‘A disloyal, dishonest, criminal cheat’ – bank boss denounces rogue trader
Jérôme Kerviel, the scoundrel trader accused of losing almost €5 billion, was denounced ~ means of a former boss as criminal, dishonest, disloyal and a cheat at his assay in Paris yesterday.
Christophe Mianné, head of Global Markets at Société Générale, the French bank, uttered that he was “extremely shocked” to hear Mr Kerviel claim that executives had turned a ignorant eye to his activities.
The junior trader, employed by SocGen towards eight years, faces charges of abuse of confidence, forgery and computer artifice. If found guilty, he faces up to five years in bridewell and a fine of €375,000 (£312,000).
He admits pique unauthorised positions totalling €50 billion, 400 times the official restraint for the entire desk on which he worked, but says that he did in the way that with the approval of his superiors.
When the positions were unwound, SocGen recorded a €4.9 billion defeat, 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 merchant had forged documents and lied to colleagues to cover his tracks.
“He was deceitful, disloyal, not transparent and a cheat,” Mr Mianné told the court, adding: “We put on’t have a sign up at the entrance to the commercial room which says ‘it is forbidden to cheat’, boundary that doesn’t mean you can do so.”
He described as “criminal” Mr Kerviel’s attitude during the weekend in January 2008 while he was denounced. “He refused to help the bank to be aware of what his exposure was and know what to do with his horrible position. He denied the reality. There were 40 people worn uncovered, facing one person who continued to lie to us.”
Mr Mianné added that the merchant had increased his positions the day before his activities were uncovered: “There was a wall in ~ rank of him and he drove straight into it. I would own had a heart attack if I’d known. I unfeignedly believe his superiors didn’t know what he was doing. We’re talking well-nigh 20 years of work which was wiped out.”
Mr Kerviel continued to insist that Eric Cordelle and Martial Rouyère, his parallel direction managers, were aware that he regularly broke the official ceiling. He uttered that his forged e-mails, fictitious documents and falsehoods in rejoinder to questions about his positions were designed to fool exterior accountants, not his superiors.
“I receive great difficulty believing that someone like Eric Cordelle, who has ten years of actual trial, believed my explanations. Eric Cordelle and Martial Rouyère had my positions, what one. showed I was over the limit, on their desks every sunrise.”