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Tuesday, October 05, 2010


French rogue trader Kerviel jailed, fined billions...


Societe Generale's lawyer Jean Veil called the sentence a "moral compensation" for its employees and shareholders.

Metzner had called for Kerviel to be acquitted of all charges except the false computer logs, blaming the bank for the 2008 scandal that almost destroyed it and claiming that the trader's bosses knew what he was up to.

But presiding judge Dominique Pauthe told the court that defence evidence heard in the trial in June "does not allow us to deduce that Societe Generale was aware of Jerome Kerviel's fraudulent activities".

He "exceeded his mandate by taking speculative positions without the knowledge of the bank, on a gigantic scale," Pauthe added, saying Kerviel had acted calmly and cynically.

Veil told reporters: "It has been very clearly shown that Jerome Kerviel's behaviour, his lies, were so sophisticated that the bank could not suspect what he was doing."

I guess that's the part that is most troubling. The last part. Everyone knows banks—particularly the huge ones—are terribly naive and susceptible to fast-talking jaspers. Banks often have a—I don't know if you've noticed it, but I have, many times—a certain trusting, unspoiled quality about them. They're simple, good folk. That's why people like to do business with them.

How could you lie to a bank, anyway???! It's like lying to a small child who trusts you implicitly and believes all your stories about lion-hunting in Africa.

It's disgraceful.



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