China Closes Zoo Where Tiger Was Killed China has closed a zoo where a rare Siberian tiger was found beheaded and skinned last week and where seven tigers died in the last four years, state media reported.... Read Full Article World Business Briefing: Britain: G.E. Finance In Soccer Deal General Electric said that its commercial finance division has teamed up with Hermes Sports Partners, a sports finance advisory boutique in London, to help finance soccer club buyouts and other deals ... Read Full Article Constellation Profit Rises 26% On U.S. Wine Sales FAIRPORT, N.Y., April 5 (AP) ? Constellation Brands, the world’s biggest winemaker, said Thursday that its quarterly profit grew 26 percent as strong wine sales in the United States helped offset heig... Read Full Article Screening: Co-Pays Seen As A Deterrent To Getting Mammograms Twelve dollars may not seem like a high medical cost, but it is enough to deter many women from getting a mammogram, a new study finds.... Read Full Article Slipstream: First, Cure Malaria. Next, Global Warming. Using a technology that could save the lives of millions of the poor, Amyris Biotechnologies wants to create new biofuels that may help save the planet.... Read Full Article |
’Colleagues Watched’ Socgen Trader Jerome Kerviel BettingSociété Générale faces fresh embarrassment amid claims by Jérôme Kerviel, the rogue trader who lost €4.9 billion, that colleagues watched as he made unauthorised bets on European stock markets. Mr Kerviel said he used his managers computer to take positions of up to €600 million on occasions. His manager was present and looking over his shoulder as he did so, the trader told Renaud van Ruymbeke and Francoise Desset, the magistrates leading the inquiry Mr Kerviels comments appear to fly in the face of SocGens claims that he was a machiavellian genius who hid his activities from other staff. &&&§ionName=IndustrySectorsBankingFinance,mywindow,menubar=0,resizable=0,width=615,height=655); Related Links SocGen rogue trader seeks early release Second Societe Generale trader questioned New arrest in SocGen rogue trader inquiry Multimedia Full coverage of the SocGen scandalThey lend weight to his defence lawyers argument that he acted with the tacit approval of executives when he built up positions totalling €50 billion. The maximum authorised ceiling for the entire Delta One desk, where Mr Kerviel worked, was €125 million. He said he unwound unauthorised positions taken on his managers computer within a day or transferred them to his own computer and kept them without his manager knowing. Under questioning by Judge van Ruymbeke and Judge Desset, Mr Kerviel said he often instructed his assistant to type fictitious transactions into SocGens computer system. The assistant knew the figures were designed to hide unauthorised dealings, he said. His comments were read out in court on Friday, when the trader asked to be released from custody on bail. Prosecutors said they showed that Mr Kerviel, who faces charges of breach of trust, fabricating documents and illegally accessing computers, could concert with accomplices if freed. Paris Appeal Court will rule tomorrow on his bail application. Tag CloudExternal InformationAdditional InformationUS buyout groups back away from Amec bid...Group to make millions from Thames windfarm... Advertising: A Promotion to Sell Cars by ?Losing? the Keys... Cruise’s Studio Hires a Disney Executive... Where Am I?News Main Page - Business - ’Colleagues Watched’ Socgen Trader Jerome Kerviel Betting |
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