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> In March 2014, a French high court upheld Kerviel's prison sentence but ruled he would not have to repay €4.9bn.[36] I was hoping he was actually billions in

> In March 2014, a French high court upheld Kerviel's prison sentence but ruled he would not have to repay €4.9bn.[36] I was hoping he was actually billions in the hole, but no, he's out of prison and working and not responsible for repaying any amount of the debt.

hocuspocus 8y ago
Sure, let's put the junior trader in prison and not do anything about SocGen's management utter incompetence. FYI Kerviel's job termination was ruled abusive and the French government is now asking SocGen to pay back the 2.2bn tax break they got in 2008.
lmilcin 8y ago
It would actually be impossible for him to do this. Nobody will let him anywhere near a job that would let him earn any sum of money that could make a difference on a 4th or 5th digit of that sum even if he worked for the rest of his life for this.
- neuronic 8y ago
  You could really argue in all directions here. If he remained in prison all that he would do is to accumulate even more cost. But if not, he might become a welfare case (is he?) unless he lowers himself to do some honest work.
  - lmilcin 8y ago
    Actually, you could not argue. I'm Polish, so I may not know local law very well, but at least here the theory is that a punishment must, amongst others, allow the person to have a hope to come back to society, to remake themselves. This of course unless it is decided the person is unredeemable. So no, you can't argue in both directions. The judge has to pass a judgement that will take this into the account. Having a person be left with billions of dollars in debt that he has no hope to repay in a hundred lifetimes is not acceptable judgement, at least here.
yoz-y 8y ago
I'd blame the system that let him do something like that rather than the person, he was young and got strictly nothing from it even it if would have worked. In the mean time his bosses and their bosses are still happily in the business.

hocuspocus 8y ago

Sure, let's put the junior trader in prison and not do anything about SocGen's management utter incompetence. FYI Kerviel's job termination was ruled abusive and the French government is now asking SocGen to pay back the 2.2bn tax break they got in 2008.

lmilcin 8y ago

It would actually be impossible for him to do this. Nobody will let him anywhere near a job that would let him earn any sum of money that could make a difference on a 4th or 5th digit of that sum even if he worked for the rest of his life for this.

neuronic 8y ago
You could really argue in all directions here. If he remained in prison all that he would do is to accumulate even more cost. But if not, he might become a welfare case (is he?) unless he lowers himself to do some honest work.
- lmilcin 8y ago
  Actually, you could not argue. I'm Polish, so I may not know local law very well, but at least here the theory is that a punishment must, amongst others, allow the person to have a hope to come back to society, to remake themselves. This of course unless it is decided the person is unredeemable. So no, you can't argue in both directions. The judge has to pass a judgement that will take this into the account. Having a person be left with billions of dollars in debt that he has no hope to repay in a hundred lifetimes is not acceptable judgement, at least here.

yoz-y 8y ago

I'd blame the system that let him do something like that rather than the person, he was young and got strictly nothing from it even it if would have worked. In the mean time his bosses and their bosses are still happily in the business.