Word: boutons
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...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...
...disparate cast of characters across French society echoed Pruvost's defense of Bouton. Former conservative prime minister and Sarkozy archrival Dominique de Villepin lashed out at the "hysteria characteristic of how this crisis has been handled," and warned against "the search for a scapegoat" as an easy response to it. Michel Marchet, an official with the Communist-affiliated CGT labor union and thus no friend to de Villepin or to big capital in general, stressed that his organization "does not want Daniel Bouton to leave...
...bank. That prospect appeared even more feasible on Wednesday, as BNP announced 2007 profits of $11 billion - smaller, to be sure, than 2006, but far better than European competitors reporting billions of losses linked to subprime exposure. Against that troubling background, many SocGen employees fondly recalled Bouton's deft defensive moves in fending off BNP's hostile...
...Sympathetic press reports have also noted that Bouton's actions in the face of the crisis provided additional reason for keeping him on. Despite the enormous blow Kerviel's activities dealt the bank's finances and image, Bouton was able to quickly enlist international heavyweights like JPMorgan Chase and Morgan Stanley to back an $8 billion capital increase?and has already convinced two big French businesses, Groupama and Caisse des Dépots, to subscribe...
...volumes involved."That suggests that even more destabilizing revelations for Société Générale may be in the offing. And that could unlock the lips of shareholders who have filed suit against the bank, but have thus far shied away from calling for Bouton's ouster until the crisis is over. 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...