Investigation finds serious problems at French bank
French Finance Minister Christine Lagarde says serious flaws in Caisse d’Espargne led the bank to lose EUR 700 million.
27 October 2008
PARIS - A probe into how France's Caisse d'Epargne bank lost EUR 700 million in trading revealed "serious gaps in the (bank's) control system", Finance Minister Christine Lagarde said on Friday.
The comment came just a few days after the bank's chairman and director general quit over the loss at the height of the global finance crisis.
The bank said it lost nearly EUR 700 million in trading from mid-September to early October as world share markets were crashing.
[AFP / Expatica]