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Inside Story
Jerome Kerviel: Villain or victim?
The former Societe Generale junior trader was found guilty of computer abuse and forgery.
Last Modified: 07 Oct 2010 13:13 GMT

Jerome Kerviel, a former Societe Generale junior trader was found guilty of computer abuse and forgery.

On Tuesday he was sentenced to three years in prison by a Paris court. The judge ordered Kerviel  to repay his former bank the $6.5bn and their interests he lost in risky trading and added that Kerviel knowingly went beyond his remit as a trader.

Kerviel's defence line was that his risky trading was a widespread practice within the bank and that his bosses knew the risks but preferred to turn a blind eye in exchange for the big profits he was making ($1.5bn in 2007 alone).

Kerviel said after the verdict that he was the scapegoat of the financial system.

So, was Kerviel a villain or a victim of his bank's greed? How many Jerome Kerviel's are out there practicing risky trading? And could newly-introduced regulations stop these tradings?

Inside Story, with presenter Laura Kyle, discusses with Nick Leeson, the former "rogue" trader at Barings Bank. His risky tradings in 1995 led to the collapse of the bank. He served a jail term until 1999. Also joining us are David Buick, a senior strategist at BCG Partners, and Max Keiser, a financial analyst.

This episode of Inside Story aired from Wednesday, October 6, 2010.

Source:
Al Jazeera
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