Doesn’t seem to fit the crime. Thoughts?
He’s a scape goat. Do you really believe that no one in Soc Gen knew about his 50 billion euro futures position?
3 years and a $9 billion fine.
well…sucks for him. I’m curious, how in the world is he suppose to pay that? does that mean after jail he comes out to work and pays everything to SocGen? might as well join the mob at this point.
He didn’t get the fine, the court ordered him to pay back to the bank 4.9 billions the bank lost.
euros
how can he pay back what he doens’t have? this doesn’t make any sense at all… i wonder if he is still richer than me after all this.
FrankArabia Wrote: ------------------------------------------------------- > how can he pay back what he doens’t have? this > doesn’t make any sense at all… > > i wonder if he is still richer than me after all > this. If the sentence stands, I assume he’ll be permitted to retain some minimal level of income to survive on and everything else will be garnished. Ironically, he didn’t really make all that much as a trader. I believe it was low 6 figures. Certainly not poor, but not like he was pulling in hundreds of millions.
not sure if i can feel sorry for this guy. on the one hand, he is a thief, on the other hand he was working for bigger thieves.
FrankArabia Wrote: ------------------------------------------------------- > not sure if i can feel sorry for this guy. on the > one hand, he is a thief, on the other hand he was > working for bigger thieves. What did he steal? Ol’ boy is a scapegoat, no way he had 50 billion out there with nobody knowing, and if he did those fools are culpable as well.
i don’t think any bank will give a low level trader 50-60billion euro trades
Wow, that makes no sense. Shouldn’t the management at the bank have to pay back part of the 4.9B euros? It was their responsibility to manage the risk as well. And for that matter, this is capitalism – why is the judicial system placing the blame on the individual? It’s the bank’s bad if they’re too stupid to put good processes in place to prevent this sort of thing. Not to say the guy should get off with no penalty, but 4.9B is ridiculous. It’s basically a life sentence of poverty. If I were him, I’d probably try to get citizenship in a non-extradition country and then give France the finger.
http://en.wikipedia.org/wiki/Nick_Leeson There’s a movie about him also called Rogue Trader. It’s worth a watch if you guys haven’t seen it.
Yea if I was him, I’d just leave the country and go to another country to make a life. Look at it from the SocGen’s point of view. If they even hinted or gave the slightest indication they knew what was happening, the firm would collapse overnight. All trading partners and clients would walk away. So, the firm absolutely had to scapegoat him and put the entire blame on him to distance itself. And it worked. No one in their right mind can ever believe he can pay back a few billion euros.
iteracom Wrote: ------------------------------------------------------- > No one in their right mind can ever believe he can > pay back a few billion euros. Lion could do it before he’s 35 (he’ll be 36 the year after).
FrankArabia Wrote: ------------------------------------------------------- > not sure if i can feel sorry for this guy. on the > one hand, he is a thief, on the other hand he was > working for bigger thieves. He’s never been accused of taking money. I agree with the others, this case is garbage. It’d be like BP scapegoating the spill on a single engineer rather than blame being placed throughout a flawed risk management system. Then ordering that engineer who made 6 figures to pay back the spill damages. Dumb. The French have always been much better at orchestrating symbolic gestures than making sense. The only reason they’re still working through this crisis is because they haven’t figured out who they can surrender to yet.
Black Swan Wrote: ------------------------------------------------------- > The French have always been > much better at orchestrating symbolic gestures > than making sense. The only reason they’re still > working through this crisis is because they > haven’t figured out who they can surrender to yet. Classic
i have to admit i’m not informed of the details. So you guys think he was just following company orders? Guess that is possible. So the judges are also stupid for not seeing this? They imposed a very harsh sentence on him but maybe its just for show.
Maybe SocGen will rehire him as a trader when he gets out so he could make their money back…
higgmond Wrote: ------------------------------------------------------- > Black Swan Wrote: > -------------------------------------------------- > ----- > > The French have always been > > much better at orchestrating symbolic gestures > > than making sense. The only reason they’re > still > > working through this crisis is because they > > haven’t figured out who they can surrender to > yet. Hahahahah