Jerome Kerviel on Tuesday was sent to prision for three years and was told that he was responsible for paying the bank $4.9 billion in european money ($6.7 Billion US Dollar). Kerviel worked for the bank as a trader. The bank sued Mr. Kerviel because he would make dangerous bet's that were sometimes more than the bank was worth. Both Jerome Kerviel and the Bank said that he was a major risk taker and they liked that about him as long as it made the bank money.When the verdict came out Jerome Kerviel was charged with Forgery, Breach of trust and unauthorized computer use for covering up bets worth nearly $50 Billion Euro between late 2007 and early 2008.
I feel that this article is interesting because it shows how over in France the Government is alot different than ours. I feel that Mr. Kerviel got a light sentence when it came to his prision term. I say this because if you look at the Bernie Madoff case he was also charged with fraud along with other crimes and his sentence was a 150 years in prision. And he only recieved a 5 year prision term with a 2 year suspension that is a really light sentence considering. But, one thing that he did have to do is pay back a hefty sum back to bank, which they also claim that they lost while Jerome Kerviel was employed their $4.9 Billion in Euro's. I guess thats their compensation for their first part of the sentence.
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