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Oct. 10 (Bloomberg) -- Dexia SA Chairman Jean-Luc Dehaene said the bank, bailed out in 2008, functioned as a hedge fund at the time of its first rescue.
Following a 2008 analysis of the company’s operations, Chief Executive Officer Pierre Mariani told the chairman that “this isn’t a bank, it is a hedge fund,” Dehaene said today on a conference call from Brussels.
Both Dehaene and Mariani took their current positions after Dexia got a bailout from France and Belgium in 2008.
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