French trader Jerome Kerviel was convicted on all counts in connection with his role in the European financial collapse. Jerome worked for Societe Generale SA as a trader who took massive risk, to his admission his superiors at Societe Generale SA supported the risk he took as long as he was making money.
To me it feels like this guy had the entire European meltdown pinned on him, which is utter bullshit. His superiors knew what the hell he was doing and they could have shut him down very easily, though they didnt. When the market collapsed his bosses took heat and they passed the heat down to subordinates. More bullshit… read below, this guy’s life is over, ruined, ca put.. Barred from the financial industry for life…
“Jerome Kerviel least three years in prison and ordered to pay his former employer damages of euro4.9 billion ($6.7 billion) — a sum so staggering it drew gasps in the courtroom.”
(AP writes) Kerviel maintained that the bank and his bosses tolerated his massive risk-taking as long as it made money — a claim the bank strongly denied.
“I have the feeling Jerome Kerviel is paying for an entire system,” said Olivier Metzner, Kerviel’s lawyer, noting that his client hadn’t benefited financially from the fraud.
Kerviel stood expressionless as the court convicted him and pronounced a five-year sentence with two years suspended. Kerviel was found guilty on charges of forgery, breach of trust and unauthorized computer use for covering up bets worth nearly euro50 billion between late 2007 and early 2008. He was also banned for life from working in the financial industry.
In the most stunning blow, the court ordered Kerviel to pay the bank back the euro4.9 billion that it lost unwinding his complex positions in January 2008 — a punishment nobody realistically expects him to repay.
It’s the equivalent of 20 Airbus A380 superjumbo jets, or the entire gross domestic product of the west African nation of Benin.