal in French history. Mr Mianné rejected claims that he had been convinced of Mr Kerviel’s stock market gambles, saying that the dealer had forged documents and lied to colleagues to cover his tracks.
“He was knavish, disloyal, not transparent and a cheat,” Mr Mianné told the court, adding: “We dress in’t have a sign up at the entrance to the trading room which says ‘it is forbidden to cheat’, except that doesn’t mean you can do so.”
He described since “criminal” Mr Kerviel’s attitude during the weekend in January 2008 when he was denounced. “He refused to help the bank to comprehend what his exposure was and know what to do with his terrible position. He denied the reality. There were 40 people worn extinguished, facing one person who continued to lie to us.”
Mr Mianné added that the shop-keeper had increased his positions the day before his activities were uncovered: “There was a wall in ef~ery of him and he drove straight into it. I would consider had a heart attack if I’d known. I honestly believe his superiors didn’t know what he was doing. We’re talking on the point 20 years of work which was wiped out.”
Mr Kerviel continued to insist that Eric Cordelle and Martial Rouyère, his short letter managers, were aware that he regularly broke the official ceiling. He said that his forged e-mails, fictitious documents and falsehoods in replication to questions about his positions were designed to fool exterior accountants, not his superiors.
“I gain great difficulty believing that someone like Eric Cordelle, who has ten years of continued, believed my explanations. Eric Cordelle and Martial Rouyère had my positions, that showed I was over the limit, on their desks every prime of day.”