SocGen CEO is on Bloomberg TV this morning after his appearance on CNBC yesterday defending the banks balance sheet positioning and liquidity after the 20% 2 day stock drop Friday and Monday.
The stock is up 5% today but BNP [France's biggest bank] is at the lowest since March ’09 after the WSJ got this quote from an exec there spoken last week, “We can no longer borrow $’s. US money market funds are not lending to us anymore…Since we don’t have access to $’s anymore, we’re creating a market in euros. This is a first…We hope it will work, otherwise the downward spiral will be hell.”
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