The trial of JK will take place in France's medieval Palais de Justice between Oliver Metzner defending JK and Jean Veil (son of politician Simone Veil and "le complice des puissants" or "the accomplice of the powerful") defending SocGen.
JK is blamed for 4.9 billion EUR of losses of SocGen by exposing the bank to 50 billion EUR notional of unhedged futures in January 2008 (loss of 10% of the notional). It was not only the exposure but the three day sale starting Jan 21 that resulting in the realised losses.
JK claims his bosses knew about his bets and that exceeding trading limits was normal. In defending JK, Metzner was quoted as saying: "When it is a case of a man against the system, I defend the man and not the system". Metzner has formerly defended General Noriega, the Panamanian dictator (1983-89 who was removed from power by the American invasion of Panama in 1989).
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