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Article: The rogue rebuttal; Societe Generale.(Mr Kerviel speaks out)
- Article from:
- The Economist (US)
- Article date:
- February 9, 2008
CopyrightCOPYRIGHT 2008 Economist Newspaper Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Kerviel, looking out onto a world looking at him
Not only Jerome Kerviel is pointing an accusing finger at the French bank
DAY by day the French have been watching the unfolding saga at Societe Generale with a mix of horror and intrigue. This week has brought several twists to the tale of how a single trader, Jerome Kerviel, whose desk was only authorised to take positions of up to euro125m ($183m), could have lost the bank euro4.9 billion. Each leaves managers at the French bank looking even more negligent.
On February 4th Christine Lagarde, the French finance minister, published her hastily produced report into the affair. Two elements stand ...