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Nanny State Banking


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I know there are a lot of complaints about the way Thai banks operate and the sometimes difficult rules and regulations regarding conducting business in Thailand, but some things that happen elsewhere can be truly amazing by comparison.

Jerome Kerviel worked at Societe Generale. He nearly brought an end to the bank's existence.

Mr Kerviel, 39, served a three-year jail term after being convicted of breach of trust and fraud in October 2010.

He was charged with gambling €50bn (£39bn) of Societe Generale's money on trades without the bank's knowledge, which nearly brought down the business.

http://www.bbc.com/news/world-europe-36472099

But now French judges at a tribunal have awarded him money for unfair dismissal.

A labour court said the bank, Societe Generale, had dismissed him not because of his actions, which it must have known of, but for their consequences.

The court ordered the bank to pay him €450,000 (£350,000) in damages.

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