The rogue trader whocost French bank Societe Generale £3.6bnhas been accused of using computerhackingtechniques.
The bank said that trader
Jerome
Kerviel used computer passwords belonging to others as well as
his experience of the controls placed on traders by the back office
to make high-risk trades.
Ralph Silva, an analyst at TowerGroup, said this is
speculation.
"What we do know is he was very familiar with back-office
operations, which would absolutely help him do this."
He said the bank, the back-office operation and trade clearing
houses all had systems that should have highlighted Kerviel's
activity sooner.
Kerviel, who is currently being questioned by police, can be
held until this afternoon when he must either be released or handed
preliminary charges.