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Wednesday February 6, 2008

Rogue trader Jerome Kerviel breaks silence

France's 31-year-old rogue trader Jerome Kerviel yesterday broke his silence, two weeks after he was unveiled as the man responsible for the biggest trading loss in history. In an exclusive interview with Agence France-Presse, Kerviel admitted "partial responsibility" but said that he refused to be a scapegoat for the €4.82bn losses. Speaking at his lawyer's office in Paris, a relaxed-looking Kerviel said: "I have been singled out by SocGen. I accept my share of responsibility but I will not be made a scapegoat for SocGen."

Accompanied by a media adviser, Kerviel insisted he acted only to make money for his employers and admitted that he got "carried away".But he added: "I had no personal ambitions in this affair. You lose track of the amounts involved when you are engaged in this kind of work... You let yourself get carried away."

The trader, who has been charged with forgery, abuse of trust and illegal computer activity, but not with fraud, said he never thought of running away - despite going to ground before giving himself up to police. "I am neither suicidal nor depressive," he added, despite the "oppressive" media coverage.

Kerviel's lawyer, Elisabeth Meyer, has accused Societe Generale of seeking to publicly "lynch" her client and divert attention from the serious lapses in its systems which allowed him to run up positions of a staggering €50bn - more than the market value of the entire bank.

Jerome Kerviel goes from zero to hero More
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