At last, some good news for Jérôme Kerviel, who has today been sentenced to three years in prison, given a two year suspended sentence, and ordered to repay €4.9bn to SocGen: being a high profile rogue trader can be lucrative in the long term.
Take Nick Leeson. Having brought down Barings and been ordered to repay £100m, Nick’s creditors have now let him be and he’s making a healthy living on the after dinner speaking circuit. How healthy? Nick’s agent says he charges £7.5k plus VAT for a speaking engagement in the UK and between £10k-£20k for speaking arrangements overseas, plus expenses. In the past week Leeson has spoken in Moscow, Dubai, and Australia, suggesting he’s made around £40k.
Initially, Leeson was compelled to pay a portion of his earnings to Barings’ creditors, but this stopped at least 7 years ago.
SocGen says banks need to cut compensation by another 29%. (Euromoney)
Goldman Sachs is preparing to construct an 8 storey office in London, referred to as ‘Project Armada.’ (Reuters)
Swiss people don’t like foreign tax exiles any more. (ShiftingGrounds)
Women can now sue for pay discrimination more than 6 months after they’ve left their jobs. (Channel 4)
Men are better multitaskers than women. (MedicalXPress)