Societe Generale knew about exceeding the maximal limits
Accusated in fraud French bank employee Jerome Kerviel, told that he is victim of larger scheme, for which knew even directors of Societe Generale According to him, everything was fine, while the thing were OK, and he made money for the bank.
The employee is know investigated for financial frauds and treatments in very big meazurements. For him public prosecutors commented, that Jerome acted like "narcotic dependent from financial risk", when his biography is full with cases of crazy deals. Fast and sometimes mindless reactions of Jerome Kerviel, maybe are in the basic of big loss.
The employee told during investigation, that almost all bank investing specialist have exceed the maximal limits, puit from the bank. According to public prosecutors, the purpose of Kerviel has not been to redirect financial resources of the bank to his own account, but mostly to be the best trader and to get large bonuses. The main salary of this financial expert has not been more than 100 thousand EUR yearly. For 2007, the trader realised extremely good profit for the bank of nearly 1.35 billions EUR and got a bonus to his sallary of 250 thousand EUR. According to him, the pricatise to exceed the maximal limits, started in 2005, while the bank claims that this continue only an year.
Labels: Financial News
posted by Zoritza Petrova @ 2:13 AM
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