SocGen profit almost wiped out by $2 billion charge on subprime loans

Discussion in 'Stocks' started by ASusilovic, Jan 13, 2010.

  1. LONDON (MarketWatch) -- Shares in Societe Generale sank as much as 6% Wednesday after the French bank warned that it would take another 1.4 billion euros ($2.02 billion) of charges on risky mortgage assets, virtually wiping out its profit for the fourth quarter.

    In a brief trading update, the bank said it had again marked down the value of its mortgage holdings to reflect rising loss rates on both prime and subprime loans.

    Oh yes, US banks are living in a dream world. Dream, dream, dream...
  2. Are they sure it wasn't another rogue trader instead of bad loans :cool: