Alleged Societe Generale "rogue trader" Jerome Kerviel took "stratospheric" risks that almost brought down the bank, an ex-colleague told a court. Mr Kerviel, 33, is blamed for losses of 4.9bn euros (then worth £4.3bn). He has been under investigation since SocGen unveiled the losses in 2008, which it said were caused by unauthorised deals carried out by him. On trial in Paris, he denies accusations of forgery, breach of trust and unauthorised computer use.
Salim Nemouchi, who worked on the SocGen trading desks, said Mr Kerviel put in danger the bank by making trades for stratospheric amounts. "I can't explain his actions. I am disappointed by his behaviour, Mr Nemouchi said. "All traders have limits they must respect." Mr Kerviel has always maintained the bank knew about the risky deals, but turned a blind eye to them. He admitted frequently passing trading limits and logging fake transactions to cover his gambles.
The above article was extracted from Skyline updates of Skyline College. Skyline College is amongst the top MBA and BBA institutes in Delhi, Gurgaon (NCR).
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