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Jerome Kerviel Has A Really Good Excuse For Why He Lost Soc-Gen €4.9 billion

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Naturally it involves sucking dick for coke. I'm kidding! Though an admitted prostie, Kerviel is not that kind of whore.

Kerviel, 33, has broken a long silence with an autobiography and two newspaper interviews in which he says that his €4.9bn losses in rogue trades in 2006-07 should be blamed on a world banking industry "disconnected from reality". At his trial, which is due to begin in Paris on 8 June, Kerviel and his lawyers evidently intend to cite the sub-prime crisis and the global financial meltdown of the past two years as the case for the defence. Kerviel also appealed yesterday for other bank employees to break their omert and testify on the "irresponsible" culture which prevailed at his own bank, Societe Generale - and the whole industry.

In his book to be published next week, L'engrenage ("The Vicious Spiral"), Kerviel accepts that he enthusiastically plunged into the culture of the trading floor and that he ignored the official limits placed on his speculative trades. But he says that he rapidly became just "a number" and "a creature without any real identity". He says that he was "broken by the machine" and treated as a "prostitute" in the "great banking orgy."

In an interview yesterday with Le Journal du Dimanche, Kerviel said that the bank accepted - and even tacitly encouraged - massive risk-taking, so long as a trader was making profits. "I lived in a world completely disconnected from reality and in many ways irresponsible. The only concern was to make the most possible money in the shortest possible time," he said.

Rogue trader: 'I was only a prostitute in great banking orgy' [NZH via BI]


Court Awards Jerome Kerviel 0.007991228% Of Damages He Demanded From Société Générale

The look on SocGen's face as a judge berated the bank for axing Kerviel probably made up for it.