Yes, under the terms of his parole he’ll have to follow a curfew but it could’ve been a lot worse (in this case, worse meaning prison and a multi-billion fine, which would’ve taken god-knows-how-many walk-a-thons to pay back). Read more »
We’re not going to sugarcoat it. There aren’t a lot. But if you find yourself frequently plagued by parking, speeding tickets and the like, consider this silver lining: Read more »
Jérôme Kerviel’s 900 Mile Walk To Raise Awareness Re: Tyranny Of Financial Markets A Work In ProgressBy Bess Levin
Yes, he’s already two hundred miles in, but with seven hundred to go, there is still plenty of time to hit up like-minded people to pledge just one dollar (or more) for every mile walked, the proceeds of which will go to financial tyranny research and to getting him some Dr. Scholl’s sneaker inserts. Read more »
Yesterday in France, a court sentenced everyone’s favorite rogue trader, Jerome Kerviel, to three years in prison and said he must also “pay back” the $6.8 billion that was lost. At his current salary as a technology consultant, it should only take Kerviel 170,000 years to do so. Attorney Olivier Metzner said his client is “disgusted” by the ruling and today JK compared it to being “hit on the head with a club…I’m starting to digest it, but I’m nonetheless crushed by the weight of the sanction and the weight of responsibility the ruling places on me.” Well his former employer has some news that might just turn that frown upside down. Read more »
The other day we noted that in the course of making fake trades at SocGen, Jerome Kerviel had invented a fake client who he’d named Matt, whose bio Kerviel added little flourishes to such as the fact that Matt apparently loved to play rugby. Today we hear from a non-imaginary colleague of Kerviel’s, none too happy about the fact that he owes her, a bottle of bubbly she’s probably never gonna get. Read more »
I knew there was a reason I loved Jerome Kerviel and today that reason became crystal clear. As previously mentioned, the former SocGen trader admitted faking a buncha trades during his time with the firm. Now, there’s this: Read more »
Under questioning by Judge Dominique Pauthe, Kerviel said he began making larger bets in 2005 and started falsifying transactions indicating he had covered his bets. Kerviel said he continued to exceed the 125 million-euro trading limit set for the Delta One trading desk where he worked in the years after 2005. “Seventy percent of the time, limits were exceeded,” Kerviel said when a prosecutor said he was the only one who exceeded limits. He said that the controls on his computer were “deactivated,” allowing him to fake transactions. The head of his trading desk knew as early as April 2007 that Kerviel was making fictitious transactions, Kerviel said.