Jerome Kerviel faces testimonies of his ex-colleagues from Societe Generale by Zuzana Zelenakova

Societe Generale is one of the most prominent finance services companies in Europe, however its reputation has been seriously undermined back in 2008 when the bank lost 4.9 billion euros due to alleged fraudulent activities of trader Jerome Kerviel. The situation in the markets in 2007 and at the beginning of 2008 was quite stormy and series of fraudulent transactions got out of control easily. Now, two and a half year after the scandal, that was considered the biggest fraud in history, the case has gone to trial. On Thursday, 33-year-old Kerviel faced testimonies from his former colleaugues, while at the same time he tried to show that the bank managers were aware of his ! multi billion euro stock gambles. Jean-Pierre Mustier, former head of the bank´s investment division in which Jerome Kerviel worked called him a liar who took risks that “no bank in the world could take.” "I still don't understand why Jerome Kerviel did it ... and he has never said sorry," said Mustier in the court. "How can he say he did it for the good of Societe Generale, to earn it money? He is lying, like he has always lied." In response, Kerviel only repeated that his bosses encouraged him to take risks and pretended to see nothing as long as there was money coming out of it. One of his former colleagues that testified at the court, Salim Nemouchi, said that Kerviel “put in danger” the bank by making trades “for atmospheric amounts”. "I can't explain his actions. I am disappointed by his behaviour," he said. "All traders have limits they must respect." Kerviel admitted exceeding limits regularly, but he said it was a common pra! ctice. If he is convicted, Kerviel will face up to five years ! in jail and a fine of 375,000 euros.

related story (sgx17552): http://www.france24.com/en/20100610-paris-france-societe-gen...

by Zuzana Zelenakova for Cantell TV (http://cantell.tv)

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