Despite the scandal, Bouton stays by Lenka Filipova

Daniel Bouton stays in Societe Generale as the board expressed trust with its chairman. However, he will no longer be assigned to participate in the cause of the crisis over the recent biggest trading scandal in investment bank. The crisis was caused by the loss of 4.82 billion Euro ($7.1 billion). According to a bank spokesman the guilt is attributed to a junior trader Jerome Kerviel. The European Commission is drawing banks' attention to ensure the equity among domestic French banks and the foreign institutions. The crisis team is going to lead an audit and is going to search out the reasons of the crisis itself Jean-Martin Folz expressed. Societe Generale has thrown a suspicion upon Kerviel that he stole the computer codes and use them to tamper documents in order to place more than 50billion Euro ( $73 billion) to future trades. Christian Noyer, a Central Bank governor, admitted that the permanent control mechanisms were not working as they should and those that worked appropriately were not observed with caution. President Nicolas Sarkozy has rendered his discontent with the stay of Bouton in Societe Generale. However, the board insisted in his continuation as a head because with his experience they may echo all possible takeover bids and support the financial situation by the rise of 5.5 billion Euro. To end-of-crisis, Bouton said that he was "absolutely determined" to do his best to reassure all clients and employees that the scandal will have no impact on them.

by Lenka Filipova for PocketNews (http://pocketnews.tv)

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