Kerviel claims Societe Generale have known about his trades by Ivana Bruderova

Jerome Kerviel accused for made illicit positions with loss of 4.9 billion euros to SocGen was questioned by police over the weekend. Kerviel confessed this financial operations since 2005, but according his statement it is impossible, SocGen did not know about it. At the end of the last year he cumulated profits about 1.4 billion euros. He knows he had never reached such a profits with only legal operations. "I cannot believe that my superiors did not realize the money I was committing (to the illicit trades). It was impossible to generate such profits with the small position," said Kerviel to police. To counterbalance too high profits he made fictions, loss-making operations, to not to draw attention to himself. Christian Noyer, governor of Bank of France designated Kerviel "genius of fraud" and computer genius" but he says the truth is much simple. "The techniques I used were not at all sophisticated. Any correctly installed system is capable to detecting these operations," he said. As he added all of this made for SocGen. For junior staffer a positions he can take are strictly limited. "Nobody had ever achieved that kind of profit before," said Kerviel. One of the things that could alert the managers was according him the fact in 2007 he had holidays only for four days. Everyone who doesn't want go to holidays is suspect, he doesn't want to leave his book to someone else. It is one of the first rules of internal controls in SocGen.

by Ivana Bruderova for PocketNews (http://pocketnews.tv)

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