Jerome kerviel net worth
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Raised in a modest home in France's Brittany, rogue trader Jérôme Kerviel's rise to the top was as mighty as his crash down to earth
To some, Jérôme Kerviel is a modern day Robin Hood – a capitalist villain turned socialist crusader. After spending years in the warming glow of his own media circus, the former French trader has established a cult-like fan base that worships him as some sort of people’s weapon against financial tyranny.
Yet to most, Kerviel is nothing more than a common, white-collar criminal. From his work station in the back rooms of French powerhouse Société Générale, the junior trader ran up some €50bn in unauthorised trades – and by manipulating the system and betting against the odds, Kerviel brought his employer to the brink of destruction. Société Générale nearly sank after reporting losses of €4.9bn, and European markets went into complete and utter disarray. Inevitable calls for justice ensued. Yet the fanatical sideshow that followed has only served to make Kerviel’s story all the more extraordinary.
Despite losing appeal after appeal against So
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About two hours into the questioning, Kerviel asked to use the bathroom. Mustier, still worried that Kerviel might do something drastic—that he might even be armed—said that he’d accompany him. Trying again to bolster Kerviel’s morale, he told him that the bank couldn’t keep him on its payroll, but that it was counting on him to help sort through the trades. Mustier complimented Kerviel on his trading prowess. He said that he’d met many traders who had claimed to find a foolproof trading algorithm, but none had proved effective. Mustier told him, “If what you say is true, then you’re the best trader I’ve ever met.”
The interrogation resumed in the conference room, and Kerviel reluctantly described the mechanics of the trading that led to his huge gains. Later in the meeting, Kerviel was asked whether he had made additional bets on the market since his 1.5-billion-euro gain at the end of the year. “Just a small long position,” he replied.
That weekend, Daniel Bouton, the bank’s chairman and C.E.O., was at SocGen’s headquarters preparing for an emergency board meeting scheduled fo
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Kerviel case
- COULD THE TAX TREATMENT OF THE FRAUD BE RECONSIDERED DEPENDING ON THE OUTCOME OF THE CIVIL SUIT?
No, because the deductibility of the loss arising from the fraud was justified by Jérôme Kerviel’s criminal conviction by the Court of Cassation in 2014, which found him guilty of forgery and use of forged documents, breach of trust and fraudulent entry of data into an automatic processing system.
The tax treatment has been completely transparent and in accordance with the tax legislation applicable to every company. Any company that has suffered losses deducts them from its tax bill. Exceptions that call into question the deductibility of the losses do not apply to Societe Generale’s situation. Previous and recent judgements made by the French Council of State reinforce the validity of deducting the loss. According to the Council of State in 2011, senior executives would have had to deliberately decide not to establish controls in order for the deduction to be called into question. This is not the case. A new ruling by the Council of State in March 2016
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