Former Banker Is $6 Billion in Debt

Kerviel owes billions for unauthorized trades at Societe Generale

   

Former Banker Is $6 Billion in Debt

jerome kerviel 300x208 Former Banker Is $6 Billion in DebtJerome Kerviel is, to all appearances, a normal man, but he has one ability that’s almost superhuman:

He can write IOUs like it’s nobody’s business.

Kerviel is the most indebted man on Earth, as he owes former employer Societe Generale (PINK:SCGLY), more than $6 billion.

The 35-year-old Kerviel was a trader for Societe General, the second-largest bank in France, when he, by reports, went “rogue” and performed $73 billion in unauthorized trades. He was subsequently sued and fined, and an appeals court has upheld the judgement — now, Kerviel owes $6.3 billion.

Attorneys for the bank that their clients are going to take a “realistic” approach to collecting on the judgement. (That translates to “We know we’re not getting it.”) Kerviel also was sentenced to three years in prison.

To put that debt into perspective, the average American owes approximately $47,000. That means that Kerviel carries more debt than 134,042 Americans — roughly the population of Sunnyvale or Fullerton California.

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Article printed from InvestorPlace Media, http://investorplace.com/2012/11/former-banker-is-6-billion-in-debt/.

©2014 InvestorPlace Media, LLC

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