For five days in early January, as European markets began to slide, Jerome Kerviel lied, stalled and used jargon to keep colleagues from discovering the phony bets that eventually brought him down and led Societe Generale SA to post a record trading loss.
One employee was so confused by Kerviel’s explanation about why his counterparty had such a high risk level that she didn’t pursue it, according to the bank’s internal probe published Feb 20. She was one of four people from the back, middle and risk-management offices who initially questioned Kerviel on eight forward trades beginning Jan. 2.
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