PARIS, Feb 26 (Reuters) - French President Nicolas Sarkozy
said in a newspaper interview on Tuesday that it was wrong for
the head of Societe Generale to sidestep responsibility for the
French bank's trading scandal.
 

"I just don't understand the Societe Generale situation.
When the chairman of a company experiences a disaster of this
magnitude and he does not assume the consequences of this, that
is not normal," Sarkozy was quoted as saying in an interview
with Le Parisien.
 

"For someone to make 7 million euros a year does not shock
me. But on one condition, that he assumes his responsibilities.
That's what the problem is with Daniel Bouton," added Sarkozy.
 

"I've got nothing against him. But you can't say 'I'm going
to be paid 7 million euros a year' and then, when there's a
problem, say 'It's not me.' That, I cannot accept."
 

Sarkozy's criticism comes after SocGen Chairman and Chief
Executive Daniel Bouton said in an interview published in
Monday's Les Echos newspaper that an earlier offer he had made
to resign was no longer on the table.
 

On Jan 24, SocGen unveiled 4.9 billion euros ($7.26 billion)
of losses which it blamed on rogue deals carried out by Jerome
Kerviel, a 31-year-old junior trader at the bank.
 

Kerviel has been placed under formal investigation for
breach of trust, computer abuse and falsification. He is
currently being held at a Paris prison.
 

Sarkozy has attacked SocGen's management team before over
the trading scandal. On Jan. 28, Sarkozy told reporters that the
bank's management had to face up to their responsibilities over
the trading scandal.
 

Bouton dismissed the political pressure when the bank
unveiled its annual results last week, saying it was a private
company that decided on its own appointments.
 

Finance Minister Christine Lagarde reiterated in a separate
newspaper interview on Tuesday that it was up to SocGen's board
to decide the fate of its senior managers.
 

"It is up to the board to take decisions in terms of
management," she told Les Echos newspaper.
 

SocGen's problems have made it a takeover target, and many
analysts see France's biggest listed bank BNP Paribas as a
possible bidder.
 

French newspaper Les Echos reported on Tuesday that fellow
French bank Credit Agricole was emerging as a possible ally for
SocGen in the face of a possible attack from BNP Paribas.
 

SocGen shares closed at 64.85 euros on Monday. The bank has
a current stock market value of around 30 billion euros.