Former Société Générale rogue trader Jérôme Kerviel owes the bank $6.3 billion. Here's what his case tells us about financial reform.
Norway is the country with the highest level of household debt based on OECD data followed by Denmark and the Netherlands.
The United States has the world's highest national debt with $30.1 trillion owed to creditors as of the first quarter of 2023.
In 2008, Jerome was accused of forgery, breach of trust, and unauthorized computer use. Jerome was deeply in debt at the time his scheme was discovered. He owed $6.3 billion in debt. Jerome was sentenced to 3 years in the year 2015.
Jerome Kerviel was a junior level derivatives trader for French securities firm Société Générale. He was charged with losing more than €4.9 billion in company assets by conducting a series of unauthorized and false trades between 2006 and early 2008.
Jérôme Kerviel (French pronunciation: [ʒeʁom kɛʁvjɛl]; born 11 January 1977) is a French rogue trader who was convicted and imprisoned in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion.
The ex-trader was convicted of carrying out one of the biggest trading frauds in history. In an interview this week Kerviel said he would not try to abscond if his appeal was rejected. "I am not leaving France, I am going back to France," he told the BBC.
SOCIETE GENERALE DISCOVERED THE FRAUD IN JANUARY 2008.
On 18 January 2008, after being alerted by its control systems, Societe Generale conducted an internal investigation and discovered that one of its traders, Jérôme Kerviel, had created fictitious trades to conceal one of his transactions.
Jerome Kerviel was a junior level derivatives trader earning US$66,000 per year at Societe Generale, one of Europe's largest banks.
Nick Leeson is considered to be the single rogue trader who lost $1.3 billion, causing the collapse of a 230-year-old bank.
estimates China's total government debt is about $23 trillion, a figure that includes the hidden borrowing of thousands of financing companies set up by provinces and cities.
Japan's population is shrinking, but its national debt continues to rise. As of March 31, 2023, Japan's national debt, which is the sum of the outstanding balance of government bonds, loans, and financing bills, reached a new record high at ¥1,270 trillion.
United States. The United States boasts both the world's biggest national debt in terms of dollar amount and its largest economy, which resolves to a debt-to GDP ratio of approximately 128.13%.
A flurry of big spending packages and ballooning social welfare costs for a rapidly ageing population have left Japan with a debt pile 263% the size of its economy - double the ratio for the United States and the highest among major economies.
Average. PARIS — Jérôme Kerviel was too middling to be considered a loser. Until he was charged by Société Générale with perpetrating the biggest fraud of its kind in banking history, there was nothing superlative about him.
Leeson was imprisoned for about four years in Singapore after he tried to conceal as much as £827m in secret trades. His actions ultimately brought down Barings, the City's oldest merchant bank, in 1995.
On November 22, 2013, Judge Alvin Hellerstein sentenced Serageldin to 30 months in prison. Serageldin also agreed to return $25.6 million in compensation to Credit Suisse.
Kerviel's woes began on January 19, 2008, when his bosses discovered his unlawful operations and trading. According to the investigation, he had created a stock index accumulation of around $73 billion by January 9, 2008. This resulted in a $7.2 billion loss for Société Générale.
The annual cost of debt will rise from $17.7bn in 2022-23 to a peak of $27.1bn in 2025-26, before reducing back down to $26bn in 2026-27, according to new estimates in the budget.
Australia Total Debt accounted for 264.0 % of the country's GDP in 2022, compared with the ratio of 270.3 % in the previous quarter.
At the end of 2021, of the 98 countries for whom data was available, Pakistan ($27.4 billion of external debt to China), Angola (22.0 billion), Ethiopia (7.4 billion), Kenya (7.4 billion) and Sri Lanka (7.2 billion) held the biggest debts to China.
As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).