Through the glass darkly

Stained glass heraldic crests highlight leaded windows in a 16th-century church in York, England.

It's a cold, rainy day in Paris. The news headlines are filled with speculation about Societe Generale's future after rogue trader Jerome Kerviel caused a 3.7 billion euro (about $7 billion) loss. The outspoken French President Nicolas Sarkozy has said the government will intervene, if another bank tries a hostile takeover of Societe Generale.

The bank's board of directors met this afternoon and voted to support embattled chairman Daniel Bouton and his co-chief executive Philippe Citerne. Bouton had previously offered his resignation. The next board meeting is Feb. 20. Meanwhile, many people are aghast that Kerviel has been released on bail, after police questioning.

Societe Generale, France's second-largest bank, has been our bank for the past seven years. As you might imagine, its future has been the topic of much dinner table conversation. French newspapers are speculating that BNP Paribas, France's largest bank, might attempt a takeover. But an international bank also may be interested in Societe Generale, recently touted in the banking industry as a success story.

Edwards, Guiliani bowing out

Sadly, John Edwards is abandoning the race for president. I'd hoped he'd stay in through next Tuesday, February 5, when 22 states host primaries. As he's bowing out today, guess my vote cast via absentee ballot in the California primary is nullified. But I expect Edwards still will have a role to play in the presidential race, by supporting one candidate or another. Possibly he could be named as a vice-presidential running mate or to a cabinet post, if a Democrat wins in November.

Barack Obama's statement after Edwards said he was leaving the race:

"John Edwards has spent a lifetime fighting to give voice to the voiceless and hope to the struggling, even when it wasn’t popular to do or covered in the news. At a time when our politics is too focused on who’s up and who’s down, he made a nation focus again on who matters – the New Orleans child without a home, the West Virginia miner without a job, the families who live in that other America that is not seen or heard or talked about by our leaders in Washington.

"John and Elizabeth Edwards have always believed deeply that we can change this – that two Americans can become one, and that our country can rally around this common purpose. So while his campaign may end today, the cause of their lives endures for all of us who still believe that we can achieve that dream of one America."

Besides Edwards' endorsement, both Obama and Clinton are hoping for New Mexico Governor - and former presidential candidate - Bill Richardson's endorsement. California, Colorado, Arizona, Utah and New Mexico - all with significant Latino populations - vote in primaries Feb. 5th.

As for Rudy Guiliani, I'm glad to see him go. He severely lacked strong leadership qualities and good judgement. The Republican presidential debate tonight in California should prove interesting, with John McCain and Mitt Romney trading verbal blows. I don't think either candidate is up to the job. McCain's constant talk about war - not only Iraq, but warning "there will be lots more wars" - and security makes me fear he would have us mired in Iraq for years. Equally worrying, he seems to have limited knowledge about the economy and other important issues.

Yes, he's an American hero. But does that qualify him to be president? No. We need a leader who can understand the enormous global challenges facing our country and its future - not someone whose thinking is status quo. The status quo simply can't match 21st-century realities.

And Romney? I find it hard to get past his statement that he would not shut down the prison at Guantanamo Bay. Even though the notorious "Gitmo" prison violates international law and denies Habaeus Corpus and basic human rights to prisoners, Romney has said he would expand the facility!

Interesting days ahead, sifting the chaff from the grain.

"Through the Glass Darkly" is a quote from the New Testament in 1st Corinthians 13. The phrase is interpreted to suggest that humans have an imperfect perception of reality.

Comments

[boliyou]

I love the photo. What a beautiful old place.

Politics is, as always, very much a waiting game.

[stephanie]

I worry about what we have in our future here....I have a friend who heard Obama speak yesterday in Denver and was blown away by his demeanor, his message, his way with the audience. I am everyday less impressed with the whole Billery show....

[Colette]

Societe Generale was our bank too. It's sad to see what's happened to what I would consider a venerable institution.

I'm happy to see Guiliani go too. I thought his whole campaign was, well, somewhat shameful, not least of all because he seemed to be campaigning on the back of 9/11.
And no, having been a "war hero" doesn't qualify anyone to run a country. Right now I feel queasy at the thought of how much money is being spent to buy the job; Americans are losing their jobs and homes, while their would-be leaders....sorry I shouldn't go off on a rant here.

Congrats on your two years of posting. Keep going! xoxo

[fleur]

That trader fraud scandal blows my mind. It just doesn't seem like the work of one person.
And I thought I'd be feeling a lot more upbeat during this election year but then I had expected Al Gore to run again. Disappointing.
By the way, Tara, I am tagging you for a "7 weird things about me" meme (see my recent post at fp). Sorry to do it to you but I also think you'll have some really great answers!

[Gillian @ Indigo Blue]

Hi Tara
Sorry your candidate dropped out. Hopefully the right person gets in for the right reasons.
I tried buying the book online, and couldn't order it through your Penguin link. I'll try Amazon.ca. I would love to support Patry!!!
Well I hope the weather soon warms up for you, here too has been cold, windy, and grey. Hurry up Spring!
xo
Gillian

[Yolanda]

Oh , I love this photo and post. You always find a way to inspire me.

[Yolanda]

Oh , I love this photo and post. You always find a way to inspire me.

[Tammy]

I finally have a snow free day! I think Edwards got out too soon and hope he will endorse Obama. I agree with you on the other side. XXOO

[rochambeau]

Many people in expensive suits do horrible things that effect society in a horrible ways, yet never have to serve the same type of prison sentences the way poor people do. It not fair. I think about this quite often.

Every thing else you spoke of, I agree with.

xox
Constance

[Jeanie]

I'm with you, Tara -- deeply saddened by Edwards' departure, though I figured it was probably inevitable. He had a great deal to offer, and I'm sad he didn't take it to the convention. As for Rudy -- what was he thinking? I shudder to say it, but if one doesn't have the politcal sense to really run the campaign in a strategic way, I question what they might do if they were actually in the office. I don't particularly "like" politics and how people go about it, but sometimes you have to do that. McCain scares me. I admire him in many ways. But he scares me...

[kristen]

I was just talking to my husband on the phone about this...John Edwards leaving, Rudy (so glad he's gone), and then McCain whose war comments and behavior are bizarre. I'm sure the debates will be on, (oh how the mister loves his political shows), I'm glad honestly, that I have work tonight.

[Karen DeGroot Carter]

Tara, so many twists and turns already as 2008 begins. I don't think many Americans understand the impact of the SG bank debacle; thanks for writing about it. Thanks also for stopping by BEYOND Understanding yesterday and for your (as always!) kind words of encouragement. The Liar's Diary Blog Day made me realize how many friends (including you!) I've made thanks to Patry and her captivating Simply Wait posts; yet another favor to thank her for. K.