SocGen chairman booed over Kerviel affair

By Sudip Kar-Gupta

PARIS (Reuters) - Angry shareholders booed the chairman of Societe Generale (SOGN.PA) on Tuesday and likened the French bank to a "casino" after it fell victim to the world's biggest rogue trading scandal.

The showdown came at an annual general meeting five months after SocGen shocked the banking world by unveiling $7.7 billion (3.9 billion pounds) in trading losses which it blamed on unauthorised stock markets bets by a junior trader, Jerome Kerviel.

"Who do you take us for?" said private shareholder Jean Richard, to rounds of applause followed by boos for Chairman Daniel Bouton, who stared sternly ahead from the podium.

"You're guilty of having turned the bank into a casino," said another private investor, who did not give his name.

Bouton responded that "the bank is not a casino," and brought out slide presentations to show that over an eight-year period, SocGen shares had remained among the best in the sector.

But the assurances failed to quell shareholder anger in a packed conference hall, as investors booed the board and clapped whenever shareholders asked tough questions.

Another private shareholder demanded Bouton's resignation.

Bouton has clung to his job despite criticism from French President Nicolas Sarkozy, though he recently yielded his chief executive role to former SocGen Finance Director Frederic Oudea.