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French ex-trader must pay $6.7 billion for fraud





menino
This is crazy. This guy Jerome was charged with rogue trading and charged upto 4.9Billion Euros.
It seems he didn''t gain from it, but has the pay the entire sum... although he doesnt have that kind of money. ALso he will be sentenced to 5 years in jail and banned from ever working in the financial sector.
I think they are being too hard on him, and moreover if he CAN do it, then there is still something wrong with the financial systems.

http://news.yahoo.com/s/ap/20101005/ap_on_bi_ge/eu_france_trader_on_trial
deanhills
I agree Menino. This guy was a "fall guy". I agree with the defense argument:
Quote:
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.
Source:Associated Press

Totally unfair. Worst of all, he did not even gain from it. If anyone should be put on trial it has to be the management that he was reporting to. I refuse to believe that a Bank like that which is always heavily layered with bureaucratic systems, would not have known what he was doing.
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