Reported by: Darius Champion, special correspondent to Project Counsel and Gregory P. Bufithis, founder and chairman of Project Counsel
23 June 2010 — We have had the good fortune these last two weeks to be following the Société Générale/Jérôme Kerviel trial in Paris at the Chambre Criminelle de la Cour which is the criminal court hearing the case. We have been following the case since last September.
Daniel Bouton, former chairman and chief executive of Société Générale (SocGen), who eventually resigned after criticism of his handling of the trading scandal, testified yesterday. He was the last witness to appear before the "summing up". Bouton lashed out at Kerviel in court and repeated his mantra of Kerviel being an "evil genius." He insisted that none of Kerviel‘s supervisors were aware of his trades. He acknowledged there had been failures in SocGen‘s risk control system but said Kerviel‘s ingenuity would have cracked any mechanism.
The trial will end this Friday. Kerviel risks five years in jail and paying 375,000 euros in fines if found guilty.
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