Tuesday, October 05, 2010

Ex-French Trader Must Pay $6.7 Billion For Fraud : NPR

Ex-French Trader Must Pay $6.7 Billion For Fraud : NPR:
"Jerome Kerviel, a former trader for Societe Generale SA, was convicted on all counts Tuesday in one of history's biggest trading frauds, sentenced to three years in jail and ordered to pay the bank a mind-numbing euro4.9 billion ($6.7 billion) in damages...

"I have the feeling Jerome Kerviel is paying for an entire system," said Metzner, noting that his client hadn't benefited financially from the fraud....It wasn't immediately clear how he could do so, or whether the bank really expects to see that money back.

Why not make the number bigger? There is ALMOST no way an individual will be able to pay it back anyways and the number was largely for show.

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