French Ex-Trade must pay $6.7 Billion for fraud

French Ex-Trader Must Pay $6.7 Billion for Fraud

news.yahoo.com

PARIS – Ex-trader Jerome Kerviel was convicted on all counts Tuesday in history's biggest rogue trading scandal, sentenced to at least three years in prison and ordered to pay his former employer damages of euro4.9 billion ($6.7 billion) — a sum so staggering it drew gasps in the courtroom.

The court rejected defense arguments that the 33-year-old trader was a scapegoat for a financial system gone haywire with greed and the pursuit of profit at any cost — a decision sure to take some pressure off the beleaguered banking system overall.

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Like the article says, the court "rejected defense arguments" calling this man a "scapegoat for a financial system gone haywire with greed and the pursuit of profit at any cost."

This man may not be innocent, but the people behind this ruling are not innocent either. He is a scapegoat for something, if it is not the financial system, I don't know what else it could be.

It is a pretty hefty fine. I doubt he will pay it off, he wont be able to. They will still suck his wallet dry and his life is forever ruined.

Welcome to the world of finance, good sir.

news.yahoo.com
(visit the link for the full news article)