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February 11, 2008
Soc Gen: Kerviel Messages with Broker Revealed
With a second trader now in custody in the Soc Gen fraud scandal and rogue trader Jerome Kerviel in jail, a French magazine today published a series of instant messages Kerviel and his broker at Newedge exchanged over the course of several months leading up to their arrest.
Investigators looking for clues that Kerviel had an accomplice were reportedly surprised by the small number of emails (around 50) he had exchanged with Moussa Bakir, his broker at Newedge, a 50-50 joint venture between Societe Generale and the bank Calyon.
But then investigators uncovered the 2,000 pages of instant messages the two men exchanged through Reuters Messaging.
Here is an excerpt of the messages, leaked to the Nouvel Observateur magazine in the original slang-laden French. (Some of the excerpts below were translated and posted today by the Financial Times.
On October 11, Kerviel wrote: "You haven't said anything about our trades? If so, I'll smash your face in." Bakir replies: "Woa. You're mad. It's between you and me."
On December 13, Bakir wrote "You are absolutely going to have to take your holidays." Kerviel replied: "Behind bars."
Bakir: "Rubbish. What have you done wrong? You haven't raped anyone. You have done nothing illegal according to the law."
Kerviel: "I have made loads of cash, that's all."
Bakir: "I would love to be put behind bars everyday when I make money legally."
Kerviel: "Shut up."
Bakir: "Bitch".
Kerviel: "This is going to show the power of Kerviel."
Bakir: "Or the recklessness."
Bakir again: "Quiet and simple boy. Keeps a low profile. Who makes loads of cash and is not given the credit he is due."
On January 17,
Kerviel : I'm dead.
Bakir : What do you mean?
Kerviel: Just drop it.
January 18, the day when Kerviel's huge exposure was discovered by the bank...
Kerviel: This is my last day here. I'm dead. I didn't sleep last night. Did you eat with Pedro and Manu yesterday?
Bakir: Yes. You should have come at least to get a bite to eat.
Kerviel: I can't eat.
Bakir: I haven't eaten dinner in three days.
Kerviel: I think they're going to fire me tonight.
Bakir: Stop thinking the worse. Focus on the market.
Kerviel: I am in deep shit.
Posted by Melanie Rodier at 11:54 AM
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