In explanation improbable fake emails Jerome Kerviel told Wednesday, the 7th day of his trial how he had circumvented the controls that, throughout 2007, were astonished abnormalities detected in its operations. "Whether it's stupid, stupid, I grant you that (…) but I was in a spiral … it was a boulevard, has once again justified the former trader of bank Societe Generale , 33, held from June 8 to have caused a loss of 4.9 billion euros in early 2008.
At the beginning of his interrogation by the 11th President of the Chamber of Criminal Court, Dominique Pauthe, he again acknowledged entering fictitious transactions to mask its real commitments on financial markets. From March 2007, his political views began to represent an enormous amount to nearly 50 billion euros in early 2008, when the "fraud" was discovered.Before the denouement, the former trader had experienced a difficult first half of 2007, with a loss "latent" has exceeded two billion euros in mid-year before a market downturn that had enabled him to garner a , 4 billion. But earnings for such losses, he was hiding, because the amounts were too huge. And lie to justify its positions. "Difference method", "input error", forgery mails alleged "counter" …
According to him, cut short questions Oversight Services was easy, since they seem to have believed in the justifications "not credible second quarter. "But in late 2007, you could stop (…) you were sure of you," asked the president. "At the time, yes, definitely wrong," said Jerome Kerviel repeated that his superiors condoned its strategy of "trading"."It's like holding a dog leash and let go ten yards of rope," he added. Which "bone to pick?" Questioned Dominique Pauthe. "The result for the bank," replied Jerome Kerviel.
As he has said many times since the start of his trial, the former trader, who faces five years in prison and 375,000 euro fine, said he acted to "save up money to bank ". The hearing began with a skirmish between lawyers for the defense had asked for a copy of computer hard drives immediate superiors of Jerome Kerviel."I understand that the defense of Jerome Kerviel want to show the weakness of control," said Jean Veil, a lawyer for Societe Generale.
The court, he added, has to judge this not from weakness, but of "crimes" charged against Jerome Kerviel, namely breach of trust, forgery and using false and fraudulent introduction of data into a computer system. "Jerome Kerviel was not paid to ensure that the controls worked well," joked the lawyer. "I want full transparency," replied Mr. Olivier Metzner, a lawyer for Kerviel. But "in this case, curiosity seems to disturb the civil plaintiff," he said.
In July 2008, the Banking Commission had reprimanded and fined four million euros at Societe Generale for "serious flaws in the system of internal control".A half-dozen supervisors of Jérôme Kerviel had also been dismissed or had submitted their resignations after this unprecedented case.