The most indebted man in the world owes former employer $6.3 billion (2024)

FAQs

The most indebted man in the world owes former employer $6.3 billion? ›

Former financial arbitrage trader Jerome Kerviel is the most indebted man on the planet, owing his former employer $6.3 billion. The amount Kerviel owes to French bank Societe Generale for fraudulent trades made in 2007 and 2008 would make Kerviel one of the 50 richest people in America if those debts were assets.

One of the biggest banks in Europe, Société Générale, once employed Kerviel. Jerome is a computer prodigy and holds a master's degree in finance. Jerome has a debt of Rs 495,068,952,000. This is the highest amount of debt any individual owes to third parties and hence Jerome is often called the poorest man on earth.

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.

Jerome Kerviel, The Most Indebted Person In The World, Owes $6.3 Billion To Former Employer, Societe Generale. In a hyper-competitive world where everyone strives to be the biggest, boldest and most famous, no one covets Jerome Kerviel record-breaking achievement.

Two Hong Kong-based traders at Societe Generale left the French bank late last year after the bank discovered unauthorised bets made via options contracts tied to Indian stock-market indices, a source close to the matter said on Tuesday.

Former financial arbitrage trader Jerome Kerviel is the most indebted man on the planet, owing his former employer $6.3 billion. The amount Kerviel owes to French bank Societe Generale for fraudulent trades made in 2007 and 2008 would make Kerviel one of the 50 richest people in America if those debts were assets.

Jérôme Kerviel (French pronunciation: [ʒeʁom kɛʁvjɛl]; born 11 January 1977) is a French rogue trader who was convicted and imprisoned in the 2008 Société Générale trading loss for breach of trust, forgery and unauthorized use of the bank's computers, resulting in losses valued at €4.9 billion.

Nearly half of all US foreign-owned debt comes from five countries. All values are adjusted to 2023 dollars. As of January 2023, the five countries owning the most US debt are Japan ($1.1 trillion), China ($859 billion), the United Kingdom ($668 billion), Belgium ($331 billion), and Luxembourg ($318 billion).

It explores how debt works and… The “world's richest man,” Elon Musk, purchased Twitter (since renamed X) for $44 billion in 2022. It's estimated he holds $13 billion of that amount as debt from bank and other loans, a sum the average working class person would obviously face severe repercussions for.

Will the US ever pay off its debt? ›

Thus, debt is continually paid down and new debt incurred, to be paid down by creation of new debt, ad infinitum. If total indebtedness as a percentage of the national economy does not grow, this can continue forever.

Foreign countries buy US Treasury securities since they are considered as one of the most secure assets. Among other countries, Japan and China have continued to be the top owners of US debt during the last two decades.

Approximately three-quarters of Black- and White-headed families have debt, but the median debt-to-asset ratio is 50% higher among Black than White families (Copeland, 2020), with Black borrowers less likely to fully repay loans (Brevoort et al., 2021).

In late 1998, shortly before Bankers Trust was acquired by Deutsche Bank, BT pleaded guilty to institutional fraud due to the failure of certain members of senior management to escheat abandoned property to the State of New York and other states.

* Author's note: At the end of 2022, Silvergate's Tier 1 Leverage ratio was 5.4 percent, Silicon Valley's ratio was 7.96 percent, and Signature's ratio was 8.79 percent. ** Author's note: See the sources in the first note.

Eight months ago, life was good for Kavish Kataria, the 33-year-old former SocGen vice president at the centre of the French bank's latest trading brouhaha. Based in Hong Kong on the delta one desk, Kataria says he made $50m in profits in 2023 through to September.

VERSAILLES, France (Reuters) - Former Societe Generale trader Jerome Kerviel is liable for only 1 million euros (£866,646.06) of the 4.9 billion euros (£4.25 billion) in losses he racked up at the bank, and not the whole amount, a French court ruled on Friday.

Jérôme Kerviel, the low-level trader whose rogue bets cost Société Générale €4.9 billion ($6.7 billion) in early 2008, was convicted today by a French court and ordered to repay the bank's losses. At Société Générale, Kerviel earned about €100,000 a year ($137,000), the Journal has reported.

There are many wealthy people who take on debt; they just do it in different ways than their less-well-off counterparts do. Of course, not every rich person has exactly the same money habits. But here are four borrowing rules the wealthy tend to follow that others often don't.

What is the world's total wealth? According to the UBS "Global Wealth Report 2023," total net private wealth stood at $454.4 trillion at the end of 2022.