- New Fed Report: The Rich Are Thriving, and Everyone Else Has Fallen Behind
- Feds Target Suspected Payday Loan Scams
- Occupy Wipes Out Nearly $4 Million in Strangers’ Student Loan Debt
- CFPB Sues Corinthian Colleges for Alleged Predatory Lending
- 7 Percent of US Workers Have Garnished Wages
- Best and Worst US States for Credit
- Most US Families Aren’t Mired in Credit Card Debt
- More US Seniors Are Struggling With Student Loan Debt
Jerome Kerviel owes more money than anyone else on Earth – to his former employer. The Huffington Post has the story…
Thanks to a court ruling in late October, the former junior trader for France’s second largest bank, Societe Generale, owes the company a cool $6.3 billion — an amount so gargantuan it couldn’t possibly be repaid.
But considering an appeals court upheld the sentence after Kerviel was accused of orchestrating $73 billion in what the Atlantic politely refers to as “unauthorized trades,” it’s difficult to maintain a grounded sense of proportion.
I guess the 35-year-old can start paying it off after he serves three years in prison for fraud. I’m sure he can handle it – it’s only about 0.007 percent of the $852 billion in revolving American consumer credit debt. No big deal, right?