“I will not be the scapegoat!”
J'accuse! Oh, yeah?
The junior French trader responsible for bringing
his bank to its knees when he bet €5 billion on a falling stock market
broke his silence yesterday to claim that he had got “a little carried away” as he lost touch
with financial
reality.
Jérôme Kerviel, 31, accepted that he had made mistakes but said that he had been turned into a scapegoat by Société Générale, his employer.
“I assume my share of responsibility, but I will not be the Société Générale’s scapegoat…”
He has told investigators that the bank knew and approved of his unauthorised bets and that other traders had engaged in similar practices. Dressed in jeans and a white checked shirt, and speaking in a quiet and uncertain voice, he said: “I never had personal ambition in this affair. The aim was to earn money for the bank.”
The bank, the French government, are falling over each other to reassure everyone the banking system is solid.
Meanwhile, a teller - a teller, for crying out loud - in another bank owned by Société Générale - has been busted for lifting $3.2 million!
On the management side, the mumbling about HSBC buying all or part of Société Générale gets stronger every day. Due diligence should take months.
Jérôme Kerviel, 31, accepted that he had made mistakes but said that he had been turned into a scapegoat by Société Générale, his employer.
“I assume my share of responsibility, but I will not be the Société Générale’s scapegoat…”
He has told investigators that the bank knew and approved of his unauthorised bets and that other traders had engaged in similar practices. Dressed in jeans and a white checked shirt, and speaking in a quiet and uncertain voice, he said: “I never had personal ambition in this affair. The aim was to earn money for the bank.”
The bank, the French government, are falling over each other to reassure everyone the banking system is solid.
Meanwhile, a teller - a teller, for crying out loud - in another bank owned by Société Générale - has been busted for lifting $3.2 million!
On the management side, the mumbling about HSBC buying all or part of Société Générale gets stronger every day. Due diligence should take months.
Posted: Wed - February 6, 2008 at 10:53 AM