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Meet the Most Indebted Man in the World

Posted on November 4th, 2012 at 14:43 by John Sinteur in category: Robber Barons -- Write a comment


He can earn million-dollar gains without anybody knowing. He can execute make-believe trades by sending fake emails from hacked computers. He doesn’t always lose money. But when he does, he loses more than $6 billion. He is … the most indebted man in the world.

Jérôme Kerviel is learning one of life’s harsher lessons: It stinks to be $6.3 billion in debt. That’s how much his fraudulent trades in 2007 and 2008 cost French bank Société Générale, and how much he has been ordered to pay in restitution — after he gets out of jail in three years. A judge recently upheld these terms on appeal.

  1. Yes, this is slightly off topic and I don’t know about, France but in England you can always get discharged from debt by becoming bankrupt. This makes me wonder about Student debt in the USA, I understand that you can’t get rid of that debt by becoming bankrupt.
    Consequently I wonder about the sanity of anyone signing up to such a debt agreement in the modern work marketplace. You would think anyone found to have made such an agreement should automatically be disbarred from further education on the ground that they weren’t mentally competent .

  2. OK, folks this is how to get rid of your student debt:

    Graduate or drop out, whatever. Get a job, any job, and start repayments. After a decent interval get a bunch of credit cards from different companies then max out the cards to pay off the student loans. Go bankrupt, owing the credit cards balances but no student loan!

    I’ve seen it done. It doesn’t have to be credit cards, you just have to have a job and a pulse, to borrow money.

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