Bank reveals how rogue trader evaded controls

SOCIETE GENERALE detailed yesterday how a young trader evaded all its controls to bet some €50 billion — more than the French bank’s market worth — saying he hacked computers and used other “fraudulent methods” to cover his tracks, causing billions of dollars in losses.

The bank says the trader, Jerome Kerviel, did not appear to have profited personally from the transactions and seemingly worked alone — a version of events reiterated yesterday by Jean-Pierre Mustier, chief executive of the bank’s corporate and investment banking arm.

But, in a conference call with reporters, Mr Mustier added: “I cannot guarantee to you 100% that there was no complicity.”