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Societe Generale SA To Sell 5.5 Billion Euro Shares After Fraud And Writedowns
http://www.bronx.com/news/articles/56/1/Societe-Generale-SA-To-Sell-55-Billion-Euro-Shares-After-Fraud-And-Writedowns/Page1.html
Maria Milosheva
I was born, raised and currently live in Sofia, Bulgaria, EU. I am a journalist by profession and practice psychology for the past few years.

I started drawing in 1991, urged by strong inner need to recreate the reality beyond the usual – the world of forms and details… I have taken part in various exhibitions and my work is in a number of private collections. It can be seen at MarmiArt.com.

My drawings are created using mixed techniques – aquarelle, tempera, ink, pencils, etc. They are unique and have no names. Their eventual owners would give them names, effectively becoming a part of the process of creating them. Every one can charge their own drawing with one's own energy and identify it with one's self. Your drawing will repay generously, giving calm moments for reflection and meditation.

 
By Maria Milosheva
Published on 01/24/2008
 
France's second- largest bank by market value Societe Generale SA is going to gain 5.5 billion euro ($8.1 billion) selling shares after a trading fraud and subprime- related writedowns depleted capital.

France's second- largest bank by market value Societe Generale SA is going to gain 5.5 billion euro ($8.1 billion) selling shares after a trading fraud and subprime- related writedowns depleted capital.
 
The bank found out last weekend that a trader in Paris had secretly set up positions that will cost the company 4.9 billion euro before tax, Societe Generale said in an e-mailed statement today. The trader, who wasn't identified, went beyond permitted limits on futures linked to European stock indexes.

"It's an enormous number,'' said Jean-Paul Pierret, a strategist at Dexia Securities France.

Societe Generale will also take 2.05 billion euro in writedowns related to credit market turbulence following the collapse of the U.S. subprime mortgage market.

Société Générale is one of the main European financial services companies and also maintains extensive activities in others parts of the world. It is headquartered in France with the main head office in Tours Société Générale in the business district of La Défense west of Paris. The three main divisions are Retail Banking & Specialized Financial Services (particularly in France and Eastern Europe), Corporate and Investment Banking (Derivatives, Structured Finance and Euro Capital Markets) and Global Investment Management & Services.

Société Générale is one of the oldest banks in France. The original name was Société Générale pour favoriser le développement du commerce et de l'industrie en France (English: General Company for the Support of the Development of Commerce and Industry in France). Société Générale is often nicknamed SocGen in the international financial world.

The long term debt of the group is currently ranked AA by S&P, Aa2 by Moody's and AA by Fitch.

- Pravda.ru