Sarkozy joins fair value scrap

Nicolas Sarkozy, the French President has summoned finance executives to
discuss the possibility of dropping fair value rules.

Mr Sarkozy will seek advice from the top brass at major companies including
BNP Paribas and Societe Generale,

The French President will push for valuation rules which take into account
how long an asset is to be held, which will allow for long-term holdings to be
less subject to writedowns than short-term assets.

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Fiona Westwood of Smith and Williamson.