SocGen Seeks Scrapegoat For $7.1 Billion Scandal

New York Times:

Senior politicians here increased calls for the resignation of top executives at Société Générale, ahead of the board's regular meeting, scheduled for early Wednesday.
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"The pressure is very, very strong," one of the bank's directors said. "The politicians want a head to roll."

The director, who declined to be identified because of the delicacy of the situation, predicted that the bank's chairman and chief executive, Daniel Bouton -- and possibly one or two other senior managers -- would be asked to step down as early as Wednesday. But he and other board members stopped short of saying that Mr. Bouton's departure was a foregone conclusion.

Read the whole story: New York Times

Comments

[Gary47]

For a measly half of one percent I volunteer to be the scapegoat.

[fact finder]

Bush and Cheney did it with the help of Wolfowitz.

[fact finder]

Bush and Cheney did it with the help of Wolfowitz.

[realitytrumpsbull]

How about accepting the responsibility for having that stuff go on to begin with, and resigning from the job? No, I don't think that will be happening, because that would take a different set of ethics than what we're seeing these days from the 'banker class'...

[Tom95134]

One can never find a good guillotine when one needs it.

"Off with his head!" - sez the Red Queen

And what about the real people that lost money? What about the small investor? Well, "Let them eat cake!"