Denials: Robert Day with his wife KellyPosted on 02/03/2008 8:29:20 PM PST by BGHater
A billionaire ally of President George Bush could face a criminal investigation into insider share dealing after selling £100million of shares just days before Societe Generale's rogue-trader losses were reported.
Robert Day, a member of the French bank's board, disposed of a million shares on January 9 and 10, plus a further 500,000 on January 18, according to official disclosures to Autorite des Marches Financiers (AMF), France's market regulator.
The £3.7billion losses at the bank were not disclosed to the public or investors until January 24, despite reports that Societe Generale bosses were aware of the crisis several days earlier.
The AMF is investigating after complaints by minority shareholders who claim some protected themselves at the cost of less influential investors. A source confirmed that Mr Day's share dealings are part of that investigation.
A file lodged with public prosecutor Francois Foulon also demands an inquiry into alleged insider trading and fraud.
The claims were submitted by Frederik-Karel Canoy, a lawyer acting for 100 shareholders, who alleges that Mr Day acted after consultations with "three or four" other key figures in the bank to discuss the looming crisis.
Their meetings were held at Paris restaurants rather than over the phone or by email, Mr Canoy claims.
But a spokesman for Mr Day, a major cash backer of Mr Bush who is now helping Mitt Romney's White House bid, said last night that it was coincidence that he unloaded the stock just before it plunged. "He received no inside information before the sales were made," he added.
He said Mr Day had no idea the bank was in trouble until a board meeting on January 20, two days after the last of his share sales.
He added: "Mr Day still holds 1.9million shares in Societe Generale."
He got the shares in 2001 when the bank bought US fund manager Trust Company of the West, which he had co-owned.
Denials: Robert Day with his wife Kelly
The timeline of events had directors dumping paper to cover losses on MLK Day in the US. This triggered a massive sell off on Monday January 1st, 2008. He sold his shares a good two weeks before this.
http://www.rttnews.com/FOREX/gblnews.asp?date=01/26/2008&item=8
I always wondered who my ex-wife married.
Bush’s fault. He’s guilty because he knows this guy. Guilt by association, one of the standard Liberal MSM weapons.
My ex-wife married a billionaire to, but I got to keep our dog.
If the dates are right he sold his shares 2 weeks before the incident. I find it hard to believe that the bank waited 2 weeks and then unwound the positions on such a low liquidity day.
So Hillary and Osama are both guilty as well just for knowing Rezko? Hot damn! I always wanted to know what A+B=C meant!
Unless he's found a way around campaign finance laws, the most he could "back" GWB's campaign was $2600. Or is this guy named Paw?
He may be a friend of George but being a French Bank Board insider seems to be the more important relationship in this case.
Day is a pal of Clinton’s ex-Secretary of State Warren Christopher and once entertained the Democratic chief on his yacht.
IBTZ
I tell everyone that my exwife ran off to work in a New Orleans Whore House. I only say that because it’s too humiliating to admit she’s a paid staffer with the DNC.
? its a legit story, Forbes is covering it also.
http://www.forbes.com/markets/feeds/afx/2008/01/29/afx4584657.html
LOL!
A buddy of mine's wife ran off with his best friend and came back two days later and stole his dog.
How is it “legit” to drag Bush into this?
LOL!
You fool, this is one of the most important pieces of news coming out of France, we’re talking about a BCC or LTCM level of corruption, and it directly affects the future viability of the national US Republican party.
Robert Day has actively donated millions of dollars to dozens if not hundreds of Republican candidates and special interest groups over the years. He also directs other very high net worth individuals on where to donate to the GOP. This guy is the biggest of big fish for Republican fundraisers.
Gee whiz, not close to the millions Hillary and bill have taken.
Exposing Hillary’s Illegalities In Los Angeles Court To Begin Feb. 21 2008
The Hillary Clinton Accountability Project will shortly launch its fundraising drive to raise $500,000 to support the most important citizen’s legal initiative of 2008. The landmark civil fraud suit of Paul v Clinton et al which the California Supreme Court ordered to proceed against the Clintons, Grammys Producer Gary Smith and Clinton agent Jim Levin, will be set for trial and a discovery schedule at a special conference to be held in Los Angeles Superior Court on February 21, 2008.
The first law suit in American history to bring a President and a Senator to court for defrauding the Senator’s largest campaign donor and his public company will be set for trial and discovery at the Case Management Conference before Judge Munoz. Discovery and depositions of key witnesses, including the Clinton family, Al Gore, Ed Rendell, Terry McAuliffe, Harold Ickes, Howard Wolfson, Kelly Craighead, Barbara Streisand, Brad Pitt, Larry King, Mike Wallace among an array of political and entertainment leaders, will present an inside look at a culture of corruption that will shock the public.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.