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Kerviel bid to question SocGen chairman denied Add to ...

Jérôme Kerviel, blamed by Société Générale SA for its record €4.9-billion ($7.9-billion) trading loss, was denied permission by investigators to question the bank's chairman Daniel Bouton, lawyers said yesterday. The judges leading the investigation decided a meeting between the two wouldn't add anything new to their understanding of how the trading loss occurred or when the bank's leadership discovered that Mr. Kerviel had been taking unauthorized positions, the lawyers said. "It's the first time that the judges declared clearly that, in light of statements by Mr. Kerviel, they consider that the hierarchy was not informed of the fraudulent positions," said Jean Veil, a lawyer representing the bank. GLE (Paris) fell 37 euro cents to €31.99 ($51.73).

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