IMF chief Christine Lagarde found guilty over tycoon payout

[webfact]

IMF chief Christine Lagarde found guilty over tycoon payout

Alasdair Sandford

 

 

PARIS: -- A special French court has found the head of the International Monetary Fund (IMF) guilty of negligence – by allowing the misuse of public funds over a large state payout to a business tycoon, when she was the country’s finance minister.

 

The judges ruled that Christine Lagarde had failed to challenge a 400-million euro state arbitration payment to Bernard Tapie in 2008.

 

Despite the ruling the court decided not to hand down a sentence. The charge carried a potential punishment of a year in prison and a 15,000-euro fine.

 

Lagarde denied the charge. Her lawyer said their team would look into appealing the decision.

 

“Yes I am a quite disappointed still because we were asking for an acquittal so I am not going to lie by saying that all is good. That said, let’s put things into perspective because there is a partial acquittal and also because, once again, Mrs Lagarde has not been sentenced to anything,” Patrick Maisonneuve told reporters afterwards.

 

In the summer of 2008 the then French finance minister approved the out-of-court settlement with the businessmen to end a long-running dispute between him and the French state.

 

In the early 1990s, Bernard Tapie was a majority shareholder in sports goods company Adidas.

 

After launching a political career and becoming a cabinet minister in Francois Mitterrand’s Socialist government in 1992, Tapie had to sell the company.

 

In 1993, he sued Credit Lyonnais, a state-owned bank that handled the sale, alleging that the bank had defrauded him by deliberately undervaluing the firm.

 

Lagarde decided to accept an extremely rare private arbitration process which ended up with such a large payout at French taxpayers’ expense.

 

During the trial the court’s president expressed astonishment that she had not challenged the decision by the three arbitration judges to accord the payment to Tapie.

 

Even the chief prosecutor had recommended that Lagarde be acquitted, last week describing the case against her as “very weak”.

The special court of three judges, six parliamentary deputies and six senators went against the prosecution’s recommendation.

 

The ex-finance minister pleaded on Friday that she had acted with the sole intention of defending the public interest.

 

But the decision calls her future at the helm of the IMF into question. A spokesman for the Washington-based institution said the executive board was expected to meet shortly to consider the implications of the verdict.

 

 

-- © Copyright Euronews 2016-12-20

[canuckamuck]

Untouchable

[colinneil]

I am French, i get the top job at the IMF, then i get taken to court for wrong doing.

Dsk did similar wrong, it cost him the top job.

Maybe we will see the same thing again with Lagarde.

[halloween]

She is quick to lodge an appeal in her own interest, but for 400 million euro of citizens' money?

 

The article should have made it clear that he had to sell the company, NOT because he was a minister, but because he couldn't pay the interest on the loans he used to buy it. He declared bankruptcy in 1994 and he also served time for match fixing of the football club he owned.

[Laughing Gravy]

Quite ironic that this horrendous woman had the cheek to call the UK for Brexit and condemned and forecast the demise of the UK economy immediately. I hope she gets extradited and serves time, although I doubt that. Considering France allowed Nicholas Zarcoski off and back in politics.  Once gain the elite have  shown that there is one rule for them and another for the 'common' person. She will not see a jail cell.

[ezzra]

What's wrong with all theses people in high place, in positions of trust

that they can't keep their sticky fingers off the cookie jar or almost always marred in a scandal or a controversy?.....

[smudger1951]

Lagarde has not been directly given a sentence but she surely must lose her IMF job for being negligent with the aFrench peoples tax money. 

[Krataiboy]

That's three out of the three IMF heads in succession who have ended up in court facing serious charges and been convicted. Not exactly reassuring for those of us who already have grave doubts about the true purpose of this immensely powerful organisation and the way it is run.

 

Why was regard not made to face the consequences of her deceitful actions? Clearly, it is not just Thailand which has one law for the rich and powerful and another for the rest of us.

[billd766]

10 minutes ago, Krataiboy said:

That's three out of the three IMF heads in succession who have ended up in court facing serious charges and been convicted. Not exactly reassuring for those of us who already have grave doubts about the true purpose of this immensely powerful organisation and the way it is run.

 

Why was regard not made to face the consequences of her deceitful actions? Clearly, it is not just Thailand which has one law for the rich and powerful and another for the rest of us.

 

But the crime she was charged with had nothing to do with the IMF. She got that job later.

 

Quote from the OP.

 

"PARIS: -- A special French court has found the head of the International Monetary Fund (IMF) guilty of negligence – by allowing the misuse of public funds over a large state payout to a business tycoon, when she was the country’s finance minister.

 

The judges ruled that Christine Lagarde had failed to challenge a 400-million euro state arbitration payment to Bernard Tapie in 2008."

[Opl]

5 hours ago, Laughing Gravy said:

Quite ironic that this horrendous woman had the cheek to call the UK for Brexit and condemned and forecast the demise of the UK economy immediately. I hope she gets extradited and serves time, although I doubt that. Considering France allowed Nicholas Zarcoski off and back in politics.  Once gain the elite have  shown that there is one rule for them and another for the 'common' person. She will not see a jail cell.

 

And ... maybe you'll see her one day running for Presidency....french so called elite has no idea of its mediocrity

" whether powerful or miserable, Court judgments will make you white or black  "  

Edited December 20, 2016 by Opl

[jpinx]

2 minutes ago, billd766 said:

 

But the crime she was charged with had nothing to do with the IMF. She got that job later.

 

Quote from the OP.

 

"PARIS: -- A special French court has found the head of the International Monetary Fund (IMF) guilty of negligence – by allowing the misuse of public funds over a large state payout to a business tycoon, when she was the country’s finance minister.

 

The judges ruled that Christine Lagarde had failed to challenge a 400-million euro state arbitration payment to Bernard Tapie in 2008."

So the people who appointed her as head of the IMF are also guilty of neglecting their duty of due diligence on her before making her chief of the IMF. 

 

No wonder China, Russia and others laugh at "western standards"....   

[Opl]

33 minutes ago, billd766 said:

 

But the crime she was charged with had nothing to do with the IMF. She got that job later.

 

Quote from the OP.

 

"PARIS: -- A special French court has found the head of the International Monetary Fund (IMF) guilty of negligence – by allowing the misuse of public funds over a large state payout to a business tycoon, when she was the country’s finance minister.

 

The judges ruled that Christine Lagarde had failed to challenge a 400-million euro state arbitration payment to Bernard Tapie in 2008."

 

She has been offered the job by Sarkozy as she already was in his government in charge of Economy.

She replaced DSK at the head of IMF.

The only thing she has for her IMO, is to speak fluently English .

For the rest she is a  person who abandonned self pride to her political carrier. Her oath of allegiance to Sarkozy is a monument of self abasement :

 

During the search that the investigators carried out at her Parisian home in 2013,  they found a handwritten, undated letter intended for Nicolas Sarkozy, in the form of an oath of allegiance.

 

"Dear Nicolas, very briefly and respectfully, "writes the IMF patron.
"1) I am by your side to serve you and serve your projects for France.
2) I did my best and could fail periodically. I beg your pardon.
3) I have no personal political ambitions and I do not have the desire to become an ambitious slave like many who surround you whose loyalty is sometimes recent and sometimes not very durable.
4) Use me for the time that suits you and suits your action and casting.
5) If you use me, I need you as a guide and support: without a guide, I risk being ineffective, without support I risk lacking credibility.

With my immense admiration. Christine L. "

 

 

Edited December 20, 2016 by Opl

[Pib]

Maybe this French special court changed the old saying of "Do the Crime, Do the Time" to "Do the Crime, Don't Do Any Time."

[Opl]

48 minutes ago, Pib said:

Maybe this French special court changed the old saying of "Do the Crime, Do the Time" to "Do the Crime, Don't Do Any Time."

 

This court, mainly composed of members of the Parliament,  judges the members of a Government for crimes and misdemeanors committed in the exercise of their functions
The crooks of the Republic can settle their affairs behind closed doors, within their peers, far away from the eyes of the common people.

"According to wether you are powerful or miserable, the judgements of court will return you white or black"

 

Edited December 20, 2016 by Opl

[billd766]

1 hour ago, jpinx said:

So the people who appointed her as head of the IMF are also guilty of neglecting their duty of due diligence on her before making her chief of the IMF. 

 

No wonder China, Russia and others laugh at "western standards"....   

 

Absolutely correct.

[Khun Han]

1 hour ago, Opl said:

 

She has been offered the job by Sarkozy as she already was in his government in charge of Economy.

She replaced DSK at the head of IMF.

The only thing she has for her IMO, is to speak fluently English .

For the rest she is a  person who abandonned self pride to her political carrier. Her oath of allegiance to Sarkozy is a monument of self abasement :

 

During the search that the investigators carried out at her Parisian home in 2013,  they found a handwritten, undated letter intended for Nicolas Sarkozy, in the form of an oath of allegiance.

 

"Dear Nicolas, very briefly and respectfully, "writes the IMF patron.
"1) I am by your side to serve you and serve your projects for France.
2) I did my best and could fail periodically. I beg your pardon.
3) I have no personal political ambitions and I do not have the desire to become an ambitious slave like many who surround you whose loyalty is sometimes recent and sometimes not very durable.
4) Use me for the time that suits you and suits your action and casting.
5) If you use me, I need you as a guide and support: without a guide, I risk being ineffective, without support I risk lacking credibility.

With my immense admiration. Christine L. "

 

 

 

 

The mind boggles at how she must have ingratiated herself to the IMF.

[SaintLouisBlues]

9 minutes ago, Khun Han said:

The mind boggles at how she must have ingratiated herself to the IMF.

Since Mark Carney has announced his intention to stay at the Bank of England for a little while longer, the most obvious candidate is not available to replace her. More pragmatism than ingratiation I'd have thought

Edited December 20, 2016 by SaintLouisBlues

[elgordo38]

7 hours ago, webfact said:

Lagarde denied the charge. Her lawyer said their team would look into appealing the decision.

The arrogance of it all astonishing. Her face just beams arrogance above the law of the land. What a pitiful sentence. Resign witch. There is no accountability left in the world today only greed. This woman is in charge of the IMF scandalous. 

[Gillyflower]

Laughing Gravy...Where do you want her extradited?

[Gene1960]

Christine Lagarde’s conviction could play into the hands of the National Front
The Spectator

"Whether Lagarde manages to cling on or not, the implications won’t stop with the IMF. This murky affair, which has bubbled along for several years, has come to a head just months before the country goes to the polls in next year’s Presidential election. And this messy case plays into the hands of the National Front because Francois Fillon, the centre-right candidate, and the man expected to meet Marine Le Pen in the second round of the presidential election in the spring, has been drawn into the scandal too. The French media claim that Bernard Tapie – the man to whom Lagarde approved the payment which finally landed her in hot water today – was a frequent visitor to the Élysée Palace in the first couple of years of Sarkozy’s presidency, and on occasions met Fillon, who was Prime Minister at the time. The sign that the National Front will try and capitalise on this mess are already obvious: ‘Guilty but not responsible’, tweeted Florian Phillippott, the deputy leader of the National Front, on hearing the verdict. ‘And they’re talking about 403 millions. Crazy!’."

[Krataiboy]

4 hours ago, billd766 said:

 

But the crime she was charged with had nothing to do with the IMF. She got that job later.

 

Quote from the OP.

 

"PARIS: -- A special French court has found the head of the International Monetary Fund (IMF) guilty of negligence – by allowing the misuse of public funds over a large state payout to a business tycoon, when she was the country’s finance minister.

 

The judges ruled that Christine Lagarde had failed to challenge a 400-million euro state arbitration payment to Bernard Tapie in 2008."

 

. . . the crime she was charged with had nothing to do with the IMF.

 

I didn't say it had. But her appointment and those of her dodgy predecessors raises questions about how the IMF selects its top officials.

[Baerboxer]

10 hours ago, canuckamuck said:

Untouchable

 

Too many friends in very high places.

 

This is the sort of "justice" the French want the EU to implement across EU.

 

How wonderful, guilty but no punishment. No criminal record. No loss of job and benefits.

 

And they wonder why Le Penn is gaining support.

[nontabury]

Who would argue that this  " lady" is not part of the same click/establishment that rules in Brussels. Yet some people ( sheep) wonder why the people of the U.K., democratically voted to leave this corrupt organisation.

[dick dasterdly]

1 hour ago, nontabury said:

Who would argue that this  " lady" is not part of the same click/establishment that rules in Brussels. Yet some people ( sheep) wonder why the people of the U.K., democratically voted to leave this corrupt organisation.

Hang on a minute, I'm sure (in one thread or another) a poster assured me that the auditors had recently (i.e. last year or the year before IIRC) approved EU accounts.

 

Have they been approved, or have they not?

[jpinx]

12 minutes ago, dick dasterdly said:

Hang on a minute, I'm sure (in one thread or another) a poster assured me that the auditors had recently (i.e. last year or the year before IIRC) approved EU accounts.

 

Have they been approved, or have they not?

Yes --  and NO

 

https://fullfact.org/europe/did-auditors-sign-eu-budget/

 

http://www.bbc.com/news/uk-politics-eu-referendum-36276175

 

http://www.telegraph.co.uk/news/worldnews/europe/11209248/EU-auditors-refuse-to-sign-off-more-than-100billion-of-its-own-spending.html

 

https://infacts.org/mythbusts/auditors-havent-refused-sign-off-eu-accounts/

 

You can spin this a million ways, but the reality is that the EU books are balanced, but reflect inappropriate use of funds

 

 

[stevenl]

 
Too many friends in very high places.
 
This is the sort of "justice" the French want the EU to implement across EU.
 
How wonderful, guilty but no punishment. No criminal record. No loss of job and benefits.
 
And they wonder why Le Penn is gaining support.

Why do you think 'no criminal record'?

Sent from my ROBBY using Thaivisa Connect mobile app

[billd766]

4 hours ago, Krataiboy said:

 

. . . the crime she was charged with had nothing to do with the IMF.

 

I didn't say it had. But her appointment and those of her dodgy predecessors raises questions about how the IMF selects its top officials.

 

Brown envelopes spring to mind.

[IMA_FARANG]

The rules are different if you are rich than if you are poor.

 

[3NUMBAS]

EU Mafia stick together 

[bandito]

23 hours ago, ezzra said:

What's wrong with all theses people in high place, in positions of trust

that they can't keep their sticky fingers off the cookie jar or almost always marred in a scandal or a controversy?.....

 

Makes me wonder too. It's not like they are poor, they're making and stealing troughs full of money which they can not spend in their lifetime.

So what is it with these people?

Worst are the bankers.