Rogue trader labelled a 'terrorist' by former boss
Published 23/06/2010 | 05:00
Former Societe Generale chief executive Daniel Bouton lashed out at rogue trader Jerome Kerviel in court yesterday, labelling his unauthorised risky bets "a catastrophe" that shattered trust at the bank.
Mr Bouton also said the sheer fear he felt at discovering Kerviel's "monstrous" unauthorised trading positions, which were blamed by SocGen for a €4.9bn trading loss in 2008, drove him to call the 33-year-old a "terrorist".
"It's a catastrophe, it's not an issue of losses or amounts. The trust that should exist between us is shattered," said Mr Bouton, who quit SocGen in 2009.
Mr Bouton said that no supervisor would have tolerated Kerviel's actions contrary to the argument put forward by the trader. The trial is set to run until Friday.