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The bank says Kerviel made bets of up to euro50 billion
-- more than the bank's total market value -- on futures contracts on three European equity indices, though his net position appeared unremarkable because he balanced his real trades with fictitious transactions. The bank says his actions cost it euro4.9 billion. Still, an internal report by the bank found managers failed to follow up on 74 different alarms about Kerviel's activities. Employed by Societe Generale since 2000, Kerviel worked his way up from a supporting role in an office that monitors trades to a job on the futures desk where he invested the bank's money by hedging on European equity market indices. He was arrested in January 2008 and held for six weeks in Paris' notorious La Sante prison. Since being fired from Societe Generale, Kerviel has worked as a computer consultant. Societe Generale's shares rose slightly after the announce of the verdict, trading up 1 percent at euro41.20 ($56.46)
[Associated
Press;
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