SocGen: The Press is Irresponsible, Here are the Numbers

“In total, for Greece, Ireland, Italy, Portugal and Spain, we have 4.3 billion euros of sovereign debt in our banking book. The mark-to-market — on the 9th of September, for the whole thing, including all the five countries, is minus 400 million euros. It should be compared to 41 billion euros of capital. I think, again, people need to look at the figures.”

– Frederic Oudea, CEO of SocGen

One of the British tabloids made a comment about how Societe Generale was at death’s door which sparked all manner of selling and rumor-mongering and strife in the marketplace.  The CEO of the bank defended his company admirably on Bloomberg – not with blustery bullshit like Dick Fuld – but with data and facts…

Source:

Bloomberg

 

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