French Budget Chief Admits He Lied

Just as French President François Hollande is trying to impose budgetary discipline on his countrymen, his chief tax enforcer has admitted to hiding $770,000 in an offshore bank account, Businessweek reports.

“Budget Minister Jérôme Cahuzac, who resigned as budget minister two weeks ago, acknowledged this week that he lied to Hollande and others who questioned him after allegations about his secret overseas accounts surfaced several months ago.”