Sunday, October 19, 2008

Heads Have Rolled

It comes as no surprise after the rather hammy public displays of anger by both Sarkozy and Lagarde: three top executives of the Caisse d'Epargne have resigned in the wake of the revelation that the bank had lost 600 million euros in speculation on derivatives in recent weeks. Since this is where most of the French keep their nest eggs, the staid substitute for the coffee can in the back yard, this was no way to bolster confidence in the banking system. So off with their heads. I'm sure everyone now feels "safe as houses," as the saying used to go.