So-called rogue trader Jerome Kerviel has been sentenced to three years in prison, and has been ordered to pay back his old firm $6.8 billion.
His crime: going above his trading limits (he claims with the approval of his superiors).
Either way, it’s also widely believed that much of the losses were the result of SocGen’s disorderly and panicked liquidation of his position, rather than the position itself.
As Nassim Taleb would say, the situation revealed the bank to be not very robust.
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