Jérôme Kerviel, the rogue trader that saddled French bank Société Générale with a €4.9bn (US$6.7bn) loss in 2008 was sentenced by a Paris court today. He received a five-year prison sentence (two years suspended) and, to make his former employer whole, he was ordered to repay SocGen no less than four-billion-and-nine-hundred-million euros. His current monthly salary as a technology consultant is around €2,300. An appeal is pending.
To put the size of the fine in context, here are some rough equivalents:
- The nominal annual GDP of the Bahamas (at purchasing power parity), according to the EIU’s 2010 forecast
- Twenty Airbus A380 “super jumbo” planes
- The net worth of the world’s 107th-richest person, British retail tycoon Sir Philip Green
- The market capitalisation of semiconductor company STMicroelectronics
- On Mr Kerviel’s salary while at SocGen, it would take him 49,000 years to earn enough to pay the fine. At his current salary, 178,000 years. At the French minimum wage, 304,000 years