RobertB
January 29th, 2008, 07:16 PM
French rogue trader says his bosses knew
Tue Jan 29, 2:26 PM ET
PARIS - The trader accused of causing about $7 billion in losses at Societe Generale told investigators that he believes his bosses were aware of his massive risk-taking on markets but turned a blind eye as long as he earned money, a judicial official said Tuesday.
Societe Generale, which said last week that Kerviel's actions cost it nearly 5 billion euros, quickly accused Kerviel of lying. In another twist to the multifaceted case, France's financial markets authority opened an investigation into the bank, France's second-largest.
Kerviel, a 31-year-old junior trader, told investigators of efforts to mask his massive transactions, but said the bank must nonetheless have noticed something suspicious, according to excerpts of his police testimony published in Le Monde newspaper. Kerviel's remarks were confirmed by Isabelle Montagne, a spokeswoman for the Paris prosecutor's office.
http://news.yahoo.com/s/ap/20080129/ap_on_bi_ge/france_societe_generale;_ylt=AqgG8BglzfoKkejJmacSi aKs0NUE
Tue Jan 29, 2:26 PM ET
PARIS - The trader accused of causing about $7 billion in losses at Societe Generale told investigators that he believes his bosses were aware of his massive risk-taking on markets but turned a blind eye as long as he earned money, a judicial official said Tuesday.
Societe Generale, which said last week that Kerviel's actions cost it nearly 5 billion euros, quickly accused Kerviel of lying. In another twist to the multifaceted case, France's financial markets authority opened an investigation into the bank, France's second-largest.
Kerviel, a 31-year-old junior trader, told investigators of efforts to mask his massive transactions, but said the bank must nonetheless have noticed something suspicious, according to excerpts of his police testimony published in Le Monde newspaper. Kerviel's remarks were confirmed by Isabelle Montagne, a spokeswoman for the Paris prosecutor's office.
http://news.yahoo.com/s/ap/20080129/ap_on_bi_ge/france_societe_generale;_ylt=AqgG8BglzfoKkejJmacSi aKs0NUE