What happens when investors boo and you’re left to walk the plank as chairman? Elementary, just show them a calming slide show. Unfortunately, as Societe Generale’s chief found out this week, that doesn’t quite work when faced with an angry, rotten-fruit-throwing mob. An amusing account of what transpired when Daniel Bouton finally found the spleen to go toe-to-toe with the bank’s shareholders (many of them traders) only to wind up with egg on his face. Oh, yeah, and rotten fruit. For added bonus: the following story comes with what appears to be a little slideshow of Kerviel featuring the so-called rogue trader (repeatedly and errantly called “rouge trader” by the dunderheaded mainstream media) seemingly chortling over a newspaper. Kind of weird, but we like it.

Angry shareholders booed the chairman of Societe Generale on Tuesday and likened the French bank to a "casino" after it fell victim to the world's biggest rogue trading scandal.

The showdown came at an annual general meeting five months after SocGen shocked the banking world by unveiling $7.7 billion in trading losses which it blamed on unauthorized stock markets bets by a junior trader, Jerome Kerviel.

"Who do you take us for?" said private shareholder Jean Richard, to rounds of applause followed by boos for Chairman Daniel Bouton, who stared sternly ahead from the podium.

"You're guilty of having turned the bank into a casino," said another private investor, who did not give his name.

Bouton responded that "the bank is not a casino," and brought out slide presentations to show that over an eight-year period, SocGen shares had remained among the best in the sector.

But the assurances failed to quell shareholder anger in a packed conference hall, as investors booed the board and clapped whenever shareholders asked tough questions.

Continue reading on Reuters

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