SocGen: The Press is Irresponsible, Here are the Numbers

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“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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