The market has decided to hammer out SocGen for good reasons.
Europe's most exposed PIGS bank loses over 7% again today in Paris reaching new Lehman lows. Shares have been trading at Eur 140 only in 2007 before settling around 18 euros today on renewed concerns about Greece and the overall European debt crisis.
Supposably CG has about 50bn in capital on 1.1tn in assets giving a massive 22x leverage. Apparently the market doesn't buy it as it values the equity around 15bn.
While the banksters don't mark-to-market, the market will
No comments:
Post a Comment