Jump to content
House Price Crash Forum
Sign in to follow this  
Realistbear

Breaking: French Will Not Enforce 6Bn Fine Against Kerviel

Recommended Posts

http://uk.finance.yahoo.com/news/french-bank-socgen-spares-rogue-trader-kerviel-full-fine-afp-c6c492a79cd1.html?x=0

.

French bank SocGen spares rogue trader Kerviel full fine
18:13, Wednesday 6 October 2010
French bank Societe Generale (Paris: FR0000130809 - news) said Wednesday it would spare rogue trader Jerome Kerviel from paying the full five billion euros of compensation awarded in a massive fraud scandal.
Societe Generale spokeswoman Caroline Guillaumin told France Info radio the bank would not enforce the whole sum awarded Tuesday by a Paris court, equivalent to about
6.8 billion dollars
.

I think they worked out that it would take the poor sod 710,985 years to pay it off if he earned basic wages after coming out of stir. :lol::lol::lol:

Edited by Realistbear

Share this post


Link to post
Share on other sites

And the big banker bosses at Soc Gen are dining out tonight in a three star Michelin restuarent quaffing Champers and manging foie gras, patting each other on the back saying "Great System we have here in La Belle France, the small guy always takes the blame for our mistakes. Ha, Ha, Ha and how big is your bonus this year?"

At least we fired a few bankers bosses and revoked thier license to every be a banker again.

Share this post


Link to post
Share on other sites

Lets see what happens if he signs a book deal and gets an offer for the movie rights :)

He has already wrote a book its called just translating it word by word "gearbox by a trader" that came out six months a go in France

The fine of 6Bn is a new record in the history of France so he should be in the Guinness book of records as having the highest fine in the history of France

There will be an appeal court case due next October

The real reason why this insane fine and making him into a fall guy taking all of the blame etc was changed was

due to French public reaction and especially international reaction even the French g'vt are getting involved because French Justice is showing its real face an old fashioned 19th Century rich mans justice

This is something that they don't like to show to the outside world they prefer an image of a modern country with a modern legal system

God help Mr and Mrs nobody if they could they would send you to the scaffolds for stealing a slice of bread

Share this post


Link to post
Share on other sites

He has already wrote a book its called just translating it word by word "gearbox by a trader" that came out six months a go in France

The fine of 6Bn is a new record in the history of France so he should be in the Guinness book of records as having the highest fine in the history of France

There will be an appeal court case due next October

The real reason why this insane fine and making him into a fall guy taking all of the blame etc was changed was

due to French public reaction and especially international reaction even the French g'vt are getting involved because French Justice is showing its real face an old fashioned 19th Century rich mans justice

This is something that they don't like to show to the outside world they prefer an image of a modern country with a modern legal system

God help Mr and Mrs nobody if they could they would send you to the scaffolds for stealing a slice of bread

I agree with you but for one point. He has got the world record for the largest UNPAID fine ever.

Share this post


Link to post
Share on other sites

It said in the TV news he's working as a computer analyst now. Obviously has friends in high places or knows something juicy, or is a computational genius, on second thoughts :lol:

Share this post


Link to post
Share on other sites

"He said at his trial that in his current job as an IT consultant he earns 2,300 euros a month"

Who on earth and in their right mind would ever let such a criminal near their computers!!! seriously.

Share this post


Link to post
Share on other sites

From the BBC report:

He was found guilty of forgery, unauthorised computer use and breach of trust.

The court seems to have discounted completely the argument put forward by Kerviel's defence, that the bank knew of his extravagant trades and turned a blind eye as long as he was making money.

The court had judged that the bank "was responsible for nothing"

That really is the whole story in three lines, isn't it.

(ps. 'Breach of trust.' Is that a crime? :unsure: )

Share this post


Link to post
Share on other sites

"He said at his trial that in his current job as an IT consultant he earns 2,300 euros a month"

Who on earth and in their right mind would ever let such a criminal near their computers!!! seriously.

What sort of 'IT Consultant' earns only 2.300 euros a month? :blink:

Share this post


Link to post
Share on other sites

What sort of 'IT Consultant' earns only 2.300 euros a month? :blink:

That's the average nowadays. IT isn't all its made out to be ;)

I would imagine the answer is one who has a criminal conviction, no real skills, and owes several billion in fines so is desperate enough to take anything.

Besides the 2.300 euros per month is just his beer money. His real salary is 100 million euros that the employers don't yet know about.

Share this post


Link to post
Share on other sites

What sort of 'IT Consultant' earns only 2.300 euros a month? :blink:

'IT Consultant' in Paris almost certainly means that he's a wage earner in a IT consultancy firm, and sent on long-term contracts to customer sites (e.g. a bank).

Maybe 3/4s of French IT bods work in such circumstances, and €2300 is a respectable wage. There are very few £500/day independent contractors like you'll find in the City.

Note: I used to be in Paris, and worked briefly for one of these IT consultancies. I left after 6 months and moved to London <_<

Share this post


Link to post
Share on other sites

And the big banker bosses at Soc Gen are dining out tonight in a three star Michelin restuarent quaffing Champers and manging foie gras, patting each other on the back saying "Great System we have here in La Belle France, the small guy always takes the blame for our mistakes. Ha, Ha, Ha and how big is your bonus this year?"

At least we fired a few bankers bosses and revoked thier license to every be a banker again.

FYI - the boss of SG left soon after the scandal. The Head of Comms also. Plus quite a few of the other head honchos. Mostly due to govt and media pressure, it has to be said. Not their personal choice.

As for the UK and punishing the bankers? How's Earnest Saunders faring with his Alzheimers illness these days........... B)

Share this post


Link to post
Share on other sites

FYI - the boss of SG left soon after the scandal. The Head of Comms also. Plus quite a few of the other head honchos. Mostly due to govt and media pressure, it has to be said. Not their personal choice.

As for the UK and punishing the bankers? How's Earnest Saunders faring with his Alzheimers illness these days........... B)

FREE THE GUINESS ONE!

Share this post


Link to post
Share on other sites

FYI - the boss of SG left soon after the scandal. The Head of Comms also. Plus quite a few of the other head honchos. Mostly due to govt and media pressure, it has to be said. Not their personal choice.

As for the UK and punishing the bankers? How's Earnest Saunders faring with his Alzheimers illness these days........... B)

FYI - Daniel Bouton Chairman and CEO at the time offered to resign (not be sacked) his board rejected this offer and asked him to remain chairman i.e the TOP boss, no concept from the board of Soc Gen that anyboss was responsible only the junior. He resigned off his own free will in 2009.

Your point about Saunders just makes my point even though he was not a banker, he was the boss, he did wrong he was arrested and tried.

Share this post


Link to post
Share on other sites

Why can't he just declare bankruptcy? Wright off the fine and then publish a book about his experiences. He can write it in prison, rogue trader 2 or similar. He has 3 years, plenty of time, get a film deal sorted out. Back on his feet in no time.

Share this post


Link to post
Share on other sites

Your point about Saunders just makes my point even though he was not a banker, he was the boss, he did wrong he was arrested and tried.

Nonsense!

The point about Saunders was that he was let off the hook due to lying about an imaginary illness. In France, as in the UK, the big bosses rarely get put behind bars.

They are all the same. Only the little guys do time. (cf. Nick Leeson at Barings bank).

Share this post


Link to post
Share on other sites

Perhaps they have realised that in pronouncing such a sentence they have made a laughing stock of the French judicial system. The one thing the judiciary cannot tolerate is being ridiculed. Without the respect of the public, they cease to be wise men and become mere tyrants. King C n u t ordering the tides back, and all that.

P.S. Darned filter edits out the name of King Cn ut http://en.wikipedia.org/wiki/*****_the_Great

Edited by thod

Share this post


Link to post
Share on other sites

"He said at his trial that in his current job as an IT consultant he earns 2,300 euros a month"

Who on earth and in their right mind would ever let such a criminal near their computers!!! seriously.

Oh I don't know. He shows promise.

Share this post


Link to post
Share on other sites

Nonsense!

The point about Saunders was that he was let off the hook due to lying about an imaginary illness. In France, as in the UK, the big bosses rarely get put behind bars.

They are all the same. Only the little guys do time. (cf. Nick Leeson at Barings bank).

Wrong again.

Saunders was one of four tried, Gerald Ronson (another CEO of a large company), Anthony Parnes and Jack Lyons (both stockbrokers I think) were the other three. So we have another big boss being tried. All four were found guilty and all four did time in jail. Saunders did 10 months in prison, he got put behind bars not let off the hook as you say. Because of a medical condition he got full parole this is not a quashing of the conviction that still stood.

Share this post


Link to post
Share on other sites

I'm reassured that the bank finally realised that paying back that sum might be somewhat problematic given that he no longer has free reign in their trading department. If they gave him his job back he'd have a 50/50 chance of doing it.

Share this post


Link to post
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
Sign in to follow this  

  • Recently Browsing   0 members

    No registered users viewing this page.

  • 261 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.