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Does anyone understand the Clearstream scandal? I reckon I do, and a pretty shoddy affair it is too. Though whether all the charges against Villepin stand up to scrutiny is another matter. Basically Sarko thinks he was the victim of a smear campaign. Someone put his name on a bogus list of secret bank accounts. But was that person Villepin? The evidence is slim. It would have been a particularly crass form of maniupulation. More to the point Sarko's name was one of many, including other politicians such as Patrick Ollier, consort of the defence minister Michele Alliot Marie. Also show-biz stars like Laetitia Casta and the deadful Alize. Far more plausible is that Chirac and Villepin got wind of the affair early ( we are talking more than two years ago) and instead of handing it all over to the judiciary reverted to type: ie set up a secret enquiry of their own. That is quite in keeping with past Chiracian behaviour, and Villepin has served his master for many years. It is a complete disaster for the government. Villepin is political toast. It is quite extraordinary how fast his star has faded, and quite impossible to have any sympathy. Sarko is in a real bind. He knows his presidential chances are being seriously undermined, but he can't simply walk away. It is after all the party of which he is president that is in power. Speculation growing that Chirac will ask him to be PM to try to save the furniture. Kiss of death. And meanwhile we are no nearer knowing who actually did fabricate the bogus list of Clearstream names.