Welcome to DU!
The truly grassroots left-of-center political community where regular people, not algorithms, drive the discussions and set the standards.
Join the community:
Create a free account
Support DU (and get rid of ads!):
Become a Star Member
Latest Breaking News
General Discussion
The DU Lounge
All Forums
Issue Forums
Culture Forums
Alliance Forums
Region Forums
Support Forums
Help & Search
General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsPrison, $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/
InfoView thread info, including edit history
TrashPut this thread in your Trash Can (My DU » Trash Can)
BookmarkAdd this thread to your Bookmarks (My DU » Bookmarks)
5 replies, 915 views
ShareGet links to this post and/or share on social media
AlertAlert this post for a rule violation
PowersThere are no powers you can use on this post
EditCannot edit other people's posts
ReplyReply to this post
EditCannot edit other people's posts
Rec (1)
ReplyReply to this post
5 replies
= new reply since forum marked as read
Highlight:
NoneDon't highlight anything
5 newestHighlight 5 most recent replies
Prison, $7 billion fine for French rogue trader (Original Post)
marmar
Oct 2012
OP
bongbong
(5,436 posts)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.
tk2kewl
(18,133 posts)4. you forgot about his serverance package
Jackpine Radical
(45,274 posts)2. Those French are so primitive…
Just like in their Revolution, they keep proving they have no respect for their social betters.
dipsydoodle
(42,239 posts)3. How much ?
Is that a record ?
Vidar
(18,335 posts)5. How novel! We give them cabinet posts.