2008 Société Générale trading loss positions built up by Kerviel. This has led to speculation that stock market turbulence caused the Federal Reserve Board to cut the rate. A Federal Reserve spokesperson denied the central bank knew of Société Générale's situation when it made its decision. It is estimated that over the period the total trading in futures and the cash market for the Euro Stoxx 50 was €544 billion. This would make the unwinding of Kerviel’s position account for five per cent or less of overall activity. Société Générale's investment banking chief, Jean Pierre Mustier, acknowledged that the three days of forced selling played
Jérôme Kerviel a profit made the hierarchy turn a blind eye. Kerviel published a book in May 2010, "L'engrenage: Mémoires d’un Trader" (The gears: Memoirs of a Trader), in which he alleges that his superiors knew of his trading activities, and that the practice was very common. Jérôme Kerviel grew up in Pont-l'Abbé, Brittany. His mother, Marie-Josée, is a retired hairdresser, and his father, Charles, who died in 2006, was a blacksmith. Kerviel has an older brother, Olivier. Kerviel is married, but he and his wife separated in 2008. He graduated in 2000 from University Lumière Lyon 2 with a Master of