A crime of the century or an attempt of Societe Generale to conceal its losses?
As Jean-Michel Aldeber, Chief of the Financial Crimes Division of the Parisian Public Prosecutor’s Office, informed the French mass-media, on Saturday, January 26, 2008, Mr.Jerome Kerviel, the trader, whom the management of Societe Generale had accused of causing damage to the total sum of в‚¬4.9 billion, unexpectedly surrendered to the police and expressed his readiness to cooperate with the investigatory powers.
The trader faces four charges, including breach of trust and fraud.
However, his lawyers insist that their client is innocent. According to them, the bank accuses the trader to conceal its losses caused by the mortgage crisis. Mr.Kerviel himself also underlined that he sought no benefits for himself.
Since the trader’s unlawful actions became known to the public, the stocks of Societe Generale have been constantly loosing their value at the stock-exchange.