Former Société Générale rogue trader Jérôme Kerviel owes the bank $6.3 billion. Here's what his case tells us about financial reform.
He can earn million-dollar gains without anybody knowing. He can execute make-believe trades by sending fake emails from hacked computers. He doesn't always lose money. But when he does, he loses more than $6 billion. He is ... the most indebted man in the world.
Jérôme Kerviel is learning one of life's harsher lessons: It stinks to be $6.3 billion in debt. That's how much his fraudulent trades in 2007 and 2008 cost French bank Société Générale, and how much he has been ordered to pay in restitution -- after he gets out of jail in three years. A judge recently upheld these terms on appeal.
That's incredible. And that job he gets at McDonalds when he gets out of prison isn't going to help anytime soon
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2020 wrote:Edgar 2.0 wrote:His debt equals the nominal GDP of Rwanda
He probably only got outed because he threatened to spill the beans of what is actually normal practice within these robbing bastard banks
In one interview he says exactly that.
Roughly translated :
"- I never earned a penny in the whole story. I've done what any good bank employee would do - try to create bigger profits for my employer. The bank, of course, knew what i was doing. And what I was doing is quite common..."
Spock wrote:Edgar 2.0 wrote:His debt equals the nominal GDP of Rwanda
Rwanda has a GDP?
Lol, but Rwanda's public debt is only 13% of Jérôme Kerviel's debt.
His debt equals the external debt of Ghana, Libya and Malta.
Actually, he could be around the number 100 on the list of countries by external debt .
And last on the list is number 188...
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