Word: french
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...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...
...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...
...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...
...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...
...talk of engagement and pregnancy. She could not recall Diana ever mentioning that Dodi gave her gifts - let alone a big diamond ring. And during the August 29 phone conversation, Lady Sarah told the inquest, Diana suggested that Dodi was unsympathetic to her problems. She was "distraught" that the French newspaper Le Monde had misquoted her on the subject of land mines, making her seem critical of the government. Lady Sarah suggested that Diana speak to Dodi, but the Princess snapped that it would be "a waste of time." "From that I just did not think that the relationship...