Jérôme Kerviel, the fall guy

Published on 6 October 2010 at 11:12

Cover

“Kerviel case boomerangs,” headlines La Tribune, after the Société Générale trader was sentenced to five years in prison, three without remission, and €4.9 billion in damages and interest for having caused a record €5 billion loss in early 2008 by taking dicey market positions. The verdict, which heaps all the blame on the rogue trader, has “put doubts in people’s minds”, according to the French financial daily: “By handing down a far-fetched condemnation, the judges run the risk of discrediting the bench itself.(…) By coming down with all their might on the fall guy, even if he is guilty, they are liable to be decried for dispensing biased justice, protecting the powerful and abusing the powerless.” On the other hand, adds La Tribune, “If their aim was to clear the Société Générale, they missed, handing them instead a victory that won’t help whitewash their reputation.” Jérôme Kerviel intends to appeal the decision.

Categories
Tags

Was this article useful? If so we are delighted!

It is freely available because we believe that the right to free and independent information is essential for democracy. But this right is not guaranteed forever, and independence comes at a cost. We need your support in order to continue publishing independent, multilingual news for all Europeans.

Discover our subscription offers and their exclusive benefits and become a member of our community now!

Are you a news organisation, a business, an association or a foundation? Check out our bespoke editorial and translation services.

Support independent European journalism

European democracy needs independent media. Join our community!

On the same topic