Société Générale financial fraud case expecting verdict by Milota Sidorova

The affair exploding in one of the biggest French banks Société Générale, in past three weeks is increasing its measures. Jerome Kerviel, one of the bank traders was accused for money fraud and risky business that cost the bank up to 5 billion euros at that time. Kerviel, however was trading high – up to 50 billion euros. His former colleague Maxime Kahn said it was 10 times the total risk taken by SG's 2,500 traders and 25,000 times the average rist that a trader takes. The court is expecting the end on Friday, but before much more SG employees were to testify. Among them was currently ex-chairman and CEO Daniel Bouton who accused Keriel for his l! ies and asked him to reply “honest”. Keriel accepted he was trading risks were not allowed, but said his bosses were totally awared of it. Playing “ a blind eye” was acceptable manner as far as earnings were high, said Kerviel. So the whole situation between two men turned into mutual accusations.Bouton who was one of bank's founders suggested Kerviel has destroyed bank's reputation and downgraded its image. Bouton himself paid the price by resigning his current post. The step was under great pressure and forwarded even by president Nicolas Sarkozy. Bouton left the board in April 2009, just in time Kerviel began his risky trades and scandals over directors bonuses took place.Former trader now faces up to five years in prizon and a fine of 375,000 euros if pleaded guilty for submitting false information and statements into bank's system.

related story (sgx17669): ! http://w ww.france24.com/en/20100622-rogue-trader-jerome-kerv...

by Milota Sidorova for Cantell TV (http://cantell.tv)

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