Societe Generale's $6bn 'Rogue' Trader Still Proclaims His Innocence

SocGen's alleged $6bn rogue trade, Jerome Kerviel, appears to be looking forward to his day in court (his trial starts on 8th June).

'I'm innocent', Kerviel told Bloomberg TV earlier this week, 'I want to prove to everyone that my superiors knew what I was doing and helped me do it to make money for the bank....My only objective was to make money for the bank'.

In the meantime, The Financial Times reports that SocGen's CEO Frederic Oudea came under fire at the bank's annual meeting Tuesday, as some investors believe that the bank should have a separate Chairman (Oudea currently undertakes both roles). The newspaper quotes Natacha Dimitrijevic from Hermes, who said: 'In the case of Societe Generale, the recent financial crisis as well as the specific history of the bank (for that read Jerome Kerviel) argue strongly in favour of strengthened governance, including that of a respected independent Chairman able to challenge the CEO when appropriate'.

Finally, Reuters reports that US federal investigators are 'examining possible improper leaks' in connection with the insider trading case against Galleon hedge fund founder Raj Rajaratnam. Lawyers acting for the hedgie have previously written to the authorities, drawing their attention to a 'pattern of unconstitutional conduct' by people working at both the SEC and The Justice Department which, it is claimed, threatens Rajaratnam's right to a fair trial.

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