Rogue trader Jerome Kerviel breaks silence over Societe Generale £3.7bn alleged fraud

Jerome Kerviel the rogue trader has breaks his silence over fraud, the alleged fraud that saw French bank Societe Generale lose £3.7bn. Kerviel, 31 admitted that he got carried away and said that he had been driven by personal ambition plus adding that the aim of the unauthorised transactions was in fact to make more money for his employers.

Jerome Kerviel did say that he has accepted his share of the responsibility for the losses but would not be made a scapegoat for Societe Generale.

Now the former futures trader is accused of gambling around billions or euros on the future direction of the stock market in a series of secret transactions. The attempts to unravel the deals by Societe Generale were blamed in part for the turmoil that hit markets in mud January worldwide.

Kerviel said: “I was designated (as solely responsible) by Societe Generale.”I accept my share of responsibility but I will not be made a scapegoat for Societe Generale.” Mr Kerviel said: “You lose your sense of the sums involved when you are in this kind of work.
Kerviel denied that he had been place under round the clock protection or that he was psychologically unstable, Kerviel was arrested and charged with breach of trust, unauthorised computer activity and forgery after these transactions came to light.

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