Word: rale
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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...
...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 anticipated suitors for the tarnished and shaken institution...
...First among those expected callers is BNP, France's largest bank by capitalization, which on Thursday confirmed it was considering, "a run at Société Générale" - though just "like all of Europe". The mere rumor of a possible buyout sent SocGen share prices up nearly 11% during trading Tuesday. The feasibility of a BNP offer - or hostile raid - further increased on Wednesday, when it announced 2007 profits of over $11 billion. But BNP is hardly the only player contemplating exploiting Société Générale's troubles to acquire...
...preserve its - and thus, they hope, their jobs. But given the apparent interest by competitors in acquiring the bank - and the enduring fallout over how the bad trades could occur over months - some observers are now convinced the eventual purchase of Société Générale is just a matter of time...
...small positions," Le Monde cites Kerviel telling investigators. "That led me to believe that as long as I was in the black, my superiors closed their eyes to the methods and 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...