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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: elmatador who wrote (28729)	1/28/2008 10:37:54 PM
From: Elroy Jetson	Respond to of 219833

Now you understand why French President Nicolas Sarkozy said today that Société Générale executive will likely have to step down. "When someone is very highly paid, even when it's probably justified, you can't avoid responsibility when there's a major problem." Sarkozy asked the board to "think about their responsibility." This is just a suggestion as SocGen is no longer government owned. Robert Day, an American who received his shares from the sale of his Los Angeles based wealth management firm TCW to SocGen, may or may not face serious consequences depending on whether he knew about the imbalances discovered on the books. The shareholder suit filed today will certainly find out. We know SocGen did not notify the Bank of France until several days after the discovered irregularities in their books, after they traced the source of the problem to Kerviel. This is probably not a problem, unless Day sold after knowing of this. .