Trader jailed for three years.

[stockhausen]

Former Societe Generale trader Jerome Kerviel will serve three years in jail with a further two years suspended after being convicted by a Paris court.

Kerviel was told he must repay the damages of almost 5bn euros ($7bn; £4bn) the bank said it lost through his risky trades. (BBC online)

If BJ's light-fingered French can deal properly with the greedy, incompetent bankers, why can't we?

 

[stockhausen]

... One is the fault of a reckless individual and the other a systemic oversight and gamble on risky investments. ...

Would you not describe the latter as reckless?

As for PapaLazaru's suggestion that "The management should be up on charges as well for a total lack of control." - I couldn't agree more. Sadly, it was trebles and bonuses all round instead

 

[stockhausen]

It seems to be the default argument for people who have no idea what is going on, "bloody bankers got us in this mess" etc etc.

Infuriating when you work for a decent bank.

OXYMORON ALERT!

 

[stockhausen]

There are such things as good banks ...

Of course there are dear boy . . . banks are a great place to work if you have an incurable gambling habit and absolutely no morals