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French rogue trader blames 'addictive' dealing floor
17.09.09
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.
