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SocGen will get bailed out or nationalized, one or the other.
Gold bulls will love it if the ECB or somebody steps up to bail out this monstrosity.
$2,000 will be in the bag.
Why do you refer to them as "bugs." It seems very intolerant of you.
Did he edit the post or did you misread the word "bulls"?
Couldn't tell you as I don't remember that far back.
I think it was an edit as I would have told him that calling them Gold Bulls was bigoted.
If Robo is listening, I liked your earlier photo better.
If RoboT likes gold I'd be taking some profits
SocGen's implosion is going to be epic, because it's going to be part and parcel of the EU implosion.
We get a second round of fireworks this year, and they're going to make July 4th's display look positively tame by comparison.
The EU's colostomy bag has come loose, and people are complaining about the smell, trying to plug it back in.
In their obtuse state, they have failed to realize that the EU has contracted sepsis, and no amount of intraveneous antibiotics this late in the game is going to get the resistant strain of bacteria coursing through its blood under control.
Prognosis negative? My man, this is surely the time to pour blood and treasure in, to not hold back on any treatment no matter how expensive, how unlikely to succeed, or how likely to kill the patient; all heroic measures must be undertaken!!!
I don't think you can edit a post after someone has replied to it.
Love your handle. You are more than just a general. You are truly a generalissimo.
and the French lose the AAA rating in the process.
Still calling any of these countries AAA is like calling Pamela Anderson a virgin.
Huh? I'm sorry. Did you say they were AAA? We really should redirect some of that CIA money into finding out how they do that.
Thanks Robo, agree wit dat dare. $2000 it is. SocGen probably bailed out. But should be nationalized, broken up, sold off.
Until it's fate is decided, that just leaves Germany to deal with the EU and the PIGS. Looks like the end for the EU and EURO.
The dollar will finish a close second.
But should be nationalized, broken up, sold off.
But should be nationalized, broken up, sold off.
Well, it is the "public" bank. Irony.
Hey baby, http://www.xtranormal.com/watch/12373724/q-and-a-w-slash-with-larry
What has the french government scratching their heads as elsewhere is the fact that ALL french banks are underleveraged and being taken to the cleaners by the Anglo-saxon HF play. Killing the Euro zone banks is now part of the financial war being waged by the US oligarchs. There is no way that Merkel and Sarkozy can do what BB can do with his own shareholder banks in US who deal in the world reserve currency. The world cannot take out the US financial ponzi as long as BB prints away; as "its our money and YOUR problem" logic, is still operative. All US oligarchs know this.
Whereas the Anglo-saxon financial oligarchy CAN take out the riches of of sovereign EU; now only sovereign in name. As the ECB has no teeth and the EU sovereigns won't give it that power, considering it too risky for each nation state. Divided they fall...as always in front of empires on rampage..even to the gates of hell.
These financial barbarians will rip -off the EU zone, as there is apparently no will to fight in EU. If they do they will only be one step closer to their own subsequent demise. Nowhere to run nowhere to hide, as the USD is programmed to die under its own ponzi deadweight; whether the Euro dies or not.
Its western civilization that is expressing its own death wish. Rising sun of the second revolution says it all...
SocGen's microscopic-equity balance sheet resembles those of Fannie Mae and Fannie Mac in 2008.
How did that work out?
can you say Bank run tomorrow!
I wonder if right now the atm machines are not working in over drive due to this story going viral!
here comes the internet switch!
truth in the United States equals Jail or Prison!
....bank run tomorrow, bitches!
there was a blog that said Fox news reported that Bennanke was meeting with European leaders this weekend preparing to bail them out. I clicked on the link and the story was gone. Sorry. Anyone heard about that?
NYT is blaming a fictional series of articles in Le Monde entitled “End of the Line for the Euro” because it named real banks, like Société Générale.
1929 had those articles too ?
yes, but only in the talkies & newsreels; not in the police gazette
Gee, if investors run for the exits on the EZ banks, would not it then follow to the average rocket scientist regulator that banning short selling on silver and gold should similarly cause people to stop anything panicy ?
I'll pour another one now.
Societe Generale “categorically denies all market rumors,” Emmanuelle Renaudat, a spokeswoman for the French bank said in an interview. She declined to be more specific.
...a number which the bureaucrats at Basel will have no choice but tell the bank must go up.
Eh, Basel smasel. Who listens to them? The French have their gal at the IMF.
Paging Ms Lagarde.
oui...,...? Christine Lagarde's Proudly Parisian Style (PHOTOS, POLL)
Please excuse my expletives, but this old battleaxe is the most incompetent French Economy Minister ... EVER. And that is saying something!
To think that this old prune is now the head of the IMF, with a pending corruption investigation in France, no less, is IRONY beyond belief!
It's enough to make old cynical me a believer in a random deity. The kind that make people go mad before they crush them forever...
What´s the share of deposits in terms of total liabilities?
OOooH, My! 50 x leverage, and only 2% Tier 1?
Yeah, I guess they are insolvent. Reggie Middleton is buying drinks for all ZHers next week.
And that's probably only the tip of the iceberg when it comes to leverage and hidden economic IEDs.
Good for gold. If the CBs have their sovereign gold leveraged 100:1, this means it could be even more.
Reggie pulled Tyler in on the synthetic short route last week when Reggie's info did not go viral! LOL!!
assuming SocGen can issue €84 billion in new capital
This is one of the main problems, you can't 'issue' capital, you can only issue debt. It means more leverage not less & will be seen when the share price falls further.
Societe General... but German banks are notoriously overleverged and underfunded risk engines. So you got a two way sexual tension with Merkel and Sarkozy funded by French/German bank paranoia.
Major market selling on the horizon again.
Right now the stock futures are up and gold and silver are down. It's a crazy world. I guess that makes it exciting. Just think how bored we would all be if this stuff was rational.
funny thing, if you see the irrational pattern, you can live with it, deal with and except it. The problem is over half of the investment community with government thrown in for good measure and CB's sprinkled on-top...are all in denial; this bizarre Keynesian fantasy land crap is unfolding.
I am locking in some major selling within a week...hopefully, I gotta eat and buy tequila, or some good vodka
GDP better than expected
so it is rally time
but make sure to ignore the
I give the Japan conjob maybe three mths, then it has a fiscal meltdown like it has never seen before. It will need a massive bailout, by that stage China implodes and can't help. US offers help to via the IMF, but needs to raise the debt ceiling again (2011). Begining of the US fiscal meltdown.
There you go, Peyote and crystal balls
say what we will about Pimpco
El Er has been a straight shooter since his 'use the ATM ASAP' comment on CNBS in 2008
Mo b good. Billy, indicates the "approach"
France is the biggest Ponzi in the EU. Of course their largest bank is insolvent.
Just what a bunch of snooty people deserve.
Ah, yes, another intervention by another know-nothing.
I'll let you know, kind sir, that BNP is the biggest French banck BY FAR. SG is just a distant second (or maybe even third).
Oh, and just in case you think 'snooty' France will get what it deserves, I have two words for you: 'Germany' and 'UK'. If you think sh****y SocGen is a disaster, just wait until you see the mess Barclays, HSBC and others will leave behind (Deutsche Bank anyone?).
If SocGen has sepsis, and it surely does, HSBC has ebola and is bleeding from the anus and eye sockets.
Of course French Banks are insolvent. The US still has the receipts for the toxic derivatives.
But didn't Kudlow said they were all doing just fine last week on the BlowHorn?
50X? Ha ha....no doubt Larry.
It's not looking good for the paper bugs.
Lehman was 40:1 (2.5%), as I recall, before it imploded--assuming you could have believed its capital numbers any better than SocGen's.
As long as nobody looks at the asset side of the balance sheet too closely everything will be fine.
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