French 'Rogue Trader' Convicted, Must Repay Billions

The French "rogue trader" whose activities almost caused the collapse of a major bank has been sentenced in Paris to three years in prison and ordered to pay back more than $6 billion.

MARY LOUISE KELLY, Host:

Eleanor Beardsley reports from Paris.

ELEANOR BEARDSLEY: Today, Kerviel was found guilty of forgery, breach of trust and unauthorized computer use. The judge said by his deliberate actions, Kerviel had put in peril Societe Generale's very existence. Looking tense and angry after the verdict, Kerviel quickly left the courtroom. His lawyer, Olivier Metzner spoke to reporters.

LOUISE KELLY: (Through Translator) He is revolted that those who made him have been exonerated of all responsibility. Jerome Kerviel would not have existed without Societe Generale, and this punishment is unbelievable for someone who never touched one cent.

BEARDSLEY: Kerviel never claimed to be innocent. He admitted lying to colleagues and exceeding trading limits, but argued that his superiors knew of his actions and that Societe Generale permitted it as long as he made money for the bank.

LOUISE KELLY: (Foreign language spoken)

BEARDSLEY: Out on the street, people were outraged. Fifty-year-old Gilles Rivet was withdrawing money at a cash machine, ironically at a branch of Societe Generale.

LOUISE KELLY: English teacher Christine Zegzouti said she talked about the verdict with her class.

LOUISE KELLY: And we are all aghast with this. We think it's terrible. But there's nothing we can do. What can we do? If you don't have people who know you, and if you are little, you will never win against big, big bodies such as banks.

BEARDSLEY: Eleanor Beardsley, NPR news, Paris.

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