Bank turned blind eye, claims rogue trader

Accused French rogue trader Jerome Kerviel told police his Societe Generale bosses must have been aware of his massive risk-taking on markets but turned a blind eye as long as he earned money, a judicial official said tonight.

The bank, which said last week that Kerviel’s actions cost it nearly €4.9bn, quickly accused him of lying. In another twist to the case, France’s financial markets authority opened an investigation into the bank, France’s second-largest.