France

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Trader Won't Be SocGen's 'Scapegoat'

Kerviel breaks silence, says bank turned a blind eye to scheme

(Newser) - Jerome Kerviel will not “be made a scapegoat” for the huge losses at Société Générale, he told AFP today in his first public comments since his trading scheme was discovered. Kerviel said he had been “designated” as the sole wrongdoer by the French bank, which...

Rebels Flee Chad's Capital
Rebels Flee Chad's Capital
Feb 4, 2008 12:19 PM CST

Rebels Flee Chad's Capital

Government declares victory; insurgents say move allows civilians to escape hostilities

(Newser) - Rebels pulled out of Chad’s capital city of N’Djamena last night, temporarily ending a 2-day siege, but renewed hostilities broke out today, the AP reports. The rebels said they pulled back to allow civilians to flee, an offer hundreds took advantage of. But the interior minister insisted the...

Wedding Over, Time for Sarko to Woo French

Disgruntled voters look for newlywed prez to get back to work

(Newser) - The French breathed a collective sigh of relief after Nicolas Sarkozy's weekend wedding, hoping it allows the lovestruck president to move beyond the whirlwind romance that made his work suffer and his approval ratings plummet. But as Sarkozy goes back to work, the possible extent of his damage control remains...

Meet the Man Putting Paris in Motion

Ex-socialist is now Sarko's buddy and France's star politician

(Newser) - Bernard Kouchner was once a card-carrying socialist hurling red ink at the American Embassy in Paris. Now, as France’s foreign minister, he’s President Nicolas Sarkozy’s right-hand man, helping to rebuild long-strained ties with the US. He also may be France’s most popular politician. The New York ...

Chadian Army, Rebels Battle a Second Day

Insurgents claim prez trapped in palace; foreigners evacuate

(Newser) - Gunfire echoed through the Chadian capital of N'Djamena today, as government forces struggled to fight back rebels on the second day of an offensive which they claimed had trapped the president in his palace, the AP reports. A spokesman for France's military—which maintains a presence in its former colony—...

Rebels Storm Chad's Capital in Coup Attempt

French, US embassies prepare to evacuate amid fighting

(Newser) - Rebels looking to overthrow Chad's president stormed the capital today, advancing toward the African nation’s presidential palace and ransacking its parliament building, CNN reports. Ndjamena has been the site of fierce clashes between rebels and government forces, and today, a military source told the AFP it “is in...

Sarkozy, Bruni Wed (Finally)
Sarkozy, Bruni Wed (Finally)
Feb 2, 2008 8:36 AM CST

Sarkozy, Bruni Wed (Finally)

Whirlwind romance culminates in Elysee Palace ceremony

(Newser) - Nicolas Sarkozy has finally made an honest woman out of his supermodel-cum-singer girlfriend, Reuters says. The French president married Carla Bruni, 40, today at the Elysee Palace in a hush-hush ceremony atypical for the usually public couple. The mayor of a Paris district who officiated the nuptials said the bride...

What Does This Man Have to Do to Get Fired?

Kerviel cost SocGen $7.2B, but law says he can't be sacked—yet

(Newser) - Make no mistake, Société Générale would like to fire Jérôme Kerviel, the rogue trader who cost the bank $7.2 billion. But under French labor laws, he can’t be dismissed without a formal sit-down to discuss his employer's problems with his performance. That will...

SocGen Board Stands By Its Execs
SocGen Board Stands By
Its Execs
Jan 30, 2008 10:52 AM CST

SocGen Board Stands By Its Execs

Bank gives vote of confidence despite $7.2B losses in fraud

(Newser) - Defying pressure from the French government, Société Générale's board of directors today unanimously voted to keep co-chief executives Daniel Bouton and Philippe Citerne in their jobs. About 100 employees endorsed the sentiment by leaving the embattled bank's headquarters and standing on the sidewalk in a show of...

Breakup Rumors Swirl Around SocGen
Breakup Rumors Swirl Around SocGen
Jan 29, 2008 12:11 PM CST

Breakup Rumors Swirl Around SocGen

Fraud-plagued French bank may be too big for single bidder

(Newser) - Wounded Société Générale is looking more and more like a takeover target, prompting France's prime minister to jump into the fray today and say the government would defend the country's second-largest bank against hostile raids, the Wall Street Journal reports. With a $7.1 billion loss from...

Bank Was Warned About Rogue Trader
Bank Was Warned About Rogue Trader
Jan 29, 2008 3:19 AM CST

Bank Was Warned About Rogue Trader

Prosecutor says Kerviel was after a big bonus with mammoth trades

(Newser) - The Eurex stock exchange alerted Société Générale to positions held by Jérôme Kerviel months before the bank discovered his staggering $7 billion fraud, the Independent reports. Kerviel produced fake documents to justify his actions to the bank and was motivated by a drive to impress...

SocGen Trader Charged, Faces 7 Years

Kerviel didn't siphon off a cent, wanted to be 'a stand-out trader'

(Newser) - Jérôme Kerviel, the rogue trader who cost France's third-largest bank over $7 billion, was charged with attempted fraud by French authorities today, Bloomberg reports. Abuse of trust, the most serious of four charges, carries a potential 7-year sentence and $1.5-million fine. Police want him kept in custody,...

From Rogue Trader to Left-Wing Hero
From Rogue Trader to Left-Wing Hero
Jan 27, 2008 7:48 AM CST

From Rogue Trader to Left-Wing Hero

SocGen worker defended by family, strangers, Communists

(Newser) - For a man who nearly sank one of the largest and most venerable banks in France, rogue trader Jérôme Kerviel has certainly won a lot of support, writes the Observer. In a country that remains weary of so-called "Anglo-Saxon" business models, the Société Générale...

Rogue Trader in Police Custody
Rogue Trader in Police Custody
Jan 26, 2008 9:37 AM CST

Rogue Trader in Police Custody

Acquaintances paint portrait of Jérôme Kerviel as traumatized, desperate

(Newser) - Rogue trader Jérôme Kerviel is in the custody of French police today, the BBC reports, being held for questioning on the fraudulent trading scheme that cost Société Générale $7 billion. Police searched his flat in an upscale Paris neighborhood yesterday, leaving with a number of...

'Rogue Trader' Identified, But Still on Loose

'Malicious' 31-year-old massively defrauded SocGen, did not benefit

(Newser) - Jérôme Kerviel, a trader at Société Générale, is the man who lost the French bank $7.2 billion in fraudulent trades, using an "intimate and malicious" knowledge of bank procedure to cover his tracks, the Wall Street Journal reports. The 31-year-old Kerviel got no...

For Nuke Cues, Look to France
For Nuke Cues, Look to France
OPINION
Jan 24, 2008 12:56 PM CST

For Nuke Cues, Look to France

US could benefit much from French approach to nuclear power, Times columnist writes

(Newser) - Her name is Anne Lauvergeon, but because she’s spearheaded France’s nuclear revolution, commentators call her “Atomic Anne.” And the US desperately needs someone like her, writes the New York Times’ Roger Cohen. Thanks to Lauvergeon’s advocacy, France has thrown aside nuclear jitters, and now gets...

Get a Receipt for Those Candlesticks

Bruni says she and Sarkozy haven't tied the knot—yet

(Newser) - Carla Bruni has not yet become Mrs. Nicolas Sarkozy. In an interview with Liberation, the French president's ex-model girlfriend also made life easier for Indian officials by saying she won't accompany Sarkozy on his upcoming official trip there. Protocol-meisters in the conservative country, where unmarried couples are unusual, weren't sure...

Reform Plan Roils French
Reform Plan Roils French
Jan 22, 2008 1:04 PM CST

Reform Plan Roils French

300-point proposal dares to relax rules, strip protections

(Newser) - In his bid to shake up French society, Nicolas Sarkozy commissioned a leading Socialist to head a 40-member committee to "unleash the economic growth that France is lacking." Its report, to be released tomorrow, contains an explosive set of proposals. The 300 items range from constructing high-tech cities...

France Dives Into Gulf With Base
France Dives Into Gulf With Base
Jan 16, 2008 12:37 PM CST

France Dives Into Gulf With Base

Military base in Emirates represents major shift in strategy

(Newser) - President Nicholas Sarkozy returned to France yesterday with accords that will make his country a major player in the Persian Gulf, the Christian Science Monitor reports. France will soon have a permanent military base on the United Arab Emirates' side of the Strait of Hormuz, a key oil pathway; it...

Sarko Secretly Weds Bruni
Sarko Secretly Weds Bruni
Jan 14, 2008 2:49 PM CST

Sarko Secretly Weds Bruni

French president met former model in November

(Newser) - Capping off a whirlwind romance that's captivated gossip hounds on multiple continents, Nicolas Sarkozy secretly married new squeeze Carla Bruni on Thursday. The president's office neither confirmed nor denied the report, which originally appeared in the French newspaper L'Est Republicain, the Telegraph says, but Sarko told reporters last week they...

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