SocGen CEO Doesn't Want Your Dollars, Wouldn't Take Them If You Begged Him

We have reduced our funding needs in dollars and we have buffers that can use if the situation carries on. I will communicate all that to the market and I am sure we will be able to regain confidence. ... The amount of money market funds, funding resources, compared with the amount of buffers, is much smaller. We have 105 billion euros of liquid assets, 80 billion available to the central banks. It is much more than the current exposure to money market funds. Even if it were to go to zero, there would be no problem - forever.

Other news that should make you feel pretty pretty good about SocGen is that, when asked about layoffs, Oudea refused to put a number on it but said "We did not invest that much in the last two years. We have been much more progressive in our investment. Compared with the banks who invested a lot in [investment banking], we have less to do."

SocGen’s Oudea Says Bank Can Resist U.S. Money-Market Freeze [Bloomberg, Bloomberg Television]