Monday, February 4, 2008

SocGen having difficulty firing Kerviel

Remember that guy who lost Societe Generale $7.2 billion? They are apparently having a hard time firing him, WSJ reports.

"Société Générale has stopped paying Mr. Kerviel and told him not to come to the office, but it hasn't managed to formally fire him. French law stipulates that to do that, the bank must first call him in for a sit-down meeting and explain its dissatisfaction. He has the right to bring along a trade-union official, a lawyer or anyone else he'd like.

That will be complicated: A pair of Paris judges this week released Mr. Kerviel from custody but forbade him to have contact with the bank."

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