Ex-SocGen trader begins defence against sentence in €4.9-bn loss
05 Jun 2012
Ex-trader Jerome Kerviel began his defence against a three-year prison sentence for his role in France's biggest rogue trading scandal, arguing he was not responsible for a €4.9 billion loss at banking group Societe Generale.
Kerviel showed little emotion during his court appearance as he vigorously hit back at SocGen over the 2010 conviction that held him responsible for massive, risky bets that came to light in 2008.
According to the 35-year-old trader, his superiors were fully aware of what he was doing.
SocGen denies any hand in the trades.
"I am not responsible for this loss ... I always behaved according to rules set by my superiors," Kerviel said in court in Paris.
Analysts say it remains to be seen whether the magistrates would once again exonerate the bank of any responsibility for Kerviel's massive trading positions, which led to a loss of its reputation and forced it to raise capital.
.webp)
