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Societe Generale Rogue Trader Begins Appeal Hearing (BBC)

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Jerome Kerviel, the former Societe Generale bank trader who lost 4.9 billion euros ($6.1 billion) in 2008 has begun his appeal against a forgery and breach of trust conviction. Kerviel claims his bosses knew about his 50-billion-euro trading position, but did not mind while he was making a profit. “I am not responsible for this loss and the acts I am accused of,” Kerviel said. “I always acted with the knowledge of my hierarchy.” Kerviel was ordered to repay the 4.9 billion euros , but the bank said it would not demand that all the money be returned. Societe Generale was fined 4 million euros by French regulators for failing in its internal risk management systems following the loss. The appeal is expected to last the month.

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