Rogue trader Kerviel fooled me, says ex-boss

* Kerviel was convincing in cover-up – ex-boss

* Not enough resources, time to monitor traders effectively

By Thierry Leveque

PARIS, June 21 (BestGrowthStock) – Former Societe Generale (SOGN.PA: )
trader Jerome Kerviel used convincing lies to mask his risky,
unauthorised bets, an ex-boss told a Paris court on Monday.

The 33-year-old Kerviel, whom SocGen blamed for a 4.9
billion-euro ($6.07 billion) trading loss in 2008, made bets
without bosses knowing, former supervisor Eric Cordelle added.

“Jerome was always able to come up with reasons, convincing
explanations. He lied from start to finish and every time he
said something, it was believable,” Cordelle told the court in
the Palais de Justice as Kerviel’s trial enters its final week.

Although Kerviel has never denied his unauthorised bets that
reached an estimated 50 billion euros, he has insisted his
superiors knew what he was doing. SocGen has argued Keviel acted
alone and egregiously and should be punished. [ID:nLDE6570ON]

Kerviel risks five years in prison and a 375,000 euro fine
if found guilty of charges of breach of trust, computer abuse
and forgery. The trial is set to run until June 25.

Cordelle, who lost his job after the scandal broke in early
2008, was appointed head of the trading desk where Kerviel
worked in 2007.

He admitted to the court he did not really understand the
inner workings of the desk and therefore could not monitor it

“I didn’t have the resources or the knowledge to do it. I
didn’t necessarily understand the trader lingo,” he said, adding
that the workload was so heavy there was no time to stop over a
single anomaly.

Cordelle is appealing against his dismissal by SocGen in an
employment tribunal, he told the court, citing “a lack of
resources and training” at the bank.

Former SocGen chief Daniel Bouton is due to appear as a
witness on Tuesday. Bouton quit in 2009 after attracting heavy
criticism of his leadership and handling of the Kerviel affair.

For more stories on the trial see [ID:nLDE6570ON]

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($1=.8076 Euro)
(Writing by Lionel Laurent; Editing by Michael Shields))

Rogue trader Kerviel fooled me, says ex-boss