Kerviel
Jerome Kerviel, the trader blamed by Societe Generale for heavy losses, had a trading deficit of 2.2 billion euros ($3.2 billion) as early as June last year, an adviser to his lawyer told Paris Match.
The French bank unveiled 4.9 billion euros of trading losses last month but has since said that Kerviel was 1.4 billion euros ahead at the end of December, a gain on which it has to pay tax.
However, a computer expert appointed by Kerviel’s lawyer says he had been showing steep losses much earlier in 2007.
Asked in an interview with weekly Paris Match if Kerviel had told him about the end-year gain, Jean-Raymond Lemaire said, “Of course cashadvance.com. He also told me about a 2.2 billion euro loss in June 2007. In his job, to win you have to be prepared to lose.”
Kerviel, 31, is currently being detained as part of a formal investigation into unauthorized trades.
Societe Generale says he acted alone, but Kerviel has told police the French bank must have known about his activities.
Societe Generale and Lemaire both declined comment.
Kerviel’s spokesman did not return calls seeking comment.
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