2008 Société Générale trading loss the bank. Kerviel joined the middle offices in the bank Société Générale in the summer of 2000, working in its compliance department. In 2005 he was promoted to the bank's Delta One products team in Paris where he was a junior trader. Société Générale’s Delta One business includes program trading, exchange-traded funds (ETFs), swaps, index and quantitative trading. Bank officials claim that throughout 2007, Kerviel had been trading profitably in anticipation of falling market prices; however, they have accused him of exceeding his authority to engage in unauthorized trades totaling as much as €49.9 billion, a figure far higher than
Criminal responsibility in French law perilous judicial combinations ("montages"). Mayors may have felt like the "scapegoats of proximity democracy," in the words of Senator Hubert Haenel, forced to limit their initiatives. So legislation therefore attempted to better frame the phenomenon, notably with the "Fauchon" law of July 10, 2000, on unintended misdemeanors (…). Deputy Étienne Mourrut introduced a law concerning the criminal liability of elected local officials in sports or cultural demonstrations. Criminal responsibility in French law Criminal responsibility is the obligation in French law to answer for infractions committed and to suffer the punishment provided by the legislation that governs the infraction in question.