Asides

Kerviel: The French Apocalypse is Upon Us

By The Prince ⋅ April 3, 2008 ⋅  Email This Post ⋅  Print This Post ⋅ Post a comment

3 Apr 2008 - From The Deal’s Dealscape: "

If the news had broken on April 1, we would have written it off as a prank, but The Times of London is reporting — two days too late for April Fools’ — that Jérôme Kerviel, the futures trader whose unauthorized trades cost Société Générale SA €5 billion ($7.8 billion), is planning on suing his former employer for unfair dismissal.

According to the paper, Kerviel’s lawyers will argue that the dismissal should be cancelled because his employers never met him face-to-face to explain why he had been fired. In a Kafkaesque piece of logic, they will apparently claim that under French law he can’t be fired until the meeting takes place, effectively making a dismissal impossible as Kerviel’s bail conditions prohibit him from contacting anyone from Société Générale. Should Kerviel win his claim, the French bank, whose chairman Daniel Bouton has variously described him as a "cheat," a "fraud" and even a "terrorist," might have to pay him compensation. The Times claims that Kerviel will not seek to be reinstated. - Paul Whitfield"

He must be joking.  Oh but wait, The Prince forgot, we are talking about French labor laws, which are a, how to say it, A JOKE.