Weather Tonight: 3°c Partly Cloudy Night Morning: 6°c Cloudy

Business

French rogue trader blames 'addictive' dealing floor

17 Sep 2009


Jerome Kerviel, the trader blamed by Societe Generale for a €4.9 bilion (£4.3 billion) trading loss, has declared the dealing floor an addictive place and said traders would still take risky bets even if bonuses are curbed.

Speaking on French television last night, the 32-year-old said: "It's a job that makes you a bit crazy, an addict. They push you to take risks."

He repeated his allegation that management at the bank must have known about his trading activities, even though he admits exceeding trading limits and forging documents to conceal his actions.

"It is not possible to say that the things I did went without notice. Everything was tracked," he said. "I just did what other people at the bank were doing."

Two weeks ago a Paris court froze an order for Kerviel to stand trial on charges of abuse of trust, forgery and computer hacking, while officials review the investigators' curious refusal to seek additional outside experts to examine the bank's financial records.

Kerviel faces as long as five years in pricon and a €375,000 fine if he is found guilty.

Societe Generale claim he amassed €50 billion in unauthorised positions due to poor internal controls.

Reader views (0)

 Add your view

No comments have so far been submitted.


Add your comment

 

Terms and conditions Make text area bigger You have  characters left.

We welcome your opinions. This is a public forum. Libellous and abusive comments are not allowed. Please read our House Rules.

For information about privacy and cookies please read our Privacy Policy.


 

 

  • Dip in profits puts the skids under targets at Barclays Bob Diamond Barclays could miss its ambitious, medium-term profitability target, chief executive Bob Diamond has admitted, as the bank reported a 3%...
  • Greek bailout snag sends jitters through markets Greek protesters Stock markets wobbled and jittery investors are seeking safe havens, as struggling Greece was denied vital bailout funds by Europe's finance...
  • Chelsea tractor that is just electrifying... Tesla Environmentalists usually revile them for their gas-guzzling status, but this is one SUV that could become the Chelsea tractor of choice for...
  • Luxury brands set for a jubilee bonanza Stacey Cartwright approved London's luxury brands are gearing up for street parties and exhibitions to cash in on the Queen's Diamond Jubilee this June
  • Osborne's bank levy take is likely to miss £2.5bn target Barclays Chancellor George Osborne could miss his target of raising £2.5 billion a year through the UK bank levy after Barclays said it is paying a...
  • New inflation fear as oil spike raises industry costs Mervyn King A sudden spike in crude oil prices pushed up manufacturers' costs in January, giving the Bank of England a fresh inflation warning a day...
  • Tate & Lyle blames Europe as Thames refinery jobs go Tate & Lyle Refinery The American owner of the historic Tate & Lyle sugar refinery on the Thames at Silvertown is planning to shed staff because of new EU...
  • Domain firm on the dot with another £9m An AIM-listed firm that sells website addresses today raised a further £9 million from investors
  • CWC on the slide after message of poor progress in Panama Panama Cable & Wireless Communications saw its shares fall more than 8% after the emerging-markets telecoms firm warned its business in Panama "has...
  • NYSE Euronext profits slip amid slow trading Further evidence of just how sluggish the end of last year was for the financial sector has come with results from the NYSE Euronext stock exchange giant
  •  
    Market Roundup
    FRIDAY UPDATE

    Investec says Carnival is set to weather Concordia storm

    Four weeks to the day that the Costa Concordia ran aground off the coast of Italy, the ship's owner Carnival was sailing up on claims it is on course for a full recovery

    More