"I'm not responsible," insists Kerviel

Jerome Kerviel.

"I feel that I am not responsible for the loss and charges against me, I always acted knowingly my superiors." The line of defense of the former trader Jerome Kerviel has not changed since his conviction for a record loss of nearly five billion euros at Societe Generale in 2008. And that's what motivated him to appeal the conviction in 2010 by the Criminal Court to five years in prison and three farm damages colossal 4.9 billion. He is alleged to have made in 2007 and 2008, without a warrant and without the knowledge of his superiors, speculative positions outsized markets at risk, sometimes reaching tens of billions, and have foiled controls with fictitious transactions, false entries and repeated lies.

Read The challenges of the new trial of Jerome Kerviel

At the opening of his appeal, Monday, June 4, the young man of 35 years, right at the microphone, in dark blue suit and white shirt open at the collar, said he was no occupation or income. One defendant, it is installed on a chair in the front row of the main courtroom of the 1st Division of the Court of Appeal. Behind him sits his new lawyer, David Koubbi, 39, came to the hearing with partner and employees.

Without procedural issue raised by either party, the debates are entered directly into the heart of the matter, the President bombing immediately Kerviel questions about its mandate and its limits trader, he is accused to be pulverized. A "code of ethics" and "tender procedures trading" any trader is required to sign upon arrival at Societe Generale, invited him to show "fair vis-à-vis the General Society and not harm its interests "," in good faith "," does not seek to make money by shifting the market, "ginned President. "To be very frank with you, I have not read it at the time," said Jerome Kerviel.

Read Minutes Kerviel, the offensive flash of the President


The hearing examined the first excesses of the trader, in 2005 and 2006, which were "winners" and had earned him a simple reprimand from his superiors. She also weighed down on the edge of risk that traders service in which Kerviel worked were allowed to take more than a day, collectively raised to € 125 million. The limit was exceeded frequently, but never beyond 200 million, noted the president of the court, Mireille Filippini, on the record. "Fifty billion, obviously, is an astronomical sum. Actually very risky and I would not have taken it," admitted the former trader, asked by a President who immediately sat his authority.

At the break, before the microphones and gathered outside the courtroom cameras Me Koubbi stated his belief that "a decision of acquittal" would be pronounced. Jean Veil, a lawyer for Societe Generale, had previously said "surprised by the media noise" of the appeals trial, so that there is "absolutely no new argument."

Young man without stories, from the Pont-Abbé, Kerviel has always admitted that he had lost touch with reality. But he always said that his only goal was to earn money in the bank and that his superiors condoned methods. At the first trial, his former leaders had all denied any knowledge of his actions. They should repeat their denial on appeal. The former CEO of the bank in particular, Daniel Bouton, is expected as a witness on June 21 The trial, scheduled to June 28, is released Tuesday and resumed Wednesday morning.

Read "Rogue trading" safeguards ineffective against the lack of regulation

Read Since the Kerviel affair, Societe Generale has modified all control devices

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