President Sarkozy has criticised chairman and chief executive of Societe Generale, Daniel Bouton, saying that he has not acted normally in the face of the rogue trading problem that beset his bank.

The French president is accusing Mr Bouton of not taking full responsibility for the $7.2 billion lost by Jerome Kerviel, a rogue trader at the bank.

Mr Sarkozy told Le Parisien: "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.

"For someone to make $10.5 million a year does not shock me. But on one condition - that he assumes his responsibilities. That's what the problem is with Daniel Bouton."

He added: "I've got nothing against him. But you can't say 'I'm going to be paid $10.5 million a year' and then, when there's a problem, say 'It's not me'. That I cannot accept."

His comments come after Mr Bouton withdrew his earlier offer to resign from France's second-largest bank.

In fairness, Mr Bouton has offered to resign from SocGen on two occasions, but the board would not hear of it.

Some have criticised Mr Sarkozy's attack at a time when SocGen is undergoing a rights issue and trying to refinance.

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