Chairman Watch - Chairman's Seat At Société Générale Gets Hotter, Update 2

Daniel Bouton, the Chairman of Société Générale who has managed so far to survive the troubles at the bank, just received some major political pressure. According to a piece in The International Herald Tribune, French President, Nicholas Sarkozy,

said in a newspaper interview published Tuesday that it was wrong for the head of Société Générale to escape responsibility for the trading scandal at the bank...

"I just don't understand the Société Générale situation," Sarkozy was quoted as saying in an interview with Le Parisien. "When the chairman of a company experiences a disaster of this magnitude and he does not assume the consequences of this, that is not normal."

"For someone to make €7 million a year does not shock me," Sarkozy said. "But on one condition: that he assumes his responsibilities. That's what the problem is with Daniel Bouton."

It is difficult to believe Bouton can weather this type of political pressure. Stay tuned.

For more:

France 24
Financial Times