Crisis Legal NewsClick here to add this website to your favorites
Crisis News Search >>>

executives at French bank resign over loss

Financial Law     updated  2008/10/18 03:58

The top three executives at France's Caisse d'Epargne have resigned under pressure from the government after the bank lost euro600 million ($810 million) trading derivatives amid the worldwide stock market collapse earlier this month.

The auditing board of the bank, one of France's largest, met for several hours Sunday, and announced in a statement the departures of Charles Milhoud, chairman of the management board, CEO Nicolas Merindol and Julien Carmona, head of finance.

Milhaud said he would not accept any severance pay and said in a separate statement that he took "full responsibility" for the losses, which he called "a consequence of the exceptional volatility of the markets in this period, and of the violation of instructions that the board and myself had given."

In a radio interview Monday, Finance Minister Christine Lagarde said the executives' resignation was "a good thing" and "what we expected of them."

The bank announced the loss Friday, saying it occurred in equity derivatives trading for its own account and was triggered by the "extreme market volatility" and the market crash during the week of Oct. 6.

The bank said a team of five or six employees "went beyond management orders." It said it has sanctioned those responsible.

© Crisis Legal News - All Rights Reserved.

The content contained on the web site has been prepared by Legal Crisis News
as a service to the internet community and is not intended to constitute legal advice or
a substitute for consultation with a licensed legal professional in a particular case or circumstance.
 Law Firm Web Design Information
Law Promo can construct your law firm a brand new responsive website, or help you redesign your existing site to secure your place in the mobile world. We believe our work speaks for itself by showcasing quality design while reflecting our extensive experience in the online legal marketing industry. Law Firm Website Designs by Law Promo.| Law Firm Logo Design
   Latest Crisis Legal News
   Sponsored Links
Chicago Business Law Attorney
Corporate Litigation Attorneys
Fort Lauderdale Criminal Defense Lawyer
Miami Sex Crimes Lawyer
Fort Washington Employment Law Firm
Attorney Marc E. Weinstein
Santa Ana Workers' Compensation Lawyers
Car Accidents Attorneys
New Rochelle Personal Injury
Eugene Criminal Defense
Law Office of Max J Mizejewski
Family Law. Call 541.505.9872
CPA Accounting Web Design
Finanace Office Web Designs
Lorain Elyria Divorce Lawyer
New York Adoption Lawyers
New York Foster Care Lawyers
Adoption Pre-Certification
Cobb County Criminal Attorney
Georgia Criminal Defense Lawyer
San Francisco Trademark Lawyer
San Jose Trademark Lawyer
Eugene Chapter 7 Bankruptcy Lawyer
Oregon Chapter 7 Bankruptcy Lawyer