French rogue trader's boss faces sack

8th May 2008, Comments 0 comments

The boss of the Societe Generale trader is to be sacked for not spotting his illegal dealings, says report.

8 May 2008

PARIS - The boss of Jerome Kerviel, the trader charged in a multi-billion-euro scandal at Societe Generale bank, is to be sacked for not spotting the massive deals Kerviel was racking up, a report said Thursday.

Eric Cordelle, Kerviel's immediate superior, was told by bosses he will be let go because of his "professional inadequacy," Le Parisien newspaper said without citing sources.
Two more of Kerviel's superiors are also facing the sack, said the paper, which added that Cordelle's lawyer was taking the case to an industrial tribunal to plead unfair dismissal.
Societe Generale declined to comment when contacted by AFP.
The bank blames Kerviel for losses EUR 4.9 billion incurred after it was forced to unwind more than EUR 50 billion of unauthorised deals he is said to have made.
Kerviel turned himself in to police on 26 January, two days after the bank revealed the losses, and on 28 January was charged with breach of trust, fabricating documents and illegally accessing computers.
The 31-year-trader has maintained he acted alone but suggested his bosses knew he was dealing with huge sums of money and turned a blind eye as long as he was making a profit.

[AFP / ANP / Expatica]

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