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

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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]


Who Wouldn't Want To Sue Bank of America?

August was kind of rough for Bank of America on the legal front, to the point that we once said in Write-Offs "Everybody who hadn’t yet sued BofA did today, or will soon." But that turned out to be wrong! Or at least, it underestimated the continuing appeal of suing Bank of America, because now not only is everyone who is not Bank of America suing Bank of America, but so is Bank of America: [I]n Florida's Palm Beach County alone, Bank of America has sued itself for foreclosure 11 times since late March, according to foreclosure fraud activist Lynn Szymoniak, who forwarded one such foreclosure filing, dated March 29, 2012, to The Huffington Post. ... In the March 29 filing, Bank of America is seeking to foreclose on a condominium and names the condo owner and Bank of America as defendants in the suit. The company is literally seeking damages from itself in order to foreclose on the condo owner. Ha ha ha but why is Bank of America a delinquent condo owner? Because of course it's not; it's the second lien holder:

By Société Générale (Société Générale) [CC0], via Wikimedia Commons

SocGen Kills Two Birds With One Giant Check

Maybe three, if you count its yet-unconsummated (and possibly one-sided) love affair with UniCredit.