Tuesday, 5 October 2010

And here is the news

A rogue trader (Jerome Kerviel) who almost brought down French bank Societe Generale has been jailed and ordered to pay back 4.9bn euros. its estimated it would take him 120,000 years to repay the money on his current salary.

Read more here sky.com

I've not seen what his bosses who should have known what was going on have got.

1 comment:

Keith Eckstein said...

It's the job of Compliance and Audit to ensure that this can't happen.

You put a trader under immense pressure and then bonus him when he makes money - of course a very, very small percentage are going to cheat and take naughty risks - that why you have a large Compliance team to ensure that they get caught at an early stage. Looks like Nick Leeson all over again.