Monday, November 3, 2008

Jerome's impact on Societe Generale greater than Lehman's collapse

So Jerome's €4.9 billion loss on Societe Generale (GLE) was greater than the €1.2 billion impact caused by Lehman's collapse?

The bank was able to report a third quarter profit of €183 million. Even if this was down 83.7% it reads better than US bank Wachovia's (WB) $23.9 billion Q3 loss (yes, that's a quarterly loss figure).

Dr. Declan Fallon, Senior Market Technician, the free stock alerts, market alerts, and stock charts website