Rogue-trader Kerviel loses appeal

You can see the video that goes with this article here

Jerome Kerviel, the man behind France’s biggest rogue trading scandal, has lost his appeal at a Paris court, which has upheld his jail term.

Kerviel was originally given five years, two of which were suspended, in 2010.

The former Societe Generale trader has also been ordered to repay the impossibly large sum of 4.9 billion euros that he lost in illicit positions on the financial markets.

The little known junior trader working in a grim Paris suburb became internationally known overnight as the financial crisis began to hit in 2008. It emerged he had taken positions worth 50 billion euros on the markets.

Kerviel never denied masking his actions, but has always claimed his bosses were complicit and that he has simply become a pawn of what he called the “rotten financial system.”

Testifying in 2009 former Societe Generale CEO, Daniel Bouton, denied Kerviel’s accusations and said the bank’s risk managers never stood a chance against his manipulations.

After the decision was announced his lawyers said they were considering the possibility of a higher appeal, but Kerviel himself later told RTL radio that he would not appeal.

Advertisements

Muhammad cartoon sparks anti-French protests

You can see the video for this story on the euronews website here

French embassies around the world have been hit by protests following the publication of caricatures of the Prophet Muhammad in a satirical magazine.

Weekly paper, Charlie Hebdo, had its Paris offices burned down by a petrol bomb attack in November, after printing an edition which named the Prophet as “guest editor” and has now printed obscene cartoons of Muhammad in the nude.

The publication of the caricatures has divided opinion in France. It highlights the tension between the western principle of freedom of speech and Islamic beliefs that find insults to the Prophet intolerable.

In Iran, dozens of students and clerics gathered outside the French embassy in Tehran chanting “death to France”, and “Down with the US” as an American made film they find blasphemous continues to also cause controversy.

In Tunisia the French embassy has announced the closure of all French schools until Monday as violence is feared and protests have already taken place in Pakistan where hundreds of people clashed with police. Officers used tear gas and batons to prevent them from reaching French government buildings.

French embassies, consulates, cultural centres and schools in some 20 muslim countries are temporarily closing as much larger demonstrations are expected after Friday prayers.