Bank report says rogue trader had accomplice

0 Comments | AFP, May, 2008

PARIS (AFP) — Accused Societe Generale rogue trader Jerome Kerviel almost certainly had an accomplice in the huge deals which the French bank says cost more than seven billion dollars, according to a scathing internal report released Friday.

Managers were "negligent" in their oversight of the 31-year-old junior trader, said the report which coincided with an equally damning appraisal of the bank's control mechanisms by auditors PriceWaterhouseCoopers (PWC).

"Several operations of a fraudulent nature by Jerome Kerviel were processed by this assistant trader," said the internal report, which spoke of an electronic message indicating the assistant knew of Kerviel's "fraudulent transactions."

The bank says it made the 4.9 billion euros (7.1 billion dollars) of...