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Microcap & Penny Stocks : Rat dog micro-cap picks... -- Ignore unavailable to you. Want to Upgrade?

To: Bucky Katt who wrote (37251)	1/27/2008 11:22:34 PM
From: joseffy	Read Replies (1) \| Respond to of 48461

Where was you last week?

To: Bucky Katt who wrote (37251)	1/29/2008 2:36:20 PM
From: joseffy	Read Replies (1) \| Respond to of 48461

It's five days since Société Générale announced that its humble trader had nearly broken the bank and the reputation of French finance. Yet Daniel Bouton, the executive chairman, was back on the radio this morning insisting that he was not personally responsible for anything and had no plans to leave the job. Bouton, 57, even played the line, which I mentioned last time: "responsable mais pas coupable". Jean-Pierre Elkabach of Europe 1 asked him if he felt guilty for letting Jérôme Kerviel [picture above at recent party] expose the bank by 50 billion euros without anyone knowing. "I feel responsible...not personally responsible," said Bouton, who called the final five bilion euro loss a "terrible accident". It was just like a company that suffers the misfortune of a factory fire, he said. "The director is not blamed for that." The sound from Bouton and his bank colleagues is an aural version of the Gallic shrug. They are saying that it is regrettable but these things happen. Kerviel has lost his job and is in custody. He is to face charges of fraud and breach of trust, we have just heard from Jean-Claude Marin, the Paris prosecutor. He could be sentenced to up to seven years but Marin said that it seemed that he was not seeking personal gain, merely the credit that he would win with his employers and the ensuing bonuses. As I write, a couple of hundred police are surrounding the offices of the investigating judges near our bureau. Kerviel is about to be brought in for his first round with the magistrates and they are treating him like some big-time criminal. It is unlikely that Bouton will keep his job for long. President Sarkozy is spitting blood over the affair and what he sees as the botched handling by Bouton and Christian Noyer, Governor of the Banque de France. Sarko, the ultimate micro-manager when things go wrong, is aghast that he was not informed until three days into a crisis that would shake the state. timescorrespondents.typepad.com