This page has been archived and commenting is disabled.
The Run On SocGen Begins? Bank Down 17% On Rumors It Is On The Verge
Update: SOCGEN NOT IMMEDIATELY AVAILABLE FOR COMMENT: RTRS.
Following earlier news that French CDS hit a record high on a rumor of an imminent French downgrade, the bloodbath in financials, first started in Italy, with 3 consecutive halts in Intesa causing endless headaches for Italin investors, the red tide has now shifted over to France, where SocGen, three years after fooling the Chairsatan that the world was ending and pushing him to cut rates by an unprecedented 0.75% on what was a trader error, now succeeded in getting the chairsatan to extend ZIRP for two years... And still that is not helping. SocGen was down 17%21% as recently as minutes ago, on a repeat rumor that SocGen is indeed on the verge of insolvency, and that it participated in an extraordinary meeting convened by Sarkozy this morning. We are following the story and will let you know if we see any halt in the relentless selling of the bank which is rapidly becoming the next Lehman. Elsewgere, BNP was down over 8%10%, and Credit Agricole about -7.5%9.2%. "If credit default swaps on France are under attack that’s not a good sign,” said Yves Marcais, a sales trader at Global Equities in Paris. “That means that France is under attack and that’s worrisome. French banks hold a lot of French bonds." Translated: another vicious and quite toxic catch 22, stemming from the blow out in French CDS. When will they ever learn?
»
- 6432 reads
- Printer-friendly version
- Send to friend
- advertisements -
German taxpayers to the rescue!
Every major incursion into France left the Germans bankrupt... they should stay out this time.
No, this is the way germany will finally control the rest of europe, without even one gunshot fired ;- )
No way dude, the maginot line II is gonna work.
there's a lot of traffic in the Belgium Ardennes today....
Battle of the Bulge bitchez!!!
Actually, that battle is from the Part II : THE EMPIRE STRIKES BACK!
you'll be seeing lira, and deutschemark, escudo and peseta,
draechma, guilder, and schilling.
But do you know.....the most insolvent currency of all??
Euro, the coalmine's canary
Had a very funny smell......
Euro, the coalmine's canary,
Federal Notes you are next!
THIS CAN'T BE!!!!
THEY LOOK LIKE GOLD COINS TO ME!!!
http://www.magicshop.co.uk/images/TBALANCINGEURO_50c-FULL.jpg
they have all the brands:
magnetbox, sorny, panaphonics
the euro coins are made out of real Goald, Silfer, and Cohper!!!
SACREBLEU DODO!!
LET'S ALL SURRENDER!! THAT WILL SLOW THEM DOWN!
My Grandfather was in the French Resistance. When ever a German Gestapo Officer asked for 2 sugars in his coffee Grandpa would only give him one.
That showed them!
+ 1940
Charlie Bravo
How many medals did he get for that?
Americans always make movies about their beach vacation in Normandi, but they always forget to make movies about true heroes like your grandfather...
GOD BLESS HIM!
Loved that one!!!!
All I can say is...
Just As Predicted Over The Past Month, The French Bank Run Has Begun…
The Mechanics Behind Setting Up A Potential European Bank Run Trade and European Bank Run Trading Supplement
What Happens When That Juggler Gets Clumsy?
Let's Walk The Path Of A Potential Pan-European Bank Run, Then Construct Trades To Profit From Such
Greece Is Fulfilling Our Predictions Of Default Precisely As Predicted This Time Last Year
The Anatomy Of A European Bank Run: Look At The Banking Situation BEFORE The Run Occurs!
The Fuel Behind Institutional “Runs on the Bank” Burns Through Europe, Lehman-Style!
Multiple Botched and Mismanaged Stress Test Have Created The Makings Of A Pan-European Bank Run
Observations Of French Markets From A Trader's Perspective
On Your Mark, Get Set, (Bank) Run! The D…
Permission to be smug? Granted.
Just because he was right on financials(Peter Schiff didn't have to do the forensics to know that financials the world over are fucked,doesn't mean the Euro currency is better then the US dollar.
"doesn't mean the Euro currency is better then the US dollar."
used toilet paper has more value than either of them
The Euro is clearly better. The Euro zone has no trade deficit.
And when currencies collapse across the board, protectionist measures ensue, and world trade looks completely different, the Eurozone's trade balance will certainly remain the same...
Hey Reg,
What about US MMKTs exposure to Euro Banks? Deborah Solomon of the WSJ on TV Show: Washington Week last Fri, Sat, Sun said that US MMKTs are 50% exposed.
Couldn't happen to a nicer piece of shit.
Oops, is that my out loud voice?
So, I guess we can actually expect that rumored french downgrade now?
Death spiral to commence shortly.
Nah, it's the truth.
I'm guessing you worked for that PoS at some point CD?
I had to log in simply to say that it's good to see you still frequent ZH, Mediocritas. Am a fan from the old days, always enjoyed your perspective on things. ZH could use more of the old guard like you running around the comments section again.
I second, third and fourth that motion.
@Mediocritas - I can neither confirm nor deny that I ever worked.........a day in my life. :)
Never worked there - but had a lot of dealings with them in interest rate & equity produtcts over the years. Recently we had to fell a large rotten tree in the garden, fist we adorned it with the SocGen logo and made a party of it. In my experience they are the most unbearably arrogant bunch, there may be some decent people there, but I never came accross any.
Now THAT is deep deep anger. :)
I think most people are still hanging around Grifter, just that they can't be arsed commenting amongst all the flames and "bitchez". But nothing like a good crisis to bring them out of the woodwork.
how do you say "bail-out" in french?
I understand the French for 'Bailout' is 'Une Merkel'. As in 'Merde! Nous avons besoin d'une Merkel. Tout de suite!'
Too funny. Coffee all over my trading screens. Can't follow the MACD on the SPY any more.
Toutafait! xD
renflouement
Ah! So this is why Sarkozy is back in Paris early.
The downgrade story was just a cover.
Makes sense.
He should better travel to Berlin to beg for some bailouts.
Damned speculators. Oui, oui, speculateurs!!!
Quick!!...More red wine and hookers!
Coke goes better with hookers.
14:59 10Aug11 RTRS-SOCIETE GENERALE <SOGN.PA> SLIDES FURTHER, DOWN MORE THAN 20 PCT ON DAY
14:59 10Aug11 RTRS-FRENCH BANKS SHARPLY UNDERPEFORMING STOXX EUROPE 600 BANKING INDEX <.SX7P>, WHICH IS DOWN 5 PCT
15:01 10Aug11 RTRS-SOCIETE GENERALE <SOGN.PA> NOT IMMEDIATELY AVAILABLE FOR COMMENT
CDSs were on sale this morning!
What moron other than Bernanke is going to buy US bonds today at such pitiful rates? No wonder so much money is going into gold/silver...Why would I pay the government to buy their crappy debt? I smell a failed auction coming...
This is getting serious.
Here somes the SNB next battle!
Here is the proof as to why the Eurozone can not be saved; at least not as a viable, ongoing, federation of member states as endorsed when it was formed:
2+2 = 4
We're talking about Italy now. While Italy does have a significant national debt of 2.8 trillion officially (and far more in reality), along with massive amounts of bad banks and financials, tomorrow we'll be talking about France, and then the U.K.
It's falling apart at the literal seams, and Germany will not support Trichet's alleged plan to throw all the EU member state bonds into a big pot, making them fungible, and then buying them with what is essentially German taxpayer monies.
2+2 = 6.6, according to Keynesians, using a money multiplier of 1.65.
LOL. Think about the insanity of the multiplier. By their logic, $1 of fiscal stimulus is all that's needed for infinite growth by amoebic reproduction.
Maybe someone should sneek into the FED late at night and flip on the light to see what those dollars are up to.
Why is Waddell and Reed trying to be bring down SocGen?
They hate them for their freedom.
rumours that they are selling gold below spot in order to get cash.
sorry baguettes, thats it...
I would definitely take them up on the offer... granted, my puny dry powder would not make much of a dent in their solvency crisis, but beggars can't be choosers, right?
LEH and BSC will be like a walk in the park compared to what is coming. I have a new call on the SP and its... 800 by yr end.
1050 is the nearest "support"... this is a technical disaster this market. I don't expect any support levels to hold.
My screens suggest that the knife-catchers will show up at round number DJIA, SPX and COMP support levels at 10,000, 1000 and 2000, down 10-15%, no matter how bad things get: look at the 5 year to see it. But it is a collapse.
Credit Agricole and BNP Paribas right on SG's heels.
Comment dit-on, "(Dividend) Yield Rally!!!!!!" en Francaise?
courage fuyons!!!
Coming soon: Wehrmacht parading on Champs Elysees.
Id rather have a division of Germans in front of me than a division of French behind me.
True. True.
It is getting UGLY out there....
And for once, I am actually a bit concerned about all of this....
Anyone paying attention over the last 5-10 years knew this time would come.....but it still feels very surreal....does it not?
Chill-ax - enjoy the show.
If you do happen to make it to the other side, you'll have something to talk about.
yes, it does feel surreal...what up next?
Anyone else notice that the WTI-Brent spread has increased out $23.95?
Thanks for keeping a weather-eye on the storm, Flak.
So it goes, the French govt will bail out the flagship French bank (nobody ever learns anything despite repeated opportunities for SOMETHING FUCKING NEW THIS TIME JUST TO SEE WHAT HAPPENS LIKE CLOSE THE GODDAMNED BANK AND RESTRUCTURE IT, IF THERE IS SOMETHING TO SAVE CONVERT DEBT TO EQUITY AND RECAPITALIZE! JUST ONCE, CAN SOMEBODY DO THIS JUST ONCE TO SHOW THE REST OF THE WORLD THAT CLOSING A DEFUNCT BANK ISN'T THE END OF THE FUCKING WORLD!
CECI N'EST PAS UN CRISIS!
'Juste transitoire'
ALLEZ LES BLEUS !
It won't fall apart at the seams until the central banks can't get any more cheap gold. The game is to hold it all together and acquire slowly and cheaply, no matter how much paper you have to print and throw around. There's a reason the Fed threw so much USDs to foreign banks. There's a reason why they won't lend, even to solvent borrowers. They are going to a gold standard, and they are trying to amass as much as possible.
Once gold goes vertical, they will switch to a new system based on what they have, gold. That's when you will see impressive increases in gold prices, when it is good for them, not for you.
If the central banks hold most of the gold in the world in their vaults, and then ramp the price of gold, doesn't that make everything you have in the world worth less? Isn't that just as much a stealth tax as inflation is under a fiat system? That's how they are going to bail out the banks and the government, with your money. They won't directly tax you, that would lead to riots. They are going to just change the system and take it through stealth.
"If credit default swaps on France are under attack that’s not a good sign,” said Yves Marcais, a sales trader at Global Equities in Paris. “That means that France is under attack and that’s worrisome."
=============================================
Aww, c'mon Yves. Where's your Maginot Line spirit?
Sarkozy probably fuming that his POS country is going down the drain. Grande Nation quickly becoming the Broke Nation.
France is a socialist country and we all know the problems with socialism - eventually it runs out of other peoples' money!!
True true.
SocGen is a biggie. Gonna make a big sucking sound.
Reminds me of the Jerome Keviel @ SocGen day in early 2008. Oh fun memories.
OH MY GOD!!! THIS LOOKS LIKE A PROBLEM!!!
QUICK!!
EVERYBODY TAKE THEIR BAGS AND LET'S ALL GO ON A 5 WEEK VACATION TRIP TO LONDON!!!
OT: Except for Tulving, anybody else noticing that it is taking longer for online retailers to fulfill gold orders. A 3 ounce order from GOLDSILVER.com is going on 4 weeks, still not shipped. Lear is taking longer as well. I have a regular program of buying regardless of price (else I'd never would have bought anything above $900!) -- this is the firsttime I'm noticing fulfillment issues. Hmmmm....
the FBI needs to put all this information into your file and as you're not the only one who needs his file updated, there's a bit of a paper jam over there.
Once you've been screened, located, verified and reported to FED for stealing their gold, you'll get it.... untill they want it back....
Ashame. I was planning a trip to Paris over Labor Day.
bring Kievel back maybe that helps. could be, that in the new normal that actually is considered good news
c'est TBTF non?
Oui, c'est vrai. EN'EPTG
I'm trying to get the grin off my face. When they have dropped by 40% I might explode.
http://www.realzionistnews.com/?p=649
the american dream is over. you had better listen to this man. he speaks the truth. he dresses funny and is eccentric but nevertheless, no one with half a brain can deny what he is saying is not one hundred percent truth. the world that is coming will be much worse for you young people.
lol
I think you missed out the <sarc></sarc> tags.
Anyway, I'd agree that no one, rather than anyone, can deny what he is saying.
He's wearing a nice hat though. Could do with being a little longer and more pointy.
Noz
which part, the chicken in every pot? (probably not capable of reasonable dispute), the jew conspiracy? (to be diplomatic, definitely debatable), or the general tone of "white pride" in which by virtue of race we are to have some fixed position in society? (laughable).
And Canadian Banks are so good! Banks all over the world are in trouble and those rascals are exceptional! I don't think so, it's coming for Canada too.
Somebody is doing much better PR job for banks and housing in Canada than everywhere else in the world. Maybe Canada should export some PR experts to improve its own GDP and fix once for all banking problems in EU and USA.
hahahaha SUCK GEN so fitting a frog bank blowing up
does this mean no more freebies from Dave Rosenberg?
That's it lads, first-mate bring her around for another attacks on her gunnals',
and this time replace the lead shot wi' gold!
Send that scruvy dog down to Jones' locker!!!
HOLY SHIT. The trader they're interviewing on bloomberg just said zerohedge is the reason the market's down. Because of this socgen 'rumor'
Soon sarkozy will be calling for an investigation into Tyler durden for 'market manipulation'. Of course the fed PPT and BofJ never manipulate markets
ZH didn't say anything about SocGen dumping gold though, the trader guy did.
That was a typo...
http://ftalphaville.ft.com/blog/2011/08/10/649746/theres-a-new-gofo-tabl...
Hey, it's Reggie's fault, not Tylers! At least now I know why Reggie wouldn't answer my question, "Which bank?".
prediction: NYTimes or some other 'august' publication will 'opine' that the 'wild west'' atmosphere of the 'net' mandates 'net neutrality' policy to better manage 'fire in the theatre' rumors of wannabe financial terrorists, etc.
then, in a closely coordinated farcial choreography, the Senate Dems will haul TylerD aftrer S&P to publicly dress him down, throw cream pies in his face publicly for destabilizing the 'public good' etc.
Tyler, you have grown into Public Enemy #1 of global markets. What do you have to say for yourself? (Smart to keep the whole site anonymous and off the map.)
Update: CNBS reports SocGen in N. Africa cruising de-Nile.
Ah yes, the reversion to the mean is painful, mai oui? Could we start talking about those who have Not adjusted their prices to the "new reality"? Top ten who still think that the boom that allowed them to use "stick it to us" prices who have yet to adjust those prices:
1. Lawyers
2. Lawyers...tee hee (there's so Many of them they need two lines!)
3. Insurance companies...why is car insurance so expensive?
4. Beer (Homer made me say that), but really: hops and a little water...why so expensive?
5. Cable television/internet (beechez!) hope they burn in hell with their monies from their ill gotten gain!
6. Shoes...seriously....
7. Printers...really, a little paper and a little ink...talk about printing money! Printers are the worst!
8. Hotel rooms....kiss my hinnie hotels!
9. Medical fees....are you kidding me? These people think about what it should cost, and then do a times ten...what a rip off...this is the road to those "death panels" Palin speaks of.
10. Houses...put those suckers on the market and let the market bring the prices into the reversion to the mean!
______
How to solve all of the above? Flat tax, Flat tax...did I say Flat Tax?
Why does this country graduate 700,000 lawyers each year, but only 21,000 physicists? Ans. Because law pays better (nothing to do with lawyers being stupid).
fair tax, not flat tax. flat tax is still income tax. income tax only taxes the productive, and is invasive to personal privacy.
+1776
and rising
$1780, headed for $1950, up 20%, in step with the debt ceiling increase.
Whew! $1787. The traders are holding out for 1798.
That was fast: 1798.33 on the 10 minute at 11:50, 1787 last.
I believe Reggie called this some time ago. Bwahaahaaa!
We deny all roomers. Soc Gen.
More you all mongers. Soc Gen
EOM
Hey! I recon those Idiots have sold plenty of Warrants on Gold through LYXOR to Retail an Institutional Investors. I Recon this time BNPParibas will face no stop to buy what their "cher" rival (they attempted 3 times) for a "croissant" € price. Et Voilá !
the bernank could buy socgen with couch change.
Reggie I loved reading your site. I read all you post on your site and once this crap all pans out and I save a tad more going to subscribe. I never miss your site.
Like it is much as ZH. Thanks for all you and ZH do.
He has still be wrong on the direction of the Euro currency. Sure its down today but it also was in 2010
...oh Archie, it's Piaf, not Pilaf. http://www.youtube.com/watch?v=uOXzGtlLGgw&feature=related
What, EXACTLY, is wrong with simon hobbs (jude law's homo doppleganger)?
Is his life literally on the line, or is he in the running for ecb Minister of Propaganda?
c3p0 should get the shit smacked out of him on the air.
The "on the brink" rumor was started by the Daily Mail, can you believe it?
They published an apology ( http://www.dailymail.co.uk/money/markets/article-2024243/Apology-Mail-Su... ) saying the information was "untrue"
However, ZH took hold of the original story and now the rumor is unstoppable (even Sarkozy had to deny that SocGen was at the meeting this morning)... way to create a death spiral from nothing!
SocGen formally announced that Sarko is meeting with his economic team not the banks.
Tout est beau dans le gay Paris!
French fries!!
Sacre le bleu
It's all fraud. The Germans aren't in hock...only if they too legitimize fraud.
Nothing prevents them from Glass-Steagall, or anyone really, if they so desire it. The ECB? It's a farce, that while has power, won't for very long, especially if/when the German courts cry foul.
The funniest part, is all this money, all this insolvency, did it change anything? Nope.
Cancel the fraudulent debt WORLDWIDE!
Of course in America, we only have control over OUR fraudulent debt. We need to take the lead, and Glass-Steagall it.
Or else Merkel is indebting her country for no reason at all, and they will eventually hit a limit and become technically 'insolvent'....all because of fraud. Or their courts stop it, which would be quite funny. But nothing is guaranteed. Who knows how bought their judicial system is?
Silver, gold and bitcoins
Future Power People
My question is....
How much will my "collectible" one Euro coins go for on Ebay in 40 years?
I guess I should research the metal content of the coin...
Zinc to 1000, bitches!
Is there a publically-held company in France that manufactures white flags? Sounds like it might be a good investment...
Wholesale Tableware
Wholesale Pom Poms
Wholesale Knife
Audio Video Equipment
Wholesale Compressed Products
Wholesale Kitchenware
Voice Recorder
Wholesale Bracelet
Promotional Products
Wholesale Watch
Wholesale Frisbee
Wholesale Clap Hands
Money Clip
Silicone Products
Pet Supplies
Wholesale Swimming Products
Wholesale Clap Hands
Flash Gift
Baby Products Suppliers
Promotional Products
Business Gift
Pet Supplies
Wholesale Suppliers
Wholesale Calendar
CD Holde
Wholesale Whistle
Wholesale Towel
Wholesale Clap Hands
Promotional Gifts
Beauty Equipment
Wholesale Halloween Gift
Wholesale Tie
Muslim Products
Wholesale Massager
Wholesale Furniture
Wholesale Tableware
Muslim Products
Pet Supplies
Wholesale Helmet
China Wholesale
China Wholesale
Pen Holder
Wholesale Whistle
China Wholesale
Audio Video Equipment