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French ex-trader to pay $6.7 billion, American pays just $50,000...
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Topic: French ex-trader to pay $6.7 billion, American pays just $50,000... (Read 1491 times)
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WhiskeyGirl
Monkey All Star Jr.
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French ex-trader to pay $6.7 billion, American pays just $50,000...
«
on:
October 05, 2010, 09:05:09 PM »
Quote
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.
By ordering a tough sentence for a lone trader, the ruling marked a startling departure from the general atmosphere of hostility and suspicion about big banks in an era of financial turmoil. It was a huge victory for Kerviel's former employer Societe Generale SA, France's second-biggest bank, which long had a reputation for cutting-edge financial engineering and has put in place tougher risk controls since the scandal broke in 2008.
Quote
In 2007, Kerviel amassed euro1.4 billion in profits for Societe Generale, the presiding judge noted.
But in the end, the bank's loss of euro4.9 billion stands as the largest-ever alleged fraud by a single trader, though the case has since been overshadowed by other financial world crises, from the fall of Lehman Brothers to Bernard L. Madoff's multibillion-dollar Ponzi scheme.
more here -
http://www.foxnews.com/world/2010/10/05/french-ex-trader-pay-billion-fraud/
What kind of fine do Americans get?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: French ex-trader to pay $6.7 billion, American pays just $50,000...
«
Reply #1 on:
October 05, 2010, 09:16:38 PM »
There was an interesting insider trading case recently in the news. The trader made like $18 million and was fined just $50,000, less than one percent of his gains. Why? He wasn't a good trader! Yet, he made $18 million.
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
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Posts: 7754
Re: French ex-trader to pay $6.7 billion, AIG $16.5 billion pass through?
«
Reply #2 on:
October 05, 2010, 09:25:04 PM »
Quote from: WhiskeyGirl on October 30, 2009, 09:48:20 PM
Quote
Congressman Demands AIG ‘Backdoor Bailout’ Documents
By Hugh Son
…
The New York Fed and AIG were asked by Representative Darrell Issa to provide documents tied to the decision to settle $62 billion in credit-default swaps without imposing a “haircut” on the banks. Issa, the ranking member of the House Oversight and Government Reform Committee, requested e-mails, phone logs and term sheets in letters today.
Quote
The payments may “amount to nothing less than a backdoor bailout of AIG’s creditors,” the California Republican said in the letters, citing an Oct. 27 Bloomberg article about the New York Fed’s role in settling AIG’s obligations. There are “serious questions about the transparency, accountability and wisdom of the New York Fed’s actions.”
Goldman Sachs Group Inc., Societe Generale SA and Deutsche Bank AG were among AIG’s biggest trading partners on the $62 billion book of swaps retired in part with funds from the New York Fed. New York-based Goldman Sachs got more than $14 billion over 18 months, while
Paris-based Societe Generale was paid $16.5 billion
and Frankfurt-based Deutsche Bank got $8.5 billion.
Quote
Issa is seeking e-mails and meeting notes of Elias Habayeb, who was chief financial officer for the AIG division that oversaw the swaps and led efforts to get the banks to accept haircuts. He also wants documents from Geithner, former New York Fed Chairman Stephen Friedman, general counsel Thomas Baxter and Sarah Dahlgren, a senior vice president in charge of the team managing AIG, Issa said today in a statement.
“All of this begs the question why the New York Fed would not drive a better bargain for the American taxpayer,” Issa said.
Read more here –
http://www.bloomberg.com/apps/news?pid=20601087&sid=aO.ThJXEiqHs&pos=4
Why does it seem like Washington, the Treasurey, and The Federal Reserve work best for everyone but Americans?
Old post from this thread -
http://scaredmonkeys.net/index.php?topic=6395.msg1001032;topicseen#msg1001032
Societe Generale got $16.5 billion from the AIG bailout...
And this rogue trader has to pay another $6.7 billion?
How much did Societe Generale lose these past five years? How much is it worth?
Was the financial collapse due to some bad trades? Or, was the collapse just an excuse to funnel money through AIG?
Why didn't all these firms take a hair cut? Car company bond holders went to the back of the line, and big banks and global players always to to the front?
What's wrong with this picture?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
WhiskeyGirl
Monkey All Star Jr.
Offline
Posts: 7754
Re: French ex-trader to pay $6.7 billion, American pays just $50,000...
«
Reply #3 on:
October 05, 2010, 09:39:26 PM »
What does Soros pay for insider trading?
Quote
George Soros, the international investor and one of the world’s richest men, is to have his 2002 criminal conviction for insider trading reviewed by the European Court of Human Rights.
Mr Soros appealed to Strasbourg after he was convicted by a French court of insider trading in 2002 in relation to his conduct during a takeover battle in 1988 involving one of the country’s biggest banks, Société Générale.
Quote
Mr Soros was found guilty of insider trading in 2002, allegations he has always denied, and received a fine of €2.2m – no more than his profits from the trades – which was reduced on appeal in 2007 to €940,507.
more here -
http://www.ft.com/cms/s/0/d488e5a4-c10c-11df-afe0-00144feab49a.html?ftcamp=rss
An insider trader and friend and visitor to the White House?
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All my posts are just my humble opinions. Please take with a grain of salt.
It doesn't do any good to hate anyone,
they'll end up in your family anyway...
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