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The French should be thankful every day that Nicolas Sarkozy -- for all his odd workaholism and his envy-inducing sex life -- became President. Via Pierre Chappaz's blog comes this story:
Ségolène Royal, "shocked by the Société Générale scandal", demanded on Friday that "the €7 billion be reimbursed to those families who have been plunged into indebtedness."
Priceless. Thanks Pierre.
January 31, 2008 in Capital Markets, Politics | Permalink
If you put aside the €2bn "lost" on subprime, there are still €4.9bn lost on the futures market. As all of you know, what you loose, makes someone else happy. Question here is who benefited from the washout engaged by the SG staff on monday? And what are the connections between the seller and the buyers?
Not a so stupid statement after all.
January 31, 2008 at 08:12
From your translation Royal seems to have got the extent of the losses hilariously wrong, but it's your translation at fault, not her. "Milliard" is French for billion, not million. I believe the French for million is "million".
Sam B |
January 31, 2008 at 15:05
Thanks Sam - that was a typo.
January 31, 2008 at 16:47
Let's hear a little more from Mme. Segolene Royal and see if you are still laughing.
If you are prepared to take a single sentence from a public figure, isolate it from it context and then inaccurately translate it, you can make Warren Buffett sound as dumb as a brain-dead, stoned surfer -- or George W. Bush.
The passage quoted in isolation could also be translated to suggest that if big a bank is to be bailed out, "I ask that the 7 billion euros be paid to families who are buried in debt." Or probably a little closer to what Mme. Royal said would be to suggest that if mismanaged, billionaire companies are to get hand-outs, then some money should also go to "families who are under water in debt." In modern French "plongee" is often used to describe what in American English is called investments that are "under water."
For another take on what Mme. Royal was saying, try this link:
This news outlet quoted Mme. Royal as saying the Societe Generale fiasco was evidence of "a capitalism grown incompetent, irresponsible, intolerable and careless."
Guys? ANYBODY STILL LAUGHING?
REG CROWDER |
February 02, 2008 at 13:26
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