Related: France's Madoff -- and More!
PARIS — Former trader Jerome Kerviel, 33, was convicted on all counts yesterday in history’s biggest rogue trading scandal, sentenced to at least three years in prison and ordered to pay his former employer damages of $6.7 billion — a sum so staggering it drew gasps....
The tough sentence for a lone trader marked a departure from the general atmosphere of hostility and suspicion about big banks. It was a victory for Kerviel’s former employer, Societe Generale SA, France’s second-biggest bank....
In the most stunning blow, the court ordered Kerviel to pay the bank back the $6.7 billion that it lost unwinding his complex positions in January 2008....
The bank called the verdict “an important ruling that acknowledges the moral and financial harm done to the bank.’’
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PARIS — Some observers began calling for the bank to forgive Kerviel’s astronomical debt, Societe Generale said it doesn’t expect to get all of its money back.
A spokeswoman said the bank was “open to finding a solution that’s in the interests of our shareholders and employees, and that takes into account Jerome Kerviel’s situation.’’
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Kerviel currently makes $1,245 a month as a computer consultant.
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Also see: The French Pentagon
Today's Globe Goals: French Flood
