Realistbear Posted October 6, 2010 Share Posted October 6, 2010 (edited) 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. Edited October 6, 2010 by Realistbear Quote Link to comment Share on other sites More sharing options...
Dave Spart Posted October 6, 2010 Share Posted October 6, 2010 (edited) Perhaps this might help speed things up a bit. Edited October 6, 2010 by Dave Spart Quote Link to comment Share on other sites More sharing options...
Markie6 Posted October 6, 2010 Share Posted October 6, 2010 Lets see what happens if he signs a book deal and gets an offer for the movie rights Quote Link to comment Share on other sites More sharing options...
ralphmalph Posted October 6, 2010 Share Posted October 6, 2010 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. Quote Link to comment Share on other sites More sharing options...
redwine Posted October 6, 2010 Share Posted October 6, 2010 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 Quote Link to comment Share on other sites More sharing options...
ralphmalph Posted October 6, 2010 Share Posted October 6, 2010 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted October 6, 2010 Share Posted October 6, 2010 After he lost the money did Soc Gen still make a profit in that year? Quote Link to comment Share on other sites More sharing options...
petetong Posted October 6, 2010 Share Posted October 6, 2010 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 Quote Link to comment Share on other sites More sharing options...
Redcellar Posted October 6, 2010 Share Posted October 6, 2010 "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. Quote Link to comment Share on other sites More sharing options...
copydude Posted October 6, 2010 Share Posted October 6, 2010 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? ) Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted October 6, 2010 Share Posted October 6, 2010 After he lost the money did Soc Gen still make a profit in that year? Come on, they're a bank, of course they remained profitable! (link in French - apologies in advance. Look at the line labeled "Résultat net"). Quote Link to comment Share on other sites More sharing options...
SHERWICK Posted October 6, 2010 Share Posted October 6, 2010 "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? Quote Link to comment Share on other sites More sharing options...
Redcellar Posted October 6, 2010 Share Posted October 6, 2010 What sort of 'IT Consultant' earns only 2.300 euros a month? 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. Quote Link to comment Share on other sites More sharing options...
interestrateripoff Posted October 6, 2010 Share Posted October 6, 2010 Come on, they're a bank, of course they remained profitable! (link in French - apologies in advance. Look at the line labeled "Résultat net"). I'd like to say I'm shocked but really I'm not this was expected. Quote Link to comment Share on other sites More sharing options...
DeepLurker Posted October 6, 2010 Share Posted October 6, 2010 What sort of 'IT Consultant' earns only 2.300 euros a month? '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 Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted October 7, 2010 Share Posted October 7, 2010 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........... Quote Link to comment Share on other sites More sharing options...
Injin Posted October 7, 2010 Share Posted October 7, 2010 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........... FREE THE GUINESS ONE! Quote Link to comment Share on other sites More sharing options...
ralphmalph Posted October 7, 2010 Share Posted October 7, 2010 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........... 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. Quote Link to comment Share on other sites More sharing options...
mattyfc Posted October 7, 2010 Share Posted October 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted October 7, 2010 Share Posted October 7, 2010 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). Quote Link to comment Share on other sites More sharing options...
thod Posted October 7, 2010 Share Posted October 7, 2010 (edited) 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 October 7, 2010 by thod Quote Link to comment Share on other sites More sharing options...
Agentimmo Posted October 7, 2010 Share Posted October 7, 2010 I usually spell it Canute. No problem with filters. http://en.wikipedia.org/wiki/Canute Quote Link to comment Share on other sites More sharing options...
@contradevian Posted October 7, 2010 Share Posted October 7, 2010 "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. Quote Link to comment Share on other sites More sharing options...
ralphmalph Posted October 7, 2010 Share Posted October 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
Bobajobbob Posted October 7, 2010 Share Posted October 7, 2010 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. Quote Link to comment Share on other sites More sharing options...
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