Follow along with the video below to see how to install our site as a web app on your home screen.
Note: This feature may not be available in some browsers.
IP addresses are NOT logged in this forum so there's no point asking. Please note that this forum is full of homophobes, racists, lunatics, schizophrenics & absolute nut jobs with a smattering of geniuses, Chinese chauvinists, Moderate Muslims and last but not least a couple of "know-it-alls" constantly sprouting their dubious wisdom. If you believe that content generated by unsavory characters might cause you offense PLEASE LEAVE NOW! Sammyboy Admin and Staff are not responsible for your hurt feelings should you choose to read any of the content here. The OTHER forum is HERE so please stop asking.
A rogue trader who almost brought down French bank Societe Generale has been jailed and ordered to pay back 4.9bn euros (£4.25bn).
Grave faced: Jerome Kerviel arrives at the central Paris court to hear his fate Jerome Kerviel was found guilty of breach of trust, forgery and entering false computer data in the massive fraud scandal.The 33-year-old showed no emotion as a Paris court sentenced him to five years in jail, with two years suspended.His lawyer said he would appeal the decision.
Societe Generale claimed the former index futures trader covered up bets of nearly 50bn euros - more than the bank's total market value - between late 2007 and early 2008.It said his trading, which he balanced with fictitious transactions, cost it nearly 5bn euros - a sum Kerviel has now been told to return to the bank.
Bringing down the bank: Societe Generale said it was brought close to collapse
Throughout his trial in June, Kerviel argued that the bank tolerated his massive risk-taking as long as it made money.However, Societe Generale lawyer Jean Veil said the bank had no idea Kerviel was running up such massive losses, and the trader was solely to blame.He had told the court: "The losses he generated were the financial equivalent of the sudden disappearance of five nuclear power stations.
"We are asking the court to order that he repay the entire sum."French media estimated it would take him 120,000 years to repay the money on his current salary.The former trader's lawyer Olivier Metzner said his client had not benefitted financially from the fraud and was "paying for an entire system"."I hope you all will donate a euro to Jerome Kerviel," he told TV cameras and reporters.
Employed by Societe Generale since 2000, Kerviel worked his way up from a supporting role in an office that monitored trades to a job on the futures desk.There, he invested the bank's money by hedging on European equity market indices.He was arrested in January 2008 and held for six weeks in Paris' notorious La Sante prison.Since being fired from Societe Generale, Kerviel has worked as a computer consultant.
French trader Jerome Kerviel (L), accused of unauthorised deals which cost French bank Societe Generale five billion euros in a massive financial fraud scandal, and his lawyer Olivier Metzner, leave the court after the hearing was adjourned, on June 25, 2010, at the central court in Paris, at the last day of his trial. French prosecutors on Thursday demanded that former trader Jerome Kerviel serve at least four years in jail for the rogue trading scandal that almost brought down Societe Generale bank. State prosecutors Jean-Michel Aldebert and Philippe Bourion called for a five-year sentence with the fifth year to be suspended for Kerviel, who is charged with breach of trust, forgery and entering false data into computers. AFP
French head of the Financial Section at the Paris court, Jean-Michel Aldebert (foreground) and vice-prosecutor Philippe Bourion (second ground), arrive on June 24, 2010, at the Paris courthouse for the trial of French trader Jerome Kerviel, accused of unauthorised deals that costed French bank Societe Generale five billion euros in a massive financial fraud scandal, at the final week of his trial. The trial is set to end on June 25 and the court is expected to deliberate for several weeks before handing down a verdict. AFP
Former trader Jerome Kerviel arrives at the Paris courts after a break during the last day of his trial to face charges of breach of trust, computer abuse and forgery June 25, 2010. French bank Societe Generale blames the former junior trader Kerviel for 4.9 billion euros ($6.03 billion) of losses in early 2008. Reuters
French lawyer Olivier Metzner (C), who represents former trader Jerome Kerviel, speaks to the media at Paris courts on the last day of Kerviels trial to face charges of breach of trust, computer abuse and forgery June 25, 2010. French bank Societe Generale blames the former junior trader Kerviel for 4.9 billion euros ($6.03 billion) of losses in early 2008. Reuters
