Rogue Trader Kerviel Is ‘Afraid’ of Going to Prison Over SocGen Trading Loss

Discussion in 'Wall St. News' started by ASusilovic, Feb 6, 2009.

  1. Feb. 6 (Bloomberg) -- Jerome Kerviel, blamed by Societe Generale SA for a 4.9 billion euro ($6.3 billion) trading loss, said in a radio interview that he is “afraid” of going to jail.

    Kerviel gave the interview to RTL radio as two Paris judges prepare a report that could lead to a trial on charges that he violated his duty to the bank and hacked into its computers.

    “Clearly, I’m afraid,” Kerviel said, according to a transcript of the interview that was scheduled to be aired today. “I know prison, I know what it is, I’ve done 35 days there, it’s not nice.”

    The 32-year-old former trader, described by Societe Generale Chairman Daniel Bouton when the loss was disclosed on Jan. 24, 2008, as a “fraudster” and “terrorist,” has since inspired a fan club, T-shirts and even a comic book. In the interview, he reiterated his claims that his superiors knew about his conduct.

    “Sure I hold part of the responsibility, I did dumb things, I know that,” he said. “But all those stupid things I could only have done because the bank let me do them and encouraged me to do them.”

    It´s not nice. It´s what you deserve !:mad: :mad: :mad:
  2. TraDaToR


    In an interview from "Le monde"( translation) I read this morning:

    "A good day was 40000, 50000 Euros. I sometimes made 1 million days"

    Yep, remember that - 4.9 B day too?
  3. euclid


    What's an escape goat?
  4. Before your ass makes fun of other people for being dumb , why don't you use the right words when you speak otherwise you look like the asshole- there is no ESCAPE GOAT. Why don't you look under the term scapegoat in the dictionary. Before you blast others for not knowing shit about trading, you moron, say it with us SCAPEGOAT.
  5. euclid


    I think he knew that. It's a wind up.
  6. euclid


    OK. Looked like classic trolling to me. (Say something dumb, call everybody else dumb, wait for flame war to ensue.)

    Back to the topic. There may be other guilty parties, some even more to blame than him, but that doesn't make him innocent.
  7. Even though the thread started with a tirade:) I agree with Kilo, they knew what he was doing, I dont think with a watchful eye of compliance you can do that with out help or someone's knowledge. If he goes to jail is supervisors should as well
  8. Kilobyte, you must be that idiot GermanTrader reborn as Kilobyte. Have you got nothing better to do than talk shit on elite trader. Its early Feb 2009 and you already have over 50 posts.

    Get a fucking life.
  9. euclid


    Wasn't this guy trying to hide his activities? He knew he was making unauthorised trades, so he was putting his own head on the guillotine. He has admitted his own guilt. That's not in question.

    The question is who decided to ignore all the warnings about Kerviel's activities and why aren't they going to jail too.
  10. No his statement is that his supervisor did know of his trading and encouraged it due to the profits.

    Kilobyte may be trolling, but he is right. You don't just get to make such bets without someone knowing. Maybe once, not for months & years.
    #10     Feb 6, 2009