to be aware of the behaviour of the trader

Diving in a market Hall. In this second day of the hearing, the first witnesses came before the Court explaining the general operation of financial transactions and a market Hall. The goal: understand how Jérôme Kerviel was able to spray the speculation limits set by the Bank to commit EUR 49 billion (the deadline for the Delta One desk was EUR 125 million in total). The unwinding of its operations out of range will lead the General company to report a loss of 4.9 billion.

The atmosphere is studious, less power than the previous day. Jean-François Lepetit, the former President of the Council of financial markets and the Commission of stock market operations (ancestor of the financial markets authority), is the first to testify at the request of the General society. He calmly, explains in plain language, the functioning of a market Hall, the different operations that are permitted.

For him "we measure a good or a bad trader to its ability to be fair", he says because "the risk is the first in a room". Sometimes as "the limits are exceeded, but in this case, the transparency is always rigorous." However "exceeding limits is 10, 15." "50 billion, it is in the stratosphere," he said to Dominique Pauthe.

A free electron

Claire Dumas, Deputy Head of international operations at the time, reinforces the vision of a Jérôme Kerviel, free electron. "Identify fraudulent with a single click as it provides Me Metzner is possible." "He still had to define the query", i.e. to be aware of the behaviour of the trader. "Alerts were destined for different people in the Bank and they were analysed as payment incidents," said Claire Dumas.

Asked about its activities, the trader speaks quickly, throughput chopped of more technical terms than others. "At the request of my hierarchy, it took great risks", accuses while admitting that the desk had a limit of 125 million commitment. But "the management had knowledge in real time overruns." "To the extent where I had never of comments, I continued", he said. As "the Bank disabled exceedances control" in the computers of the traders, barking Jérôme Kerviel.

"Totally stupid".

The President him noted that many emails, make, on the contrary, State of exceedances. "Mails are in fact addressed across the desk, they are not preference and each must give answers on its portfolio", says ex-trader, sure of him. "In April 2007, the management knew that I realized fictional operations." "They simply asked me to solve the problem", he resumed. President he also knows the record and does not want to leave it impose. The bites is tense, without any concession. "Do you see that the exceedances of 30 or 50 billion were in your mandate" asked. Probably not." "Ah... certainly not", said Jérôme Kerviel justifying is: "my goals and I wanted to make money in the Bank" repeat, and adds, "it was completely stupid, I agree," says. He also acknowledged "entered fictitious operations" to artificially adjust its positions.

"The techniques, the system, I do I not invented them." "I saw them practice by others", he said, repeating what he said during the investigation. But "I have increased my results over two years of 1700, it was impossible that anyone not noticing, it was not conceivable in remaining within the limits". But "why not nothing saying anyone" wonder Dominique Pauthe.

The former Director of the Bank financing and investment of the Société Générale (CIB), Jean-Pierre Mustier still does not understand nor. Only member of the Executive Committee at the time of the facts to testify at the bar, his soft voice contrasts with his words: "Jérôme Kerviel, you have lied all the time." You took between 50 and 100 times the risks that Société Générale took at the time, it is inhuman and inconsistent. This could not be for the good of the Bank as it asserts. "This me revolt", he concludes.

He considers taking its responsibilities by leaving office in 2009, after having helped the Bank to the actions of the trader. What has passed in 2007, it it is not digested: "Jerome Kerviel is not Robin Hood." It will remain the trader who lost the most money in the world. "And then he returns to the young man:"Forgive you one day Jerome Kerviel" .