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22 February 2024

Sarkozy renews attack on SocGen boss

By Agencies


French President Nicolas Sarkozy said in a newspaper interview on Tuesday that it was "not normal" for the head of French bank Societe Generale to shirk his responsibility for SocGen's trading scandal.

"I just don't understand the Societe Generale situation. When the chairman of a company experiences a disaster of this magnitude and he does not assume the consequences of this, that is not normal," Sarkozy was quoted as saying in an interview with Le Parisien.

"For someone to make 7 million euros (Dh38million) a year does not shock me. But on one condition -- that he assumes his responsibilities. That's what the problem is with Daniel Bouton," added Sarkozy.

Sarkozy's criticism comes after SocGen Chairman and Chief Executive Daniel Bouton said in an interview published in Monday's Les Echos newspaper that an earlier offer he had made to resign was "no longer on the table”.

On January 24, SocGen unveiled $7.26 billion of losses which it blamed on rogue deals carried out by Jerome Kerviel, a 31-year old junior trader at the bank. (Reuters)