We wouldn’t usually go in for kicking the French while they’re down, but given that we won’t get the chance to do it in football’s European Championships this summer, we couldn’t resist sticking the boot in again. Only a week or so ago, its government tried to block foreign banks from buying SocGen, despite having signed up to an EU directive designed to curb protectionist activity in that sector. It’s not exactly a legal move, but President Sarkozy won’t care too much – he’ll just be happy to get back to his rom-com of a personal life.
Meanwhile the Paris appeals court has ordered rogue trader Jerome Kerviel to be detained for the course of the investigation. Meanwhile police have released another broker, from SocGen subsidiary Fimat, without charge. It seems the case of SocGen and the missing EUR4.9bn will rumble on for a little while yet.