Red with anger, Jean Veil, one of the lawyers of the General Society, jettisons its become too heavy robe and left the court to the Court of Appeal of Versailles. Facing him, David Koubbi, Kerviel’s advice, struggles to keep a low profile – not his style – but can not help slipping a final dig at opponents in the middle of his argument:
“He knows that I hit less hard on the missing.”
Curious epilogue as the appeal trial that pitted this week the former trader at the bank. After three days of breathless hearing, Advocate General Jean-Marie D’Huy requested the rejection of the application for damages to the tune of 4.9 billion euros made by Societe Generale. . A historic shift in that folder, open end of January 2008
In March 2014, the Court of Cassation confirmed the conviction of former trader to five years in prison – three firm – for breach of trust , forgery and use of forgery and fraud, but broke the fabulous slate claimed by the bank to its former employee, referring the parties before the Versailles Court of appeal to review the damage. The decision is expected on 23 September and expertise of real losses of the bank could be ordered.
“Asshole” and “delicious urbanity”
Mission of the court of appeal of Versailles promised delicate. In the Kerviel case, after eight years of proceedings, this little world hates cordially and enthusiastically played its role in this fight to death well scripted, but the unexpected outcome.
First skirmish on Wednesday morning at the opening of the hearing. Despite the reservations of the Bar of Paris, David Koubbi puts his threats and request to call as witnesses his three colleagues of the opposite party, Jean Veil, Jean Reinhart and François Martineau. A stab in the judicial world, which can rob – as witnesses – the SG of the board to attend many of the debates
Entrenched behind the secrecy -. And supported by Presidents of Paris and Versailles – the trio evokes the European Court of Human Rights and qualifies maneuver “media gesticulation which was now used.” Tempers flare: “Who are the ‘four assholes who defend the SG’ which speaks Koubbi Me on YouTube?” He wins Jean Veil, who embarks on the list of “threats” that Jerome’s lawyer Kerviel allegedly made against him. Scathing response from the “opposite camp”:
“Dear colleague, you are but three ahead If you feel affected by this term, then it is that among you there. a jerk who account for two “.
” It’s 10:20, we will not begin to curse, “joked Patrick Wyon, forced to intervene to end the morning killing game. “Mr. Chairman, this is not a delightful urbanity” euphimises his deep voice and modulated François Martineau.
Not surprisingly, the request is rejected but the tone is set. Fierce. Anything goes, low blows in the first place
It defends Kerviel alone against all. 10 things to know about Nathalie Le Roy
War trenches
It must be said that the form has long prevailed on the merits in this retrial. On the one hand the bank continues to swear that she knew nothing about the extent of fraud of its trader, on the other, the defense says Jerome Kerviel Societe Generale has knowingly let him.
“When a trader fraud but it does earn money to his bank, it rarely ends up in court,” repeated David Koubbi.
And the debates have largely beyond the simple examination of the SG responsibilities in the bankruptcy of its control mechanisms. Kerviel’s defense has constantly shout it from the rooftops: the file would have been handled. Lawyers for the SG, in glove with the prosecution, would have dictated their law and forced the instruction to mount a prosecution case.
And for proof, David Koubbi did listen to the court 13 extracts the illegal recording of a private conversation – that Mediapart had already published in part – held in a Parisian cafe in June 2015 between the former Deputy prosecutor of the Republic of Paris Chantal Colombet-de Leiris and a former police the financial Guard, Nathalie Roy, in charge of the investigation into the Kerviel affair. In war as in war, the transcriptions of plays were distributed to journalists at the first break
Registration. – Thursday denounced in vain by a representative of the magistrate ‘mouchardée’ – is poor but a small effect. Better, he maintains the climate of suspicion about the links between the General Company to the Crown. François Reinhart is even called “rot”, always filled with representatives of the floor.
“You were completely manipulated by Société Générale (…),” said the judge to the police.
the exchange broadcast is surreal:
“Nathalie Roy: you see, just because you told me that this is a counsel of the General Society which drafted the indictment, c ‘ twisted
Chantal de Leiris. Yes it is significant. “
Case Kerviel:
the incredible pirate recording
” traders do not have access to the vault of the bank! “
as a remake of the appeal trial in 2012, the theory of” ghost desk “was even invited back to Party. According to two witnesses called by the defense of Jerome Kerviel, the bank could not ignore the operations of Kerviel and have even set up at the time one or several trading positions to offset its investments. While inflating the losses charged to the trader of Pont-Abée … and ultimately the damages claimed. Far, they say, the “lethality” evoked by the General Society at the explosion of the case.
“The risk of ’50 billion ‘does not correspond to reality (… ) fictitious positions taken by Jerome Kerviel could not by definition achieve accounting of Société Générale. traders do not have access to the vault of the bank! (…) My scenario is that a ghost desk took positions contrary to those of Jerome Kerviel to cover the “advance Jacques Werren, former director of the MATIF (futures market of financial instruments)
He launched the President Wyon.” Just pick up the evidence in your nose! “
” During the unwinding emergency positions Kerviel, a trader station, for example, is 1.8 billion euros profit of between 18 and 25 January 2008 (…) the figure of 4.9 billion loss because of Kerviel is false, “seems to confirm a few moments later Houbé Philippe, a former account manager at Fimat, a subsidiary of Societe Generale responsible for monitoring trading.
For this specialist in stock markets, which had struggled to be heard during the call in 2012, it is “not possible to hide” or “hiding positions” on this type of market. Even for Kerviel, whose attorneys general Company have been consistently reminding the “ingenuity”
Philippe Houbbé.
“The controls worked Fimat ( …) in 2007, there has not been a day when Fimat has not provided information to Société Générale about Kerviel. the volumes were so important that our servers slowed … After that the SG has made these warnings, I do not know “
the court”. But it’s all in the record investigators came to you “
response Houbé?: “No. And we waited for the”
floating moment in the room. Called to the bar by President Wyon, Claire Dumas, the representative of Société Générale, concedes the “failures” of the warning systems before launching into explanations – very – techniques on how the bank has assessed the damage 4.9 billion
a laborious demonstration, quickly cut off by the defense of former trader. “I’m sorry I did not understand,” joked “Siri”, the ” voice “robotic iPhone David Koubbi. Lawyers giggle and swear touching anything. “Shhh !!!” plague Jean Veil who feels the wind change.
hammering for the bank
And because the defense line Kerviel did fly. “The negligence that had become intentional”, asserts the Advocate General in his indictment. The sequence turns into a nightmare for the bank:
“Societe Generale has left all knowledge, not the causes but the imperfections and flaws of his organization, the field open to tort will of Jerome Kerviel” continues the floor, which speaks directly to the court:
“Your decision could be a strong message to the address of banks to prevent future such incidents could recur “
one by one, the lawyers of the General Society liquefy, as stunned by the harshness of the words of Jean-Marie d’Huy
Only Jean Veil. – moments before leaving the court with a crash – quips about requisitions face reporters, as in response to accusations of defense Kerviel:
“it is not we who drafted the indictment …”
Lucas Burel
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