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Societe Generale ----remember those losses in derivatives books close to 200.000 Mn.Euros....
Au revoir Socgen
Intesa San Paolo
job creation :D
Thanks for the link.
Too bad Paul didn't have more time. The Bernak classified gold as an asset but if it can be classified as a fungable asset then it is a money using formal definitions of money.
icanhaz $500M at 1.1%?
Is the 1.1% interest rate based on a 7 day borrowing term as it appears? If so, 1.1% @ 7 days = an annual compounded rate of 78.5% interest. That's not exactly a faith inducing rate.
Asian banks has cut credit line facilities to SOC GEN LAST WEEK...
So my bet is SOCIETE GENERALE IS CLOSE TO DEFAULT and will be sold off into pieces.
soc gen must hold on until the short ban ends
Tender date today?
That must be the same bank that borrowed 4 billion EUR overnight some days ago, and the 1 billion EUR yesterday.
Extra post points for using the word stigmata in an article. Bring on Stigmata!!! For all those who like a little early 90s shoegazing muzak!
Is this Fed funded?
probably... keep shorting dollars vs euro... makes no sense, but the trade makes money. remember, Ben has the American people's interest front and center... ahahahahahaha... wild times :(
The bernak is treasonous.
Ohhh...you better say sorry for your rhetorical inflammation! Tsk tsk, speaking that way about the CHAIRMAN OF THE FEDERAL RESERVE!!!
Of course it is silly!
i'm going with Reggie's call that it's a french bank!
Time for another EURCHF short?
eveyrything's fine. look at the euro
.. the SMP has been good for at least another $5B since the important Merk/Sark announcement since yesterday, $3B of that was for the opening bell of the European bourses. when you think of the alternative, this is cheap!!! at least until it stops working... :(((
it's a low bar for using the smp. last week it was to prevent meltdown. this week trichet just fancied it.
More to come I would imagine........
Could be an Austrian bank. They are very exposed to imploding Hungarian housing where mortgages are denominated in Swiss Francs, not Euros, so you can imagine the havoc that wreaks on balance sheets. Unless, like our banks, they don't really need to mark to market.
I vote that it is my bank, Bank Austria, which is actually Unicredit. Massive numbers of mortgages in CHF here in Vienna and in Hungary.
People in Austria borrowed in Swiss Francs? Excuse my ignorance but why?
It was very popular in austria and other countries like hungary, to buy swii mortgage loans at inter banking rate (1,5 % )plus premium (0,5%)for the lokal austian bank.In times of financial peace ,quite cheap and intresting.But now ,with the swissie going up 37% financial suicide..
huh? We can get sign a new contract and you just have to pay 180 fixed for the coming three years.
ok maybe some interest rate and what ever after the three years but again as usual, kicking the can down the road. Seems like the Hungarian PM learnt good from other countries :-)
illiquid croissant munching bitchez!
Keep on this stat...this will show the future...I would be taking my money out of the banks too....actually did....years ago...its just a place for a credit card for me..
Twitter fight between Roubini and Tyler....biff, pow!
Roubini is going all out now...i think he might cry soon
Max Keiser joining in now...this is good...
Welcome to Fight Club guys..
I had to unfollow @nouriel on twitter, couldn't stand the full retard shit he was spewing.
Maybe someone has stolen his iphone and is impersonating him. Nice undergrad prank.
very interesting twitter scuffle. why? bc no one can hide behind static acedemic papers and corporate reports in real-time exchange which allows for facts, charts and tweets.
I finally unsubscribed to his newsletter. He seemed to be on the right track around 2008 but somebody seems to have bought him off in the meantime.
Well hey bankers gotta eat too!
500 Million isn´t a big deal though...
Nah! Chump change, just banker walkin-around money. Banker gotta get his croissant on.
Half a trillion?
Hardly enough for a Swiss Big Mac anymore.
I'd laugh if it was Bank of America.
Maybe they took more than needed to kick the can further down the road for the rest of the year. Maybe that's the reason for the uber huge amount? Is this possible? If so then rally on!
Chart is in EUR, allotment in USD.
New ZIRP world order.....banks just get handed as much interest free cash as they want.
Well hey as long as .01% of the worlds people are doing better than ever, thats all that really matters.
Maybe your population numbers were off in the calculation...
$500 Million? Out of nowhere?
Doesn't that mean the ECB (or the Fed) just printed that money?
no, they lent it. But, no, it didn't exist prior to its conjuring via magic
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