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U.S. markets recover from steep losses
PARIS, March 14 (UPI) -- Rogue French trader Jerome Kerviel said his supervisor at Societe Generale witnessed a large, fictitious transaction, a court summary of his statements said.
Kerviel, who is accused of losing $7.2 billion in unauthorized trades, said at least one bogus transaction was done form his boss's computer at the Paris bank.
The supervisor, Eric Cordelle, denied the claim, the International Herald Tribune reported Friday.
Cordelle said he didn't have the software on his computer that would have made the fraudulent trade possible.
Cordelle said he had seen Kerviel entering trades on computers of trainees and that he had confronted the trader after Eurex sent a memo to Societe Generale in October questioning 6,000 DAX index futures contracts valued at $1.56 billion.
Cordelle said he was unaware of the amount of the transaction. "I would have hit the ceiling," Cordelle said, noting the limit for the eight traders on his staff was roughly $200 million.
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