View Article: http://www.nytimes.com/aponline/world/AP-France-Bank-Fraud.html
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Societe Generale's Ignorance doubted by JRodgers - Feb 15, 2008.

Investing, Stocks, Income, Dividends, Value, Buffett, Passive, Retirements, Economy, Dividend, Retirement, Bank, Banks, Money, Recession, Stock, Stock market, Market, Personal finance, Investment, Inflation, Savings, Credit, Checking, Interest rates.
Still a lot of things are not adding up here. First, it remains remarkable that a single trader could have put down $73 billion - SocGen claims that he was a computer expert, but that doesn't really fly, even in France. Second, I don't by SocGen's claim that their unwinding didn't contribute to the market collapse - even if it was a very small part of the float as SocGen claims, the downward selling pressure contributed to, and may have caused the collapse. Third, I would bet that SocGen cannot survive as an independent entity and will shortly need a massive, Countrywide-like bailout.
Submitted: Jan 27, 2008 Views: 230 Comments: 0 Likes: 2
View Article: http://www.nytimes.com/aponline/world/AP-France-Bank-Fraud.html
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