Société Générale may face a US inquiry on its handling of the rogue trader scandal that cost the company €4.9bn ($7.2bn). The US Securities and Exchange Commission wants to see if the French bank violated US laws in the way it unwound its position after it was dropped in a hole by rogue derivatives trader Jérôme Kerviel. …
New hearing on Friday...
One magistrate want's him inside during the investigation, and he should be going in front of the beak tomorrow...
Probably will not go anywhere as he has answered all questions and requests... plus the fact that in loosing 4 odd billion euros, he actually had engaged over 50 billion euros... and I do have a problem with the bank not knowing where enough cash to purchase several medium sized african nations was...
In France, the papers are reporting that the bank's position was "do what you like, legit or not as long as it makes cash. But don't get caught".
"Kerviel appears to have acted alone in sinking his employers into a huge hole."
I don't know anyone who still believes this, and haven't since about two days since the story broke. I understand that journalists don't have the freedom we do to call nonsense nonsense without proof, but in sentences like "dropped in a hole by rogue derivatives trader Jérôme Kerviel", a "supposedly" here and there wouldn't go amiss.
They are trying to make a scapegoat out of him and he isn't having any of it. I think, from all reports, if he goes down, he intends to take everyone else down with him.
BTW, rumours of overbooked Air France first class seats on flights to obscure countries/destinations are greatly exaggerated !! Many will be slumming it in business class !!
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