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French econ minister to report on SocGen affair
France's Finance Minister Christine Lagarde holds a news conference following a European meeting at the Finance Ministry in Paris January 17, 2008. Lagarde said on Saturday she will report shortly to Prime Minister Francois Fillon on the trouble at Societe Generale bank.
Credit: Reuters/Charles Platiau
DAVOS, Switzerland |
DAVOS, Switzerland (Reuters) - French Economy Minister Christine Lagarde said on Saturday she will report shortly to Prime Minister Francois Fillon on the trouble at Societe Generale bank.
Largarde said the report would assess what additional controls were needed to avoid a repeat of the scandal at the bank, and whether more legislation was needed.
"I have to do a report very shortly for my prime minister ... then certainly to be made public," she told reporters at the World Economic Forum meeting in Davos.
The report would assess "how and why the controls did not work, and what additional controls are required, including appropriate legislation to avoid (this) occurring again," she said.
Societe Generale Chairman Daniel Bouton told a newspaper the bank would overcome its "shock" at having discovered an alleged $7 billion internal fraud.
(Reporting by Clara Ferreira-Marques; writing by David Stamp, Editing by Sue Thomas)
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