Monday, October 20, 2008
And they only lost $810 Million
But they took one for the team because of it.
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.If someone did that inthis country they would be laughed out of their country club.
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.''
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