Meet the Most Indebted Man in the World

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PostSat Nov 03, 2012 8:49 pm » by Edgar 2.0


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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.



http://www.theatlantic.com/business/archive/2012/11/meet-the-most-indebted-man-in-the-world/264413/
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PostSat Nov 03, 2012 9:02 pm » by Spock


oh, he looks mad doesn't he. :P

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PostSat Nov 03, 2012 10:03 pm » by Slith


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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PostSat Nov 03, 2012 10:39 pm » by Tjahzi


you play with fire..
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PostSat Nov 03, 2012 10:51 pm » by Edgar 2.0


His debt equals the nominal GDP of Rwanda
:D
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PostSat Nov 03, 2012 11:24 pm » by 2020


Edgar 2.0 wrote:His debt equals the nominal GDP of Rwanda
:D


He probably only got outed because he threatened to spill the beans of what is actually normal practice within these robbing bastard banks :shooting:
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PostSat Nov 03, 2012 11:57 pm » by Edgar 2.0


2020 wrote:
Edgar 2.0 wrote:His debt equals the nominal GDP of Rwanda
:D


He probably only got outed because he threatened to spill the beans of what is actually normal practice within these robbing bastard banks :shooting:


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..."
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PostMon Nov 05, 2012 3:03 am » by Ishumble


Sucks to be him :(

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PostMon Nov 05, 2012 3:25 am » by Spock


Edgar 2.0 wrote:His debt equals the nominal GDP of Rwanda
:D



Rwanda has a GDP?

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PostMon Nov 05, 2012 8:33 am » by Edgar 2.0


Spock wrote:
Edgar 2.0 wrote:His debt equals the nominal GDP of Rwanda
:D



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... :mrgreen:
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