Kerviel Found Guilty by French Court in SocGen Trading Case-Gets 5 Year In Jail

Discussion in 'Wall St. News' started by ASusilovic, Oct 5, 2010.

  1. Oct. 5 (Bloomberg) -- Jerome Kerviel was found guilty by a Paris court of crimes related to Societe Generale SA’s record 4.9 billion-euro ($6.5 billion) trading loss in 2008.

    Judge Dominique Pauthe found Kerviel, 33, guilty of breach of trust and computer hacking. Kerviel was sentenced to five years in prison, two of them suspended. Pauthe also said Kerviel was responsible for the full trading loss.

    Evidence presented by the defense “did not absolve Kerviel of his obligation to follow the rules,” Pauthe said in a judgment today in Paris.

    The trading loss, announced Jan. 24, 2008, was the biggest ever and prompted then-chief executive officer Daniel Bouton to describe Kerviel as a “terrorist.” During a three-week trial in June, Kerviel admitted he lied to colleagues and exceeded trading limits, but argued his superiors knew of his actions.

    Prosecutors asked for four years in prison. Societe Generale sought repayment for the full loss.

  2. A Paris court also ordered 33-year-old Kerviel to reimburse the French bank 4.9 billion euros

    :eek: :eek: :eek:

    What a fucking farce.
  3. the order is quite close, you missed one letter : n :p

    It makes 2.300 € per month (Kerviel actual salary as an IT consultant) for 177'536 years...

    So much blind ?


  4. Maybe he can payback this in monthly installments of $1000 LOL :)
  5. Well, at least we know there's another guy hoping for hyperinflation :).
  6. SocGen will not see a dime from Jerome Kerviel. Anyone who owes 5 Billion Euros commits suicide at some point. It's a death sentence.
  7. Here is another one


    lol he's probably the biggest fan of the fed right now
  8. The US Gov't wants you to believe that a gay airline employee is responsible for AIDS in America. Many hold the position that it was developed as biological warfare at Aberdeen, a US Army Biological weapons facility.

    The US Gov't wants you to believe that Toto and Dorothy's broker out in Kansas is responsible for the so called "flash-crash" which occured as civil war was unfolding as citizens attacked central banks in Europe.

    And they want you to believe some young trader at Soc Gen caused the global crash as Hank Paulson et al stole trillions of dollars from the American taxpayers when their business plan blew up in their face.

    I don't believe for one minute this guy is responsible for what they are putting on him. I don't believe what I read in the media about it. He is the easiest person they can finger and that's it.
  9. lol :p
  10. :D

    So who is going to be the first hyper inflation winner ? US, Europe, Asia ?
    #10     Oct 5, 2010