He states:
I was singled out by Société Générale. I am taking my share of responsibility, but I will not be the scapegoat.
Back on January 24,
when the story first broke, I had said:
My understanding is that he couldn't have done it alone. A lot of capital needs to be posted to the clearing corporation and as margin. That pledging must be done with the approval of senior officers in the bank. Monsieur Kerviel could be a scapegoat, like Nick Leeson was.
UPDATE:
Dan Ariely conducted an interesting cheating experiment done with MIT and Harvard students, the results of which he applies to Kerviel trading derivatives. (I'm not sure if the French should be offended by this; you know, being compared to the bougies at those Cambridge schools). Via
Tim Harford.
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