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Official Swindlers hack Sarkozys bank account USA Today French bank executives resign over loss CNN

Mon, 20 Oct 2008 05:42:39 +0000
E mail Select one HTML Text Breaking news E mail alerts Get breaking news in your inbox as it happens Official Swindlers hack Sarkozy s bank account Updated Comment Recommend E mail Save Print Enlarge By Ron Sachs Pool Getty Images French President Nicolas Sarkozy left and U.S. President George W. Bush arrive at Camp David. Officials say hackers managed to break into Sarkozy s personal bank account. PARIS AP The French Cabinet s spokesman says swindlers have broken into the personal bank account of President Nicolas Sarkozy. Spokesman Luc Chatel told France s Radio J an investigation is underway and insists the incident proves that this system of checking bank accounts via the Internet isn t infallible. He did not elaborate. Weekly Journal du Dimanche reported Sunday that thieves seized Sarkozy s bank account information and swiped small sums of money. The newspaper said Sarkozy reported the theft last month and that those responsible haven t been found. The report cited an unnamed official close to the investigation for its information. The press service for Sarkozy s office declined comment. Copyright The Associated Press. All rights reserved. This material may not be published broadcast rewritten or redistributed. Posted Updated E mail Save Print To report corrections and clarifications contact Reader Editor Brent Jones . For publication consideration in the newspaper send comments to lettersusatoday.com . Include name phone number city and state for verification. Guidelines You share in the USA TODAY community so please keep your comments smart and civil. Don t attack other readers personally and keep your language decent. Use the Report Abuse button to make a difference. Read more . 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By Peter Allen in Paris Last Updated AM BST Oct Mr Sarkozy held talks with President George W Bush in the US at the weekend Photo Getty Images Mr Sarkozy complained to police in September after small amounts began disappearing from the account. Police said financial thieves regularly make lots of small illegal withdrawals as a means of trying to keep their crimes undetected. The embarrassing revelation comes at a time when the French president is trying to portray himself as a leading player in the international financial crisis. Parisian thieves obtained confidential numbers and passwords so as to withdrawn regular slices of Mr Sarkozy s annual salary of a year. A prosecutor from the Paris suburb of Nanterre was investigating the case along with fraud squad officers Mr Sarkozy s office confirmed. Before talks with President George W. Bush in the US at the weekend Mr Sarkozy whose country holds the revolving presidency of the European Union urged a revamping of the world s financial system. He insisted on ambitious and pragmatic solutions to current hardships including the end of hedge funds tax havens financial institutions operating without supervision and golden parachute severance packages. In Mr Sarkozy was at the centre of a furious row over financial excess himself after winning a per cent pay rise. Previous French heads of state made up for a relatively low salary by helping themselves to generous expenses but Mr Sarkozy said he wanted a transparent system explaining I want the French to know. Socialist MP Arnaud Montebourg retorted the pay rise was inappropriate at a time of economic hardship You get the feeling that the political class is helping itself while the French people are abandoned on the edge of the pavement. We can confirm that an investigation is underway into amounts of cash stolen from the President s bank account a financial prosecutor said. Text size Email this article Print this article Share this article delicious Digg Facebook Fark Google Newsvine NowPublic Reddit StumbleUpon Related Content Sarkozy sues over leaked diaries More on . News Get feed updates World News Get feed updates Europe Get feed updates France Get feed updates Financial Crisis Get feed updates Advertisement Advertisement EDITOR S CHOICE Why the blue eyed Bond is a hit The latest version of completes the reinvention of the franchise. David Gritten explains why it had to happen Recollections of a Well Known Name Dropper BBC assembles stars for Little Dorrit Radio tries to explain music to teenagers Jamaica gripped by stolen beach most viewed TODAY PAST WEEK PAST MONTH Advertisement Advertisement Advertisement PICTURES The week in pictures This week autumn colours motorbike stunts and that McCain picture. 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The auditing board of the bank one of France s largest met for several hours Sunday and late Sunday night 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 of 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. The bank announced the loss Friday saying it occurred in equity derivatives trading for its own account and was triggered by the extreme market volatility and the market crash during the week of October . The bank said a team of five or six employees went beyond management orders. It said it has sanctioned those responsible. President Nicolas Sarkozy pressed the bank s leadership to take the consequences of the heavy losses which come at a sensitive moment. Last week the French government put in place a euro billion US billion plan aimed at unblocking credit markets and ensuring the nation s banks do not collapse part of a Europe wide rescue effort. Caisse d Epargne and another French mutual bank Banque Populaire announced plans last week to merge. The tie up would make the combined company one of France s biggest banking groups with a total of euro billion US billion in savings deposits and more than million customers. Bernard Comolet was named as new chairman of Caisse d Epargne and Alain Lemaire as new CEO. Both had led regional divisions of the bank. E mail to a friend Share this on Mixx Digg Facebook del.icio.us reddit StumbleUpon MySpace Mixx it Share Copyright The Associated Press . All rights reserved.This material may not be published broadcast rewritten or redistributed. 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