Societe Generale Says Rogue Trader Jerome Kerviel Did Not Act Alone

Investigators at Societe Generale SA say they suspect former futures trader Jerome Kerviel was helped by an assistant to cover up massive trading positions that led to a multibillion dollar loss.

They say the French bank's management failures and culture of risk-taking were partly to blame for failing to spot the positions, which when they were unwound let to a loss of more than $7 billion.

Investigators didn't find any signs of embezzlement by Kerviel but say that he had sought to boost his results — and thus increase the amount of bonus he could hope for.

The findings came in two internal reports that the bank made public Friday — one led by a committee of independent directors, the other by audit firm PriceWaterhouseCoopers.