Ex-French trader must pay $6.7 billion for fraud

Re:Ex-French trader must pay $6.7 billion for fraud by danielnicollet on Tuesday October 05, 2010 @12:17PM (#1760288)

I am from France and have friends working at Societe Generale. For those interested in the case, the big question is not why Kerviel was condemned to pay a fine he will clearly never pay but why his boss and execs from the bank were never bothered. How could they say that they ignored a few single very risky fraudulent trades had generated the bulk of the billions in profits they made during two years prior to the blow up of the affair?!

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Re:Ex-French trader must pay $6.7 billion for fraud by randomtask on Tuesday October 05, 2010 @12:22PM (#1760325)

Comment on dit "scapegoat" en Français?

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Re:Ex-French trader must pay $6.7 billion for fraud by guylhem on Tuesday October 05, 2010 @12:32PM (#1760382)

bouc-émissaire.

Official apology : we didn't know what he did. It's hard to believe no-one knew what was happening. If they are that incompetent, it may be wise to use competitors.

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Re:Ex-French trader must pay $6.7 billion for fraud by waytooold on Tuesday October 05, 2010 @01:03PM (#1760488)

>why his boss and execs from the bank were never bothered.

Some were let go. Not the Big big boss though. he cheated the system. By moving up through the ladder he gains good knowledge how to bypass security (that was poorly designed, but again 12 years ago that wasn't the focus), he became an insider threat and use his knowledge to abuse the system. I don't think they (bosses) were aware they were making profits.

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Re:Ex-French trader must pay $6.7 billion for fraud by danielnicollet on Tuesday October 05, 2010 @05:54PM (#1761666)

In 2007 he made them the bulk of their 1.4 Euros net income. That's inexcusable for a CEO and his board not to know where the bulk of their net income comes from. Especially when it's from one single trader!

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