French Rogue Trader Jérôme Kerviel Loses €4.9 Billion - Gets Out Of Jail - Walks To Italy To Visit Pope Francis & Six Months Later The Vatican Bank Finds €250 Million Tucked Away!

Jérôme Kerviel

Taken To Jail

2000 Jérôme Kerviel joins Société Générale
2005 Jérôme Kerviel promoted Société Générale's Delta One team
2006 Went 'rogue'
2008 Jérôme Kerviel generated €1.4 billion in HIDDEN PROFITS for Société Générale!
2008 Société Générale discovered Jérôme's uncovered unauthorized trading on 19 January 2008
2008 Société Générale closed out the trades in three days losing €4.9 Billion

2008 Cops raid the Paris headquarters of Société Générale and Kerviel's apartment on 25 January taking Kerviel's computers etc...
2008 Jérôme Kerviel is formally charged the next day on 26 January
2008 Divorces his wife
2010 Trial begins 8 June
2010 Jérôme Kerviel is found guilty 5 October and sentenced to 5 years with two years suspended, and he must make full restitution of the €4.9 Billion which was 'lost'
2012 Court upholds Jérôme's sentence to three years in prison with another two suspended, and is still ordered to reimburse €4.9 Billion which was 'lost'
2014 Court said don't bother paying back the €4.9 Billion which was 'lost'

2014 Makes a two month pilgrimage to see Pope Francis starts the pilgrimage on Ash Wednesday 5 March 2014

Jérôme Kerviel
On The Way To Rome
A Man Possessed?

The Passion of Jerome Kerviel: From Rogue Trader to Popish Pilgrim
19 May 2014 (IBT) Before sacrificing himself to the authorities, Jerome Kerviel went for one last supper with friends, though it's not clear if there were twelve of them. After months of preaching against the financial sector, a modern-day Rome whose empire of wealth, power and debauchery spans the globe, Kerviel's original sin had finally caught up with him. A former Societe Generale trader, Kerviel was convicted in 2010 by the French courts of going rogue after his fraudulent activities cost the investment bank €4.9bn (£4bn, $6.7bn). He was sentenced to three years in prison (five if you include the two suspended years) and ordered to repay the unholy sum of money, lost in a €50bn series of unauthorised trades. But his appeal against the conviction – on the grounds that the bank's systems allowed him to make such trades as long as they were profitable – had held up his punishment. That is until the courts dismissed Kerviel's appeal against the jail sentence in March 2014, though they also said he would not have to repay the billions SocGen lost under his trading. A new amount will be decided in a separate civil case.  

While his appeal was being heard in Paris, Kerviel was embarking on a penitential pilgrimage from Rome, where he had met Pope Francis, to the French capital. Former trader Kerviel arrives at Paris court for the start of his trial in Paris Kerviel arrives for his 2010 Paris trialReuters Outside the Vatican, the Holy See and the rogue trader discussed the "tyranny of the markets". Before Kerviel set about his epic 900 mile walk, the Catholic leader - God's own representative on earth and third in command under Jesus – blessed Kerviel's rosary beads. "It was incredible to meet the Pope," Kerviel told the Financial Times after the meeting. "My mind was closed, and he found the key to open it and let the light in. It is difficult to put words to it." When he lost his appeal, Kerviel continued his contemplative protest march against the markets. But he made sure he kept within the Italian border, because one foot stepped into France would mean his incarceration. French authorities warned that if he didn't come back to the country he would be hunted down as a fugitive of justice. 

Father Patrice Gourrier & Kerviel 
New Man After Meeting Pope Francis & Leaving A Little Somethin' Somethin'

So he crossed the border, escorted by the Catholic priest Father Patrice Gourrier, and handed himself in. Kerviel doesn't dispute the unauthorised trades, but instead claims he is being held solely responsible for a failure of the bank's compliance controls. This is an area SocGen has since ploughed hundreds of millions of pounds into improving after Kerviel's trades brought the bank to its knees. It had €4m extracted by regulators because of lax controls. He also claims his seniors knew about his trades and that no independent assessment has been made of the Societe Generale losses attributed to him. "No legal expert has ever validated Societe Generale's alleged losses," said David Koubbi, Kerviel's lawyer, at Kerviel's appeal launch in June 2013. Kerviel had risen up the ranks at SocGen, starting in the middle office before becoming a trader. He made hundreds of millions of euros for the bank by manipulating the SocGen system, allowing him to make unauthorised trades above the limits allowed. It worked for a while, but then he became too confident in his own ability.  

The pride before a fall, a biblical lesson he learned on the trading floor of real life. Kerviel made enormous bets that stock markets would rise again in 2008, just as the financial crisis was taking hold. But stocks didn't rise and the global economy entered a depression. The rest, as they say in France, est l'histoire. Now saintly Kerviel will languish in a prison cell, clutching his blessed rosary beads, repaying his debt to society – even if he can't repay what he owes the bank.

Pope Francis & Jérôme Kerviel
Where's My Money.....

Some observations on the 'converted' rogue trader who is now a Pope Francis lover and hater of free markets and banks:

Kerviel has become something of a cause celebre in France, winning support from prominent left-wingers and leading figures in the Roman Catholic Church who believe he has been unfairly made a scapegoat for the shortcomings of the entire banking system.

Since meeting the pope, Kerviel has secured the support of a number of church figures who share his conviction that he has been made a scapegoat for the scandal while Societe Generale has escaped any blame.

2014 Free at last on the Feast day Of Our Lady 8 September

(Telegraph) Convicted rogue trader Jerome Kerviel has walked free less than five months into a a three-year sentence. The Frenchman, who brought banking giant Societe Generale to its knees in 2008 with wildly risky trades of up to €50bn (£40bn) in risky market bets - left Fleury Merogis prison, south of Paris, on Monday morning. "I am super happy to leave today ... I want to rebuild my life. I want to have a normal life with my loved ones, start a family and finally be able to enjoy life," Read More>>>>>

So now that he is out of Jail and starting a new life, this brings us to December of this year....

2014  €4.9 Billion goes missing and €250 Million is found..........at the VATICAN less than seven after Jérôme Kerviel pays a visit to Pope Francis......

Vatican finds hundreds of millions of euros 'tucked away': cardinal
(Reuters) - The Vatican's economy minister has said hundreds of millions of euros were found "tucked away" in accounts of various Holy See departments without having appeared in the city-state's balance sheets. In an article for Britain's Catholic Herald Magazine to be published on Friday, Australian Cardinal George Pell wrote that the discovery meant overall Vatican finances were in better shape than previously believed. "In fact, we have discovered that the situation is much healthier than it seemed, because some hundreds of millions of euros were tucked away in particular sectional accounts and did not appear on the balance sheet," he wrote. "It is important to point out that the Vatican is not broke ... the Holy See is paying its way, while possessing substantial assets and investments," Pell said, according to an advance text made available on Thursday. Pell did not suggest any wrongdoing but said Vatican departments had long had "an almost free hand" with their finances and followed "long-established patterns" in managing their affairs. "Very few were tempted to tell the outside world what was happening, except when they needed extra help," he said, singling out the once-powerful Secretariat of State as one department that had especially jealously guarded its independence. "It was impossible for anyone to know accurately what was going on overall," said Pell, head of the new Secretariat for the Economy that is independent of the now downgraded Secretariat of State.  

AUSTRALIAN OUTSIDER 

Pell is an outsider from the English-speaking world transferred by Pope Francis from Sydney to Rome to oversee the Vatican's often muddled finances after decades of control by Italians. Pell's office sent a letter to all Vatican departments last month about changes in economic ethics and accountability. As of Jan. 1, each department will have to enact "sound and efficient financial management policies" and prepare financial information and reports that meet international accounting standards. Each department's financial statements will be reviewed by a major international auditing firm, the letter said. Since the pope's election in March, 2013, the Vatican has enacted major reforms to adhere to international financial standards and prevent money laundering. It has closed many suspicious accounts at its scandal-rocked bank. In his article, Pell said the reforms were "well under way and already past the point where the Vatican could return to the 'bad old days'."

Now do you really believe Pope Francis and the goons at the Vatican Bank? Do you really believe that these wicked men who have destroyed the Church are good and honest stewards of missing Vatican money?

Just where did this 'disappeared' money originally come from?

Well let's just say that Charity covers a multitude of sins and money given to the 'Church' covers a multitude of sins.....