At trial Kerviel, Daniel Bouton recounts his strange dreams
June 22, 2010 – 2:10 pm5:12 p.m. For 20 minutes this are the lawyers for shareholders who have succeeded at the helm. They ask how Societe Generale could compensate its shareholders. Button, "unfortunately," says he can not do anything because it "is not responsible for everything, and certainly not that." As his doctors told him when he was very ill, "you are not responsible for the crisis of Lehman, the banking crisis in the U.S. and now the Greek crisis". It can "reassure" all goes well today SG welcomes Daniel Bouton. Moreover, the former CEO denies developed excessive activity at BFI his arrival at the head of the bank.
5:04 p.m.: Kerviel did not meet the wishes of Button. Prosecutors asked him if two and half years after the fraud he is determined to make excuses. He does not refuse them openly but willfully fails to do so."Of course I recognize mistakes, encouraged by my superiors" Kerviel replied. "50 billion euros you did not lose your cool slice the prosecutor.
16h50: Button gets to tell his nights. In a strange dream Kerviel admits that he lied, and admitted that no member of the hierarchy has not pushed to defraud. And in this dream, Kerviel explained why he did it. He explained to the tens of thousands of employees of Societe Generale, who also are entitled to answers … A question remains: is it that there is a case where Kerviel's positions had been winning? For Button, of course not. The bank relies on the confidence that gave him his staff. The former CEO even tried a little humor. With 1.4 billion won, "the bank might be able to save the souls of young débousselés in trading rooms.But even when Button recognizes the tip of Kerviel's talent, and even a "capacity for concealment quite exceptional". With sympathy and physical, it was impossible to be suspicious, finds the former boss of the SG.
4:49 p.m.: Kerviel is questioned in turn. "For three weeks, I admit my mistakes," he says without flinching. But he did not budge: "It is impossible that nobody has been running." He added "J'e have not exceeded my mandate as my superiors were happy when I was making money." "Do you realize the impact of this fraud," the president asked. "I am conscious of having made mistakes, answers Kerviel. To have done something that could be serious. "Who is serious, violent response the president. Kerviel wilt. He feels he has blundered. He acknowledged then that it was "completely stupid".But "stupid" does not mean that what he did was invisible, he adds.
4:38 p.m.: And on the control system, asks the President? For Daniel Bouton, Societe Generale has spent time on the market risk itself. But it is true that there were weaknesses in the system control operational risk. "Despite everything, the first errors of the Societe Generale is to have hired someone whose psychological profile has led to the situation that we know," says he … For him, "fraud is an inherent part of the bank. This job is a job for money. Some people are more easily pushed to fraud.
4:32 p.m.: The Chairman asked how the former CEO of Societe Generale may explain that the bank has itself given rise to the system that allowed the fraud. Button replied: "The genius of the scam was to invent an activity completely outside the mandate.This is not the job of a bank to speculate on stock indexes either upward or downward. Kerviel has created a fraudulent company within the bank. The principle of this job is that the positions should be covered at night. Arbitration is an activity in which the risk is very low. "
4:26 p.m.: The president begins his questioning. "What behavior Kerviel he brought discredit on the Societe Generale?". Button replied: "The credit of the SG might be completely engaged, vis a vis its competitors, markets and customers." The atmosphere is more laughter in all cases.The debate is very serious.
16.25: The combination of weaknesses described below, "operated by a man who perfectly understood the shortcomings of this review led to the fraud that we know," said Button, which concludes: "I am convinced that Societe Generale could not be aware of what happened. " For Button, the motive for the fraud is obvious: Kerviel did it because he hoped to get a substantial bonus. For cons, the former CEO still did not understand the behavior of the fraudster in the last days. The controls are close to him. "With his right hand, he continues to increase its holdings potentially fatal for his employer, and the left hand, it responds to call from his employer," said Button. His speech is well run … There is no white.
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