TIL that Jerome Kerviel was the world’s most indebted man, owning $6.3 billion dollars to the Société Générale. by whatilearned August 4, 2022, 4:35 am Read more: https://en.wikipedia.org/wiki/J%C3%A9r%C3%B4me_Kerviel What do you think? 12 Points Upvote Downvote billionDollarsGénéraleindebtedJeromeKervielmanowningSociétéTILToday I learnedworlds See more Previous article My friend with a stutter died in prison the other day Next article Libertarian Police™ Department 6 Comments Leave a Reply Bizzaro Bezos Log in to Reply > Bank officials claim that throughout 2007, he had been trading profitably in anticipation of falling market prices; however, they have accused him of exceeding his authority to engage in unauthorized trades totaling as much as €49.9 billion, a figure far higher than the bank’s total market capitalization […] His employers say they uncovered unauthorized trading traced to Kerviel on 19 January 2008. And nobody even noticed (until he started losing money to the bank instead of making money for it with those unauthorized trades, that is)? Yeah, I’m not sure I buy it, and apparently I’m not the only one: > Though SocGen officials say Kerviel apparently worked alone, skeptics question how unauthorized trading of this magnitude could go unnoticed. Kerviel’s unassuming background and position have heightened the skepticism that he worked alone. Some analysts suggest that unauthorised trading of this scale may have gone unnoticed initially due to the high volume in low-risk trades normally conducted by his department. […] Kerviel’s lawyers, Elisabeth Meyer and Christian Charrière-Bournazel, said that SocGen’s managers “brought the loss on themselves”; accused them of wanting to “raise a smokescreen to divert public attention from far more substantial losses in the last few months”; and said that Kerviel had made the bank a profit of US$2 billion as of 31 December 2007 As long as the bank was making money off those “unauthorized” trades, *somehow* it did not notice; and then, when the bank started losing money, he was found and blamed for everything. Log in to Reply >If you owe the bank $100 that’s your problem. If you owe the bank $100 million, that’s the bank’s problem. > >- J Paul Getty Log in to Reply I’d bet that the Tdumpster is right up there, but he’s made a career at how to hide it!! AND bill more out of people e every day!! Log in to Reply Who does this guy think he is? A small but struggling government that just needs to restructure?!?!? Log in to Reply you are $63 in debt? thats your problem you are $6.3b in debt? thats the banks problem Log in to Reply Leave a Reply Cancel replyYou must be logged in to post a comment.