Word: boarded
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Speculation is rife in France that the board of directors at scandal-rocked Société Générale decided to retain embattled CEO Daniel Bouton only to allow him to do the one thing he's spent a decade avoiding: preparing the bank for acquisition by a hostile rival...
...Following their meeting Wednesday, board members said they had rejected Bouton's resignation in order to preserve stability while the bank is still reeling from the $7.13 billion loss resulting from derivative trader Jérome Kerviel's illicit futures speculation. Many cited Bouton's storied record of fiercely defending Société Générale's independence in the past. But even before that day had ended, the general surprise that greeted Bouton's survival gave way to anticipation that he'd been kept aboard as the best-placed expert to chose the best among several...
...however, the board agreed with the large group of Société Générale employees assembled in support of Bouton outside the bank's headquarters. They stressed the short-sightedness of vengefully sacking an otherwise proven manager just when the shattered bank most needs him. "You don't throw the captain overboard when the ship is sinking," said board member Philippe Pruvost, who represents employees...
...Indeed, it is, perhaps perversely, the gravity of SocGen's situation that makes some prefer to cling to Bouton for now. CGT union official Marchet says he opposes Bouton's ouster because "it would necessarily signal the arrival of someone from the outside to liquidate" the bank. SocGen's board and employees - along with much of the French public - would prefer to postpone that day of reckoning for as long as possible...
...border patrol agent believed you - based on your knowledge of the local school board politics of Flint, MI, perhaps, or maybe just that trustworthy glint in your baby blue eyes - you were...