French Government to Reclaim $2.46B from SocGen if Jerome Kerviel Wins Case

[kreslik.news]

The French government said today that it stands to reclaim a €2.2 billion ($2.46 billion) tax deduction from Societe Generale if an appeal court rules ex-trader Jerome Kerviel should not have to pay damages for losses he caused, according to a Reuters report.

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Kerviel was originally given a 3 year prison sentence in 2010 after accumulating €50 billion ($56 billion) in hidden trades prior to the financial crisis. The positions cost SocGen €4.9 billion ($5.5 billion) to unwind and nearly caused the French bank to collapse. ... (read more)