Report Concludes Rogue Trader Fooled Superiors
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The conclusions of the report seriously damages Kerviel's claims that his bosses were aware at all times of his trading activity. The report, which the newspaper has seen, says that the trader 'knew how to be convincing'......in order to 'fool his entourage'. Police investigators wrote in the report that: 'It is incoherent for the trader to continue to pretend that his superiors were aware of his non-standard directional positions, since he felt it necessary to need to conceal them, and even misrepresent them by producing false documents'.
Kerviel remains on bail, and faces charges of breach of trust, forgery and unauthorised use of a computer.
Bloomberg reports that Standard & Poor's has cut Deutsche Bank's long-term credit rating one notch from AA to AA-. The rating agency said that 'the downgrade reflects that we no longer consider Deutsche Bank's performance to be materially stronger than that of the leading peers in the currently difficult environment'.
Reuters reports that Unicredit, Italy's largest bank, has agreed to pay $423m to settle all claims related to its role financing the Italian dairy company Parmalat prior to its collapse in 2003. The dairy group had accused several international banks of having arranged bond issues, knowing that the company was insolvent, in order to recuperate some of their earlier-made loans.
Finally, Bloomberg reports that Goldman Sachs has posted record revenues of $2.4bn from Japan in the year to 31.03.08, with profit coming in at $734m (up from $275m the year before).
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