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| French Bank Details $7.2 Bln Fraud |
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[ 作者: 加入时间:2008-01-28 16:26:09 来自:
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French bank Societe Generale on Sunday detailed the tricks that trader Jerome Kerviel allegedly employed in the 7-billion-U.S. dollar fraud, saying he hacked computers and used previous work experience of monitoring traders for the wrongdoing.
Societe Generale said Kerviel did not appear to have profited personally from the transactions and had very likely worked lone in the fraud.
The bank said Kerviel misappropriated other people's computer access codes, falsified documents and employed other methods to cover his tracks.
It said that the 31-year-old trader had previously worked for years in other offices at the bank that monitor traders, and such experience might have helped him evade supervision.
Kerviel used the bank's money to build massive positions in futures contracts tied to the performance of baskets of stocks traded on exchanges in London, Paris, Frankfurt and other European markets, according to a five-page statement released by the Societe Generale.
As those bets greatly exceeded the amount of capital he was allowed to put at risk, Kerviel entered fictitious and offsetting trades in Societe Generale's computer system that appeared to minimize the odds of big losses, the bank said.
The trades were purposely chosen to avoid detection because they did not require cash contributions or be subject to margin calls, which would require putting up more money if the fictitious bet soured, it said.
The bank said Kerviel betted 30 billion euros (44.12 billion U.S. dollars) on the Eurostoxx index, 18 billion euros (26.47 billion dollars) on the DAX in Germany and 2 billion euros (2.94 billion dollars) on the FTSE in London.
Total value of those positions, or some 73.5 billion dollars, has far exceeded Societe Generale's market capitalization of around 52.6 billion dollars.
In the meantime, officials said Kerviel, in custody since Saturday, was cooperating with police that were seeking truth about what could be the biggest trading fraud by a single person in history.
The questioning was going very well and the investigation by the financial police was extremely fruitful, said Jean-Michel Aldebert, head of the financial section of the Paris prosecutor's office.
Aldebert added that the answers Kerviel provided suggested he was psychologically fit.
Kerviel's lawyers, however, said the accusations of wrongdoing against him were being used to hide losses from U.S. mortgage investments by the bank.
They said Kerviel didn't take any profit for himself and the suspicion on him allowed the bank to hide considerable losses it made on subprimes.
The astonishing fraud and massive losses might make Societe Generale, France's second-largest bank, vulnerable to hostile bids, analysts warned. The bank now has to raise 5.5 billion euros (7.7 billion dollars) in emergency capital to shore up its ravaged balance sheet. |
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