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Edition: U.S. Article Comments (0) Save Email Print Reprints Most Popular Most Shared U.S debt to rise to $19.6 trillion by 2015 08 Jun 2010 BP shares tumble as government probes Gulf oil spill | Video 11:31am EDT Analysis: U.N. rebukes of Israel permitted in U.S. policy shift 08 Jun 2010 Sprint says it overstated EVO launch day sales 12:48am EDT Israel eases Gaza embargo to allow snack food 9:00am EDT Wall Street climbs on Bernanke talk and China data | Video 11:41am EDT Hacked iPhone Runs Android 2.2 08 Jun 2010 Circumcision may prevent sex-related penis injuries 04 Jun 2010 Wealthy businesswomen win California Republican races 11:15am EDT U.N. council hits defiant Iran with new sanctions | Video 11:50am EDT U.S debt to rise to $19.6 trillion by 2015 08 Jun 2010 Waiter, there's a potential carcinogen in my soup 10:26am EDT Secondhand smoke may harm mental health 08 Jun 2010 Analysis: U.N. rebukes of Israel permitted in U.S. policy shift 08 Jun 2010 Yahoo users to gain more access to Facebook 06 Jun 2010 Israel eases Gaza embargo to allow snack food 9:00am EDT Circumcision may prevent sex-related penis injuries 04 Jun 2010 BP shares tumble as government probes Gulf oil spill | Video 11:31am EDT "Volcker rule" at issue as reform bill nears finale 08 Jun 2010 U.S. debt to rise to $19.6 trillion by 2015 08 Jun 2010 Rogue trader Jerome Kerviel blasts SocGen risk controls Lionel Laurent and Thierry Leveque PARIS Wed Jun 9, 2010 11:12am EDT Former trader Jerome Kerviel arrives at the Paris courts for the start of his trial to face charges of breach of trust, computer abuse and forgery June 8, 2010. Credit: Reuters/Jacky Naegelen PARIS (Reuters) - Rogue trader Jerome Kerviel went on the attack on the second day of his long-awaited trial as he accused French bank Societe Generale of tolerating regular breaches of risk controls. World The 33-year-old ex-trader, whom Societe Generale blames for a 4.9-billion-euro trading loss in early 2008, told the court in the Palais de Justice that he regularly exceeded his trading limits without sanction. "To the extent that it was exceeded every time, the limit was porous and never bothered us (traders)," Kerviel said in a faintly audible voice as he stood before the judges. The 125-million-euro trading limit was a broad one applied to Kerviel and the seven other traders on his desk without any individual breakdown, he added. Kerviel risks five years in jail and a 375,000-euro fine if found guilty of charges of breach of trust, computer abuse and forgery. His trial began on Tuesday amid a media frenzy over one of the most famous faces of the financial crisis in France. NO "RED LIGHT" The court also heard from witness Jean-Francois Lepetit, former head of the French market regulator, on Wednesday. After describing how risk controls were supposed to work across the financial sector, Lepetit said: "If you exceed your limits and you do not admit it, you are at fault." But he added there were "degrees," saying: "Limits are not a red light." Judges grappled with the exact nature of Kerviel's job. The prosecution's view is that he engaged in "arbitrage" and reduced risk by taking inverse covering positions, while Kerviel counters he saw himself as a regular trader with one-way positions. Kerviel's lawyer has presented the man as a pawn in a wider game while Societe Generale's lawyer has called for punishment for his actions. The trial is being held as Societe Generale struggles to restore investor confidence during a fragile economic recovery and as it faces looming stricter regulation of banks. Kerviel quickly rose through the ranks of "middle-office" and assistant roles before becoming a trader for the bank. He has admitted to building unauthorized trading positions that rocked world markets when Societe Generale revealed the 4.9-billion-euro loss in January 2008, after it had wound-down Kerviel's trading positions. While the bank has insisted he acted alone, however, Kerviel has said his superiors knew what he was doing and tolerated breaches in the bank's controls system. ($1=.7453 Euro) (Editing by Marcel Michelson and Simon Jessop) World Add a Comment *We welcome comments that advance the story directly or with relevant tangential information. We try to block comments that use offensive language or appear to be spam and review comments frequently to ensure they meet our standards. If you see a comment that you believe is irrelevant or inappropriate, you can flag it to our editors by using the report abuse links. Views expressed in the comments do not represent those of Reuters. © Copyright 2010 Thomson Reuters Editorial Editions: Africa Arabic Argentina Brazil Canada China France Germany India Italy Japan Latin America Mexico Russia Spain United Kingdom United States Reuters Contact Us Advertise With Us Help Journalism Handbook Archive Site Index Video Index Reader Feedback Analyst Research Mobile Newsletters RSS Podcasts Widgets Your View Labs Thomson Reuters Copyright Disclaimer Privacy Professional Products Professional Products Support Financial Products About Thomson Reuters Careers Online Products Acquisitions Monthly Buyouts Venture Capital Journal International Financing Review Project Finance International PEhub.com PE Week FindLaw Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. 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