Societe Generale versus Jerome Kerviel by Claudia Sonea

Money can’t bring happiness and those who believe otherwise are in for a big surprise. Jerome Kerviel, single futures trader at the French bank Societe Generale, cheated his employer of €4.9 billion so that he leads a high life, but the consequences are serious and he now has to pay more than he thought. In 2008 was the fatidic moment when the bank made public the fraud committed by a trader orchestrating a series of fake transactions. The name of the trader was not disclosed from the beginning, but the Police’s investigation led the press directly to the guilty trader: Jerome Kerviel. He! would have been the author of the largest banking fraud in the history, if it wasn’t for Bernard Madoff. According to Kerviel surpassing trading limits and registering false transactions is a common practice and his superiors were aware of his doings, but they didn’t take any measures as the profits were high. He even wrote a book in which he claims firmly that the bank’s bosses were up to date with the fake transactions and that he only did his job, in the bank’s interest. Prosecutors are reluctant in believing his story and after two years of gathering evidence against him, they finally managed to take him to court asking for a four years in prison sentence under the charge of: breach of trust, false data, evasion, etc. The bank also shared its side of the story justifying the lack of control with the fact that it was impossible to notice Kerviel’s bogus trades as the false da! ta covered them. If convicted, the rogue trader will get five ! years of jail and a fine of over 350000 euros. What will happen? Don’t go away, more to come…

by Claudia Sonea for Cantell TV (http://cantell.tv)

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