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At the core of the fraud investigation is the 2007 decision of then-Finance Minister Lagarde to not appeal a generous settlement by an arbitration panel towards Tapie; the settlement was the result of Tapie saying he was shorted by his bank’s sale of shoe manufacturer Adidas. Tapie, whose business was then resuscitating bankrupt companies, had purchased Adidas back in 1990 for €243.9 million (close to $317 million) using a loan from a sister company of bank Crédit Lyonnais, which (man, is this getting incestuous) is both part state-owned and was also a partner in his own Groupe Bernard Tapie.
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