Jerome Kerviel, the former Societe Generale SA trader convicted for fraudulent transactions that resulted in a record loss at the French bank, has hit the road to draw attention to what he calls the tyranny of finance.
Former Societe Generale SA Chief Executive Officer Daniel Bouton said it was a mistake to call Jerome Kerviel a “terrorist,” while refusing to apologize for the remark when he testified at a Paris appeals court today.
Jerome Kerviel ’s 50 billion euros ($61 billion) in unauthorized trades were a “catastrophe” for Societe Generale SA , former chief executive officer Daniel Bouton told a Paris court yesterday. The trader said he’d made “moronic” mistakes that weren’t crimes.
Veolia Environnement SA board member Daniel Bouton wants to become non-executive Chairman of the world’s biggest water utility after it posted lower earnings, Le Journal du Dimanche reported without saying where it got the information.
A New Orleans federal judge lifted the six-month moratorium on deepwater drilling imposed by President Barack Obama following the largest oil spill in U.S. history. Drilling services shares jumped on the news.
In a locked room on the 33rd floor of Societe Generale SA’s 36-story headquarters in western Paris, members of the bank’s fraud control team peer at their computers, scrutinizing the trades being executed by dealers in eight trading rooms on the floors below.
Jerome Kerviel was sentenced to three years in prison and ordered to repay Societe Generale SA ’s 4.9 billion-euro ($6.8 billion) trading loss by a judge who said the former trader’s actions threatened the bank’s existence.