THREE years ago, Jerome Kerviel, an options trader, lost French bank Societe Generale around 3.7billion.
The single most costly occurrence of rogue trading in history, the revelation wiped tens of billions of pounds off shares on the London Stock Exchange.
The bank said he had hidden his activities using “a scheme of elaborate fictitious transaction
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s.” According to Christian Noyer, governor of the Bank of France, Kerviel “breached five levels of controls” in the bank, and was “a genius of fraud”. Ironically, however, it is understood that the trader
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