KERVIEL USED AS A ‘PAWN’ BY SOC GEN
JEROME Kerviel, the notorious ‘rogue trader’ who racked up huge losses at Societe Generale, was described as a ‘pawn’ by his lawyers yesterday at the start of the long-awaited trial in Paris.
The 33-year-old former trader, pictured above, described his job at SocGen as ‘extreme’ and physically tiring as he spoke in a barely audible voice to the judge. He told the courtroom he worked from 7am until 10pm with only a brief break to eat a sandwich at his desk.
SocGen has said he was betting more than the bank itself was worth. It liquidated his trades in 2008, leading to a £4bn loss at the bank.
Kerviel is accused of breach of trust, computer abuse and forgery and faces up to five years in jail and a massive fine. But in France he is seen as a scapegoat by many, who argue that his high-risk behaviour was endorsed by those far higher up the tree.
His lawyer, Olivier Metzner, said: ‘We hope that there will be transparency, that the truth will not be obstructed by Societe Generale, like it has been for two years. Kerviel had been used as a pawn for profit and then thrown away.’