SocGen is France's Northern Crock say investigators

Written by queen mudder

Tuesday, 29 January 2008

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Blame the Euro for all this mess

Paris, France - (Sarkozy Mess): Prosecutors investigating the $7 billion fiasco at the SocGen bank are warning that it is farce becoming France's answer to the UK's Northern Crock Bank fiasco.

"We are also looking at sex and sleaze allegations at the core of SocGen operation networks, linked to the election of President Teacosy," the investigation chief warned today.

The news comes amid reports that rogue trader Jerome Kerviel, originally thought be be solely responsible for the bank's staggering losses, will only face a minor rap including breach of trust, forgery and falsifying computer records charges.

"With a standard French plea-bargain we are looking at an 18 month suspended sentence," prosecutor's office sources said, "but if you add a possible public naming of the real rogues behind the heist we could be talking about throwing in a Legion d'Honneur medal."

French financial industry regulators are also examining Kerviel's claims that two other banks are covering up similar stockmarket scams and are being protected from probes by EU Human Rights Act red tape.

"The SocGen losses will seem like an errant blip by comparison to what's yet to hit the fan," the trader's lawyer said today.

"And you people you still want Tony Blair for EU President?"

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