jsinger - 12:09 pm on Oct 5, 2010 (gmt 0)
"SocGen's Rogue Trader Must Become A Billionaire To Pay Back Money
A Paris court orders Jerome Kerviel to pay $6.7 billion back to his former employer. It'll only take him a few thousand years.
LONDON -- Societe Generale is getting the ultimate comeuppance with rogue trader Jerome Kerviel after he lost the bank 4.9 billion euros with fraudulent trades two years ago: he has to pay it all back.
A Paris court issued the stunning verdict on Tuesday morning that Kerviel, 33, must repay the entire 4.9 billion ($6.7 billion) lost by the French bank as a result of fictitious trades that he covered up between late 2007 and early 2008, which were worth a total 50 billion euros ($69 billion). The judge also sentenced Kerviel to three years in prison."