01/27/2008
Societe Generale detailed Sunday how a young trader evaded all its controls to bet some euro50 billion _ more than the French bank's market worth _ on European markets, saying he hacked computers and used other "fraudulent methods" to cover his tracks, causing billions in losses.
The bank says the trader, Jerome Kerviel, did not appear to have profited personally from the transactions and seemingly worked alone _ a version of events reiterated Sunday by Jean-Pierre Mustier, chief executive of the bank's corporate and investment banking arm.
But, in a conference call with reporters, Mustier added: "I cannot guarantee to you 100 percent that there was no complicity."
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