Financial Times FT.com

Scale of deception and lack of personal benefit astound senior colleagues

By Martin Arnold, Stanley Pignal, Adam Jones and Pan Yuk

Published: January 25 2008 02:00 | Last updated: January 25 2008 02:00

To US television networks, Jérôme Kerviel was the "$7bn man". To France's top banker, he was a "genius of fraud". What no one seemed sure of yesterday was precisely what led the 31-year-old trader to commit what Société Générale described as a "gigantic" act of deception.

"What is completely unbelievable is that this person didn't do it for his personal benefit. He didn't get anything from it," said a senior insider.

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