Does Jerome Kerviel still owe money?
A French court has cut the damages owed by the former Société Générale trader Jérôme Kerviel from €4.9bn (£4.2bn) to €1m. The appeal court in Versailles ruled on Friday that Kerviel’s reckless trades were “partly responsible” for the huge losses suffered by the bank in 2008.
Does Jerome Kerviel have any money?
Former Société Générale rogue trader Jérôme Kerviel owes the bank $6.3 billion. Here’s what his case tells us about financial reform. Enjoy a year of unlimited access to The Atlantic—including every story on our site and app, subscriber newsletters, and more. He can earn million-dollar gains without anybody knowing.
Is Jerome Kerviel a billionaire?
His Net Worth Jerome Kerviel is the poorest man in the world, with a net worth of -$6.7 billion.
How much does Jerome Kerviel make a year?
Jerome Kerviel was a junior level derivatives trader earning US$66,000 per year at Societe Generale, one of Europe’s largest banks .
How did Jerome Kerviel lose so much money?
Jerome Kerviel was a junior level derivatives trader for French securities firm Société Générale. He was charged with losing more than €4.9 billion in company assets by conducting a series of unauthorized and false trades between 2006 and early 2008.
Who has the most debt ever?
trader Jerome Kerviel
Former financial arbitrage trader Jerome Kerviel is the most indebted man on the planet, owing his former employer $6.3 billion.
Who’s the poorest person alive?
The world’s poorest man Jerome Kerviel has handed himself in to French authorities. Jerome Kerviel, the ex-Societe Generale trader who has more debt than anyone else in the world, has turned himself in to French authorities to begin a three-year jail sentence.
When was Jerome Kerviel caught?
March 2008
He was initially jailed after his arrest in March 2008 after his 50bn-euro gambling spree on the markets had emerged. Although he had originally generated more than 1.4bn euros in profits in 2007, within months that had turned into enormous losses.
What really happened at the Société Générale?
SOCIETE GENERALE DISCOVERED THE FRAUD IN JANUARY 2008. On 19 and 20 January 2008, a number of massive positions totalling some €50 billion were discovered, which Jérôme Kerviel had carefully hidden through fictitious transactions. The Bank found itself at risk of collapse.
How did Jerome Kerviel lose his money?
Who is the most broke person in the world?
Will the Court of Appeal review Jérôme Kerviel?
The Court of Appeal will not review the amount of the loss caused by Jérôme Kerviel, which was definitively confirmed in the Court of Cassation’s ruling. The Court of Appeal will however determine the amount of compensation payable to Societe Generale based on sharing of liabilities.
Why did the bank decide to settle the case with Kerviel?
During the legal analysis of the case brought before the Labour Court against Societe Generale by Jérôme Kerviel’s line manager, the Bank decided it would be appropriate to settle with the employee in question to avoid another legal procedure that could have led to a conviction.
What happened to the Kerviel scandal?
On 19 and 20 January 2008, a number of massive positions totalling some €50 billion were discovered, which Jérôme Kerviel had carefully hidden through fictitious transactions. The Bank found itself at risk of collapse.
Did Kerviel know he was in breach of the limits?
Jérôme Kerviel’s comments and behaviour during the various legal proceedings show that he was fully aware that he was in breach of the limits and that the Bank would not permit this, as demonstrated by his repeated concealment of the positions, fictitious trades, lies and forgery.