Former French trader Jerome Kerviel will learn in court today whether or not he will have to pay damages of $5.5 billion to the French bank Societe Generale. Bad financial bets made by him nearly wrecked the entire bank he worked for in 2008. The bank says he used his computer, financial skills, and fake documents to cover up his unauthorized trading. The $5.5 billion dollars he might have to pay would equal the losses the bank suffered from his trading.
Kerviel says though that his bosses knew about his operations, and that he was a victim of a poorly regulated financial system. He argues that he shouldn't have to pay the damages because the bank failed to carry out hierarchical control for months, and that its faults and negligence contributed to its own damage. He also never wanted to get rich for himself. Obviously if Kerviel was ordered to pay the $5.5 billion, he would never realistically be able to pay it off in his lifetime.
I think it is kind of dumb that they are trying to get him to pay all this money to them for things he did trying to help them. They couldn't have possibly not know at least something about what he was doing, and in the end, he didn't steal from them or anything and it is probably partly their fault. I think they should just fire him and leave it be, because they will never get their money back.
What do you think the bank should do about it? Try to make him pay as much as possible the rest of his life?Or not?
Do you think that it should even be possible to try to get someone to pay this much money in court especially if they can't even pay a small part of it?
Replies
Great job overall but you replied on two different days instead of three.
5.5 billion dollars is a LOT of money and if he is responsible then yes he should be responsible for paying for it. Well it just depends, I feel like he should pay for it no matter what, he made a huge mistake and no one else should pay for something he did.
I think the bank should settle their losses, because I don't know how they think they are going to get all of that money back. They should not make him try to pay them back, because there is no way he will be able to pay even 1 billion of it back. Might as well sentence him to death if you are just going to take all of his money and time that he has.
No I do not think you should even try to have someone try to pay this much money back. Especially if they can't even pay a small amount of it, because that it way too much money for anyone to pay back.
I think that he should pay off some of it, but $5.5 million that is a lot of money. I mean he did cost them that much, but if the system didn't make sense then is anyone else costing the bank anything? I think that they should serve some time in jail, or work it off in labor work. If the guy doesn't have the money or even a part of it then he obviously isn't going to be able to pay it.
That is a good idea, maybe some jail time and then some labor to work it off, he clearly won't be able to pay the full damages in money.
I think it is not right that they are trying to get him to pay all this money to them for all the things he did trying to help them.
I think they should just fire him and leave it alone because they will never get their money back no matter how hard they try.
no I think that the bank will say whatever they want to get there money its not right because they think they can get away with anyhing
Yes, in my opinion just maybe fine him whatever his salary was and fire him and move on, dragging this out isn't good for anybody and won't get their money back.
Very true, it brings up the question of should he be made to just work the rest of his life in an attempt to pay off a debt he may owe, or should he be given another chance.
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