1.
U.S. markets recover from steep losses
PARIS, Jan. 30 (UPI) -- Political pressure is building for France's scandal-plagued Societe Generale bank to fire the bank's chairman and other top executives.
A rogue trader was discovered Jan. 18 to have lost $7.1 billion after conducting unauthorized trades for more than a year. French President Nicolas Sarkozy has said bank executives should incur "consequences," The New York Times reported Wednesday.
On Tuesday, Finance Minister Christine Lagarde weighed in. The bank should decide, "whether they should change the captain," Lagarde said.
The situation is complicated because the apparent successor to Chairman and Chief Executive Daniel Bouton is Jean-Pierre Mustier, who was the head of the division where Jerome Kerviel, the rogue trader, worked.
Co-Chief Executive Philippe Citerne may also be asked to leave, the Times said.
The scandal widened with discovery that bank board member Robert Day sold $66.48 million worth of bank shares on the same day Kerviel's activities were revealed.
"No insider information was used in anyway," the bank and a spokesman for Day said in separate statements.
|
|
|
|
|
|
| Additional Business News Stories | |
CANBERRA, Australia, May 23 (UPI) --
Australia has passed legislation establishing the $10 billion Clean Energy Finance Corp. to provide grants and government investment to green projects.
|
ORLANDO, Fla., May 23 (UPI) --
The U.S. Air Force has added Lockheed Martin to its list of companies for support of its medical services worldwide.
|
The housing inventory rose slightly in April, which is unusual in the middle of the spring sales season. The uptick may be the result of rising seller confidence and it should ease concerns that the super tight inventory levels of the last six months...
|
What if Europe turned out to be the new Japan?
|
| Stories | Photos | People | Comments |
View Caption
