French SG bank lets trader Kerviel speculate with $60bn against DAX stock market, ignored German warnings
Now Playing: Le proces Kerviel a confronte la finance a elle-meme
Topic: Politics
SG Société Générale
$1.5 trillion in assets http://en.wikipedia.org/wiki/Société_Générale
Opinion International view
2007 Trader KERVIEL created 1.5bn Euro ( $2bn ) trading profit for SG, the accountant took it in the books of the Bank SG, so the Bank knew very well about it. [wikipedia: compare: estimated SG revenue 2009: €21bn , operating income €116 million ] you should know about 1.5 billion Euros ???
Eurex Frankfort Germany sends warning letters to SG France
German newspapers mention that SG societe generale was warned by the German "SEC" Eurex Frankfort in several letters addressed to single persons at SG and SG Departments about the enormous speculations from SG against the German leitindex DAX. So who wanted to profit in the background scene from this actions ? Why was no reaction to the warning letters from SG ?
SG Societe Generale represented by laywer Jean Veil, son of Simon Veil
KERVIEL's virtual business shows buying 5% of Deutsche Bank
Hard to believe that SG managment CEOs did not see this virtual business, buying 5% of one of it's main competitiors Deutsch Bank [ DB holding $2.2 tn assets ]
SG wants €5bn cash back from KERVIEL
SG wants the €5bn loss back from KERVIEL ? He made never a substantial Bonus as trader at SG. Anyway SG should reduce the €5bn - €1.5bn profit 2007 = €3.5 bn.
Rogue trader blames the bank for €5bn loss
He (KERVIEL) admitted, at one point, that he had invented a rugby-mad British client called "Matt" to explain his huge, initially successful, bets on the downward movement of the European share market in 2007
On the other hand, the real defendant in the trial has often seemed to be not Mr Kerviel, but his bank, Société Générale. Mr Kerviel's principal lawyer, Olivier Metzner, has produced a string of witnesses and exhibits to suggest that France's second biggest bank let speculation thrive in the run-up to the subprime crash of 2008.
Bank records produced last week showed that Mr Kerviel's internal bank "treasury" was sometimes billions of euros over his official trading limit. "None of my superiors asked questions," the young man told the court. "They could see exactly what was in the treasury of each trader."
http://www.independent.co.uk
Conspiracy say German Newspapers
What would happened to the profits, if KERVIELS €50bn speculation against German values would have worked and which group would have cashed in ? The term conspiracy is obvious.
French SME (PME) enterprises can not even cover material releases by french banks to execute customer orders, no wonder if you can speculate against the market, but to create the market economy, France is in Worldcup soccer dilemma, no way out with no change.
Le procès de Jérôme Kerviel
Le desk "Delta One", où travaillait Jérôme Kerviel,
a en effet laissé une image inquiétante dans les témoignages.
a confirmé les charges pesant sur l'ancien trader de la Société générale mais a fourni une image troublante des salles de marchés, univers peuplé d'hommes surmenés où les contrôles semblent faibles au regard de risques gigantesques en jeu.
source: fr.news.yahoo.com
Related:
Posted by solarlife
at 7:47 AM EDT
Updated: Saturday, 26 June 2010 12:33 PM EDT
FIFA has punished soccer federations before.
Supporters cried "Villepin, president" as the new centre right Republique Solidaire was launched in Paris in front of 3,000 supporters. France's former premier Dominique de Villepin established a new political party on Saturday, the "Republique solidaire" (United Republic), a first step toward challenging his long-time rival Nicolas Sarkozy for the presidency in 2012.
