HomeLatest ThreadsGreatest ThreadsForums & GroupsMy SubscriptionsMy Posts
DU Home » Latest Threads » Forums & Groups » Main » General Discussion (Forum) » Prison, $7 billion fine f...
Introducing Discussionist: A new forum by the creators of DU

Wed Oct 24, 2012, 10:56 AM

Prison, $7 billion fine for French rogue trader


PARIS — The Paris appeals court on Wednesday ordered former Societe Generale trader Jerome Kerviel to spend three years in prison and pay back a staggering (EURO)4.9 billion (about $7 billion) in damages for one of the biggest trading frauds in history.

The 35-year-old Kerviel, who never profited personally from his unauthorized trades, says he was a scapegoat for the bank and a victim of a financial system that runs on greed and profits. His lawyer David Koubbi called the verdict "absolutely lamentable" and said his team will consider taking the case to France's highest court.

Because Kerviel cannot realistically pay the money back in his lifetime, the bank suggested it would refrain from seeking full repayment.

A lower court convicted Kerviel in October 2010 of forgery, breach of trust and unauthorized computer use for covering up bets worth nearly (EURO)50 billion — more than the market value of the entire bank — in 2007 and 2008. ..................(more)

The complete piece is at: http://xfinity.comcast.net/articles/finance/20121024/EU.France.Trader/



5 replies, 519 views

Reply to this thread

Back to top Alert abuse

Always highlight: 10 newest replies | Replies posted after I mark a forum
Replies to this discussion thread
Arrow 5 replies Author Time Post
Reply Prison, $7 billion fine for French rogue trader (Original post)
marmar Oct 2012 OP
bongbong Oct 2012 #1
tk2kewl Oct 2012 #4
Jackpine Radical Oct 2012 #2
dipsydoodle Oct 2012 #3
Vidar Oct 2012 #5

Response to marmar (Original post)

Wed Oct 24, 2012, 10:57 AM

1. If this was America

 

he would get a handshake, be fired, have no penalty, and be re-hired by another firm after a vacation.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to bongbong (Reply #1)

Wed Oct 24, 2012, 11:58 AM

4. you forgot about his serverance package

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Oct 24, 2012, 11:02 AM

2. Those French are so primitive…

Just like in their Revolution, they keep proving they have no respect for their social betters.

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Oct 24, 2012, 11:06 AM

3. How much ?

Is that a record ?

Reply to this post

Back to top Alert abuse Link here Permalink


Response to marmar (Original post)

Wed Oct 24, 2012, 08:10 PM

5. How novel! We give them cabinet posts.

Reply to this post

Back to top Alert abuse Link here Permalink

Reply to this thread