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February 21, 2008

SocGen Owes Jerome Kerviel Money for Things He Didn't Do

Nice catch by BreakingViews today on a bonus that SocGen owes rogue trader Jerome Kerviel for profits that the bank claims it didn't know about:

Rogue trader Jerome Kerviel was in line for a 2007 bonus five times the amount he got in 2006. The bank insists it never knew about the “hidden” E1.5bn in profits that he made through unauthorised trades last year. If that’s the case, why the bonus?

Ah, grasshopper, when you can snatch the bank liability from my hand ...

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