Written by rkcaughman
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Friday, 25 January 2008

image for Societe Generale's Jérôme Kerviel Gives His Side of the Story
Jerome Kerviel Addressing Reporters from His Car

Jérôme Kerviel, incensed for what he termed "over reactions" by Societe Generale, said "what I did while performing my fiduciary obligations were financial strategies that were approved prior to their implementation by my superiors at Societe Generale."

Kerviel, appearing with famed defense attorney Johnny Cochran who spoke on Kerviel's behalf briefly outlined some of those strategies. Cochran said "Jérôme invested the monies in a very solid manner. Those strategies obviously did not perform as well as we hoped they would but you can't blame a guy for a couple of things that stumbled."

Cochran was asked by reporters to provide more information and he had this to say. "Jérôme invested some fairly modest amounts with some Britain based bookies and certain Sicilian businessmen wagering that within a year the US invasion of Iraq would be a total success and all troops would be out of that county and the whole middle eastern region would be completely stable. He also bought some three billion shares of Enron Corporation because the shares were only a penny, and he thought they would emerge from oblivion."

Cochran conceded that perhaps Jérôme's biggest miscalculation was that Osama bin Laden would be captured.

A Societe Generale spokesperson speaking off the record said "Jérôme was sneaky. He like looked under the bank president's computer and got his password, then set the monitor's background to all black and then made all the icons black as well, and that in fact rendered his computer useless. Once he did that it was like that Ocean's Twelve movie, we were beaten." The Spokesperson said his replacement has already been found. Nick Leeson starts next Monday.

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