Jailed trader ordered to pay $7bn

oildaytrader

oildaytrader

Senior member
Messages
2,806
Likes
125
A rogue trader who almost brought down French bank Societe Generale has been jailed and ordered to pay back 4.9bn euros (£4.25bn).

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.
 
that's probably more than the bankers pay the govt for bailing them out
 
What is the point of asking him to repay it? It is SocGen's fault too anyway, for not managing the risk properly.
 
We should have a whip-round.

I just had a look down the back of my sofa.
£3.27, a dust-covered sweet, and some crisp fragments.
 
The Eival Knieval of the trading world

Only trouble is, he missed the jump and went SPLAT
 
Shakone said:
What is the point of asking him to repay it? It is SocGen's fault too anyway, for not managing the risk properly.
Click to expand...


Just shows the poor risk management systems employed by banking buffoons,they should sack senior buffoons of the bank and senior management who were greedy for their big bonuses , and turned a blind eye cause the wallies' wallets were getting filled with mega bonuses.
 
oildaytrader said:
Just shows the poor risk management systems employed by banking buffoons,they should sack senior buffoons of the bank and senior management who were greedy for their big bonuses , and turned a blind eye cause the wallies' wallets were getting filled with mega bonuses.
Click to expand...

How did this affect you ODT? Were you a shareholder of SG? if not can you f*ck off as you're getting really annoying.
 
I agree that some of the fault is with him but most of the blame should be with the people that was supposed to be managing his risk.

Why shouldn't the top guys also be ordered to pay it back? They are just as much to blame as they failed to pick up on it.
 
scose-no-doubt said:
How did this affect you ODT? Were you a shareholder of SG? if not can you f*ck off as you're getting really annoying.
Click to expand...

"getting" annoying - this implies at some point in the recent past he wasn't annoying?

ODT is a spam machine, in the style of Joe Ross/4xpipcounter/medbs and so on.

He is guaranteed to talk 100% sh1t but a recent amusing comment was "if no-one used leverage, there would be more losing traders".

When asked to explain this bizarre remark, he replied "well, the 10% of traders who are successful use leverage, so if they weren't allowed to use leverage then they would lose money, thus even more people would lose money".

If the moderators did the sensible thing and banned ODDT (oildaydemotrader), the overall quality of t2w would shoot up instantly.
 
If he pays back at something like $5 a week (as is often the case in the UK) then it will only take him 1.4 Billion weeks to clear his debt or nearly 27 Million years.


Paul
 
oildaytrader said:
Sounds like scooby the pretending trader has blown a few accounts and O D T reminds him of it.:LOL:
Click to expand...

Yes I'm a pretend trader. Exemplified by my constant boasting about my winning strategies and posting trade recommendations lol.

You're never going to move on unless you accept the fact that you've been rejected by the people you idolise. You should really stop projecting your failure driven neurotic hate about these boards. S'not healthy to show this level of commitment to something that does not concern you in the slightest.
 
The fine doesn't look that bad.
All he has to do is read t2w and he'll make 100% per hour, compounding to a few billion before tea time.
 
Trader333 said:
If he pays back at something like $5 a week (as is often the case in the UK) then it will only take him 1.4 Billion weeks to clear his debt or nearly 27 Million years.


Paul
Click to expand...

Didn't you forget the magic powers of compounding in that calculation? :D
 
If he's forging all the documents, how is the bank supposed to know the exposure etc? I'm pretty sure he was breaking all the rules they had in place, so saying they should of had better risk management is rubbish unless you think they need to double check everything, and then hell, two guys could be in on it, better get a third, and a forth, probably a fifth.
 
Mr. Charts said:
The fine doesn't look that bad.
All he has to do is read t2w and he'll make 100% per hour, compounding to a few billion before tea time.
Click to expand...

Oh no....Mr Charts, you're getting brainwashed into the darkside by "those people". Almost happened to me. Luckily I compounded my head against the wall a few times and it brought me back :LOL:

Peter
 
You must log in or register to reply here.

Similar threads

Pipsaholic
Another City Trader Jailed
Replies
3
Views
2K
scose-no-doubt
scose-no-doubt
C
Easy Money.....
Replies
1
Views
2K
bally35
B
oildaytrader
1500 hedge funds closed ,insider trading ,ponzi schemes,redemption failures
2
Replies
28
Views
9K
oildaytrader
oildaytrader
TWI
Here is a true story about what can happen to a "star" trader.
2
Replies
23
Views
10K
richi rich
R
A
HOW to trade succesfully
2
Replies
29
Views
5K
Paul71
P
Top