Word: banking
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...Still reeling from the scandal, bank executives spent the weekend scrambling to explain themselves to reporters and bracing themselves for what they are likely to face during the coming days: A bruising reckoning with top government officials. Bank of France governor Christian Noyer has been summoned to appear at a Wednesday crisis hearing in the Senate. And officials for President Nicolas Sarkozy were quoted in French and British newspapers saying that the French leader was enraged that Société Générale executives had waited at least three days before telling him that they'd uncovered...
...Days before, Société Générale executives had discovered Kerviel's massive illicit operation, after the trader had gambled positions worth about $73 billion. That's actually more than the bank's entire worth by around $25 billion. Instantly, this evoked comparisons in the media with another lone rogue, Nick Leeson, whose fictitious trades in Singapore lost $1.4 billion for Barings Bank in 1995, wiping out the bank's cash reserves. Leeson was arrested after an international manhunt, and spent more than three years in a Singapore jail. By contrast, Soci...
...Outside, the hard questioning of bank executives has already begun. Hammered by reporters on a conference call on Sunday, Mustier said Kerviel had outwitted the bank's internal control department for nearly a year, partly by changing the financial instruments he traded - thus triggering attention from departments that knew nothing of his trading history. Kerviel learned the intricacies of the bank's controls during his time working in middle-office jobs, before moving to the trading floor in 2005. "He chose very specific operations which were not involving any cash movements," Mustier said. "He managed to place transactions which...
...stand the guy; that much was clear this weekend when McCain tried his hardest to steer the conversation back from the economy to national security by claiming, without any real evidence, that Romney supported a timetable for withdrawal from Iraq. They are envious of his near-bottomless bank account, revolted by his hard-nosed attacks and turned off by his chameleon-like handling of the issues. They interpret his hokey demeanor and polished presentation as a fundamental lack of character. And they are right that Romney has behaved poorly, and offered real reasons for voters to be suspicious...
...Burns in the midst of gilt-framed romantic Highland scenes presides over the Caledonian Club dining room. Tom Quinn is singing "Rantin', Rovin' Robin" accompanied by Clive Gavin on piano as the members and guests digest. When wearing trousers, by day, both men are senior managers for the Royal Bank of Scotland...