French President Nicolas Sarkozy called the recent events at Societe Generale a "large-scale internal fraud." Societe Generale chairman Daniel Bouton said the fraud was a "one-off" and denied it was a trading or risk-management failure.
The Wall Street Journal on Jan. 25 reported that Jerome Kerviel, the Societe Generale equity derivatives trader accused of perpetrating the EUR4.9 billion fraud, "worked late into the night, essentially burrowing into Societe Generale's computers, as he allegedly built a multilayered way to hide his trades by hacking into the computer systems.
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