Items Tagged with 'Societe Generale'


  • Societe Generale fined $50 million for pre-crisis RMBS fraud

    Lied to investors about quality of underlying loans
    In its last few days, the Obama administration announced multibillion dollar settlements with two foreign banks, Deutsche Bank and Credit Suisse, for each bank’s mortgage securitization practices leading up to the housing crisis. And on Friday, as most people focused on the inauguration of Donald Trump, the Obama administration announced one last settlement with a foreign bank for its pre-crisis activities – France’s Societe Generale.
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  • US shutdown could spill over to Europe

    Japanese investors already selling record amounts of American paper
    A prolonged economic slowdown in the U.S. would endanger the eurozone recovery — growth is already expected to be below 1%. But there are some bright spots. There is a feeling that a resolution to the shutdown is progressing.
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  • MBIA says it’s sitting prettier, analysts agree

    Bond insurer no longer worried about being an 'ongoing concern'
    It’s been a rough few years for bond insurer MBIA, but after settling legacy mortgage-backed securities litigation with Bank of America and Société Générale, the bond insurer assured investors this week in a securities filing that all major doubts about the firm’s future are over.
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  • An economic recovery with jobs and housing left behind

    On Thursday morning, credit analysts at the offices of investment bank Société Générale in New York put out their first U.S. credit strategy report that covers nearly all financial markets in the nation. In the introductory letter they state, "We focus on forward-looking themes and trade ideas on a sector by sector basis." And for most of those sectors, things are looking up, or at least are expected to in 2011, thus the impetus for creating a regular credit report for Société Générale clients.
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  • The Debt Bubble: if it Happened to Them, it Can Happen to U.S.

    Yesterday Standard & Poor's announced its sovereign rating of Greece would be maintained for the moment at triple-B. The birthplace of democracy recently navigated a hotbed of solvency issues, including downgrades to its sovereign rating, as Greece became the poster child for 'how not to run your country's finances.' In parallel, the day before, Moody's Investors Service said the United States risks losing its beloved triple-A credit rating if it doesn't better manage its piles of debt. But more on that later, let's start with what's up with Greece:
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  • SocGen Expects Q2 Profit

    French investment bank Société Générale expects to post a "slightly positive" net income for Q209, despite a €1.3bn (US$1.81bn) charge related to credit default swaps used to hedge the company's loan portfolio. "Solid operational performances, in particular in Corporate & Investment Banking, will absorb the significant negative impact on the accounts of the substantial tightening of credit spreads stemming from an improving market environment and reduced aversion to risk since mid-March," company officials say in a corporate release.
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  • Soc Gen Chair to Bail in a Week

    Daniel Bouton, Chairman of the Board of Directors of French investment bank Société Générale is stepping down on May 6. The Board will elect a new Chairman at its meeting on that same day. Bouton chaired the bank for ten years, posting large profits and growth during much of that time. Recently, his tenure became overshadowed by the Kerviel fraud.
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