Sunday, January 27, 2008

Is the “Decision Making Machine” trying to disguise other losses by blaming Kerviel

SocGen chief Bouton seen fighting for his future

ENA is the Ecole Nationale d'Administration: part of the French Grande Ecole system. The entire finance industry has expressed astonishment that one lower ranking trader could inflict such damage without being spotted. Bouton has been forced to deny putting losses from other bad deals on Kerviel's account. "What happened at Societe Generale is certainly not a disaster that resulted from our strategy. It is more like an accidental fire which destroys a large factory at an industrial plant," Bouton told Le Figaro newspaper. Bouton, 57, who like most of the French elite passed through the National School of Administration, or ENA, describes himself as a "decision-making machine." From a modest background, like many of the brilliant students who go through ENA.....................

Posted by lvmreader @ 06:08 PM (750 views)
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5 thoughts on “Is the “Decision Making Machine” trying to disguise other losses by blaming Kerviel

  • japanese uncle says:

    This guy is lucky enough to have managed to avoid being silenced. Hopefully he will be alright in a policy cell.

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  • Meanwhile, SocGen savers are getting a little worried …

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  • Apparently had the French Central Bank told the FED about the problem as soon as they knew, which they are supposed to, the FED may well have not needed to drop their interest rates .75 of a point. The French waited for more than 4 days before announcing what was going on!

    Marvellous. I wouldn’t be surprised if most big banks, central banks and authorities come up short over the next few years as the manure starts to hit the fan.

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  • I reckon he’s taking the rap for some very bad trading decisions in the last few months.

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  • Just a thought on this topic.. I believe it is an attempt by the financial elite to keep the masses guessing (uncertainty) vis-a-vis interest rate cuts.. I say this as listening to the radio this morning, there is a will they? won’t they? attitude to upcoming fed meeting. And a decision on rate cuts. Well more rate cuts will happen, possibly 50 points.

    If so, that will demonstrate desperation!

    Message for the Banks, etc. Thanks for the Bubbles!!! And I ain’t talking Fizz!!!

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