Revenge on the rogue trader?

[woolybanana]

This guy is taking the brunt of the shyte for the failure of the bank to manage its operations properly. His bosses positively queued up to blame him and him alone for their failure to control his trading, when it was their faults entirely. What a shitty decision from the court. And as for expecting him to repay billions....

Now you know why people in this lovely country will never take responsibility for anything; it is because everyone will then jump on your back and sh*t from a great height just to cover themselves. This is not human nature but cultural, and explains why so many people drop others in it.

http://www.bbc.co.uk/news/business-11474077

[Clarkkent]

I don't think that anyone is expecting him to repay the money, but this is being used as a way of signalling to employees that they are not immune from responsibility for their actions.

Whether you think this is fair or not is another matter.

[Dog]

Lets hope he gets in good job in jail it's going to take a while to pay back 4.9 billion euros.

[woolybanana]

But it is his managers who should be suitting in the dock beside him as they have to have sanctioned his behaviour.

[Panda]

I agree Wooly, I had a manager in the past who when asked to sign off on something I had done for a very large contract said to me, I want you to know I will sign this but want it recorded that I haven't read it.  I said if you're not reading it, you're not signing it and walked out, cheeky barsteward! 

He was always happy to take the glory but was giving himself a get out clause in case things went belly up, hardly in the same league but so much of this exists everywhere!

As if he could have traded at that level without a single authorisation from above, it stinks. 

[velcorin]

Mr Cynical bets SocGen stick the EUR4.9Billion on their balance sheet as an asset. As long as they don't acknowledge it will never repaid. Instant capital increase, for zero effort, or cost.

French, Spanish, German banks have been pulling this trick for the last few years. Got a Non-performing loan? Don't admit it, and maintain it as an asset.

[pachapapa]

Quote from 20 Minutes:

Jérôme Kerviel ira au tribunal d’instance, il va se déclarer dans l’incapacité de payer sa dette, et le juge le mettra en situation de rétablissement personnel. C’est tout. Jérôme Kerviel paiera zéro euro à la Société Générale

If I was JK I'd open a hamburger stall outside SocGen when I came out of Gaol![:D]

[Quillan]

[quote user="woolybanana"]

Now you know why people in this lovely country will never take responsibility for anything; it is because everyone will then jump on your back and sh*t from a great height just to cover themselves. This is not human nature but cultural, and explains why so many people drop others in it.

http://www.bbc.co.uk/news/business-11474077

[/quote]

Have to say it's not restricted to France, I have seen it many times in the UK. I should also add that the Italians are pretty good at this sort of thing. Did some work for Fiat once and it was quite shock.

[tj]

Perfectly good and fair judgement, he knowingly committed fraudulent trades, falsified documents etc etc , will get what he deserves,

and Soc Gen were fined 4 m euros for failing to control him.

so both parties punished. dont see there is anymore to say.