Word: boutons
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...week and counting after a far bigger scandal that cost it $7.13 billion to unwind - and that subjected its risk control procedures to public mockery. Yet the end is still not in sight. The SocGen's board of directors, meeting in emergency session, left chairman and president Daniel Bouton in place. That action probably wasn't a vote of confidence as much as it was acknowledgment that SocGen's travails have only begun...
...board's rejection of Bouton's resignation surprised many observers, considering who has been calling for heads to roll after the bank's staggering losses from allegedly unauthorized speculative activity by Jérome Kerviel, a junior derivates trader. Earlier in the week, French President Nicolas Sarkozy led a parade of government officials signaling expectations that the highest ranks of the bank's management would step up and assume responsibility in the affair. "We are in a system where, when you have a big salary - which is without doubt legitimate - and there is a big problem, you cannot escape your...
...what could be one of the biggest inside frauds in banking history, French futures trader Jérome Kerviel, 31, effectively created his own trading firm within the bank's market rooms, according to Société Générale CEO Daniel Bouton. "He succeeded in building this hidden firm, in building his positions by hiding them by other positions that were totally fictional," Bouton told reporters at a Paris news conference on Thursday. "That is what is so extraordinary about this case." Bouton's offer to resign was rejected by the bank's administrators this week...
...tone-deaf suit or a chivalrous protector of the integrity of America's favorite pastime? Bowie Kuhn, commissioner of Major League Baseball from 1969 to 1984, tangled aggressively with high-profile players like Hank Aaron and Jim Bouton and owners like George Steinbrenner, and chafed in 1969 when Curt Flood unsuccessfully sued the league to become a free agent. (In 1977 arbitrators ruled in favor of free agency.) But Kuhn launched the playoffs, ruled that female reporters should have equal access to the locker room, inked a deal with NBC to air night games of the World Series...
...hander Warren Spahn were deemed so crucial to the team's successful campaign for the 1948 National League pennant that a lyric was born: "Spahn and Sain, pray for rain." Sain later became a visionary teacher, stressing the mental side of pitching and inspiring accolades from players like Jim Bouton, who dubbed him "the greatest pitching coach who ever lived...