News Summary: Prison, $7B fine for rogue trader
THE SENTENCE: The Paris appeals court on Wednesday ordered former Societe Generale trader Jerome Kerviel to spend three years in prison and pay back a staggering €4.9 billion (about $7 billion) in damages for one of the biggest trading frauds in history.
THE RESPONSE: The 35-year-old Kerviel, who never profited personally from his unauthorized trades, says he was a scapegoat for the bank and a victim of a financial system that runs on greed. He will appeal his case to the highest court.
THE MONEY: Because Kerviel cannot realistically pay the money back in his lifetime, the bank suggested it would refrain from seeking full repayment.
