Sunday, February 10, 2008

Jerome Kerviel & Moussa Bakir's instant messages

I'll go to jail, trader told second insider | smh.com.au
Jerome Kerviel & Moussa Bakir's instant messages:

On November 28, after Kerviel had repeatedly been questioned by compliance officers inside his bank about Eurex's concerns, Mr Bakir wrote to him: "You've got to ask them what they do to see this. Or tell them that the net position is wrong."

"Yeah, but I don't want them to bring up that 250,000 position," Kerviel replied, without being more specific.

Eurex accepted Societe Generale's formal reply to its queries on December 10 and dropped the matter. Three days later, Mr Bakir sought to reassure Kerviel. "You absolutely must take a vacation," he wrote. "In jail," Kerviel replied.

"You're going on about nothing," Mr Bakir answered. "What have you done wrong? You haven't raped anyone. You haven't done anything illegal in the sense of the law."

Kerviel responded: "I made a pile of dough. That's all."

Later Kerviel became more boastful. "This will show the power of Kerviel," he said. "Or his irresponsibility," Mr Bakir replied, before adding, "A simple and discreet boy. Unassuming. Who makes a pile of dough. And not recognised for his true value."



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