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Societe Generale rogue trader fined $7 billion
- Thread starter OnClose
- Start date
Hmmmm....For a bank as large as Societe Generale, you would think they have their own internal audit and control department that prevent things like this from happening.
Didn't this already happen in like 2008?
I didn't even notice the date. I thought the court finally made the decision now. lol
From the article, it says he will have to "pay back about $7 billion in damages".
I don't know the ins and outs of the French legal system, but the article reads like it's not a fine as such (payed from the guilty to the gov't), but a civil judgement (payed by the guilty to the wronged party).
Granted they have a better headline than "Massively rich bank awarded $7 Billion from patsy who will never be able to pay".
I don't know the ins and outs of the French legal system, but the article reads like it's not a fine as such (payed from the guilty to the gov't), but a civil judgement (payed by the guilty to the wronged party).
Granted they have a better headline than "Massively rich bank awarded $7 Billion from patsy who will never be able to pay".
Well, that's an appeal from the first judgment, hence time passed since the events. Kerviel is still free btw, and he will go to cassation next (another court in french judiciary system).
As of the fine, in France it can also be awarded by the criminal court, which was the case for Kerviel. I should look more precisely into the results of this judgment, but it's supposedly owed to Societe Generale, and after the first judgment Kerviel was also sentenced to pay a similar amount, but Societe generale said it would give up its claims to this money.
As of the mention of BoA and the american justice system, it's actually much tougher than the french system. In France, the worst sentence for white collar crime is 5 year afaik, plus one has often the possibility to remain free until he has exhausted appeal opportunities, which might take years, as is the case for Kerviel.
As of the fine, in France it can also be awarded by the criminal court, which was the case for Kerviel. I should look more precisely into the results of this judgment, but it's supposedly owed to Societe Generale, and after the first judgment Kerviel was also sentenced to pay a similar amount, but Societe generale said it would give up its claims to this money.
As of the mention of BoA and the american justice system, it's actually much tougher than the french system. In France, the worst sentence for white collar crime is 5 year afaik, plus one has often the possibility to remain free until he has exhausted appeal opportunities, which might take years, as is the case for Kerviel.