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Societe Generale, France’s second largest bank by market value, uncovers a 4.9 billion euros ($7.1 billion) trading fraud.
Interesting piece of news… a Merrill Lynch trader, surely after taking a deep breath, thought if-not-now-then-when and sent out a mass email screaming out…the obvious!
Citigroup will reduced workforce by 17,000 to 24,000 employees, and it will take writedown of up to $24 billion, CNBC says.
Goldman Sachs is tipped to take over Northern Rock loans, writes the Irish independent and features comments from Ian Robinson, head of credit strategy.
On the contrary, Kaletsky draws the attention in the ‘lose-lose’ situation that Britain and the whole of Europe (except Germany!) have got themselves into… A rather radical point of view.