Follow of inquiries of kerviel''s affair
The lawer of Jerome Kerviel accused the Bank panel to stay silencious. Futher inquiries are always lead by many persons. The panel who has being choosen according to a lawyer of Jerome Kerviel accused them of haven’t sufficiently look for in deeper in the management hierarchy.
Guillaume Selnet says that following the amount invest by his clients, will have done alterted the immediate Kerviel Superior. More of 75 internal controls are don’t functioned. Adding, that two letters adressed by the Frankfurt based derivatives exchange Eurex are been sent to the Société Générale in November 2007 which demand the explanations on the higher amount transactions of this trader seven month before.
It’s only in January 2008 that the position are been liquidate. A loss are constated, and what’s loss, 7 billions euros on the total worth of 50 billions euros invested, more of two-third of own-funds of the french Bank.
Nothing have being done by the superior of Kerviel, this chief of marketrooms knew all, but nobody have moved. It’s normaly the back office who realize the control on the transfert amount, also following the structure built by Jerome Kerviel the exchange balance revealed always the close position. But following the phone conversation between Kerviel and other person of Back Office, what is the part of implication and also what interest was own to each superior in this deals treathen by Kerviel.
The value of money isn’t a game of computer where the mathematical model can’t always create a system sufficiently real to win money.
In futher months will have placed the 27th May 2008 the annual shareholders meeting, the inquiries will be probably well-advanced and the decisions who will be took to the moment will be more close of the reality. We can hope it.