Wednesday, January 30, 2008

SR on SG

Ségolène Royal wants Société Générale to "reimburse families buried in debt" in the amount of 7 billion euros, the 5 billion it lost in the Kerviel speculation and the 2 billion it lost on subprimes. She doesn't explain how the bank is supposed to lay hold of the 7 billion it lost in order to rescue its debtors. Is she serious? Apparently she thinks that when a bank "loses" money, it goes into the pockets of the bank's directors.

Such empty verbiage is apparently intended to reinforce Royal's image as a compassionate friend of the little guy. Unfortunately it simultaneously undermines her claim to be a serious steward of the economy.

2 comments:

Quico said...

It's embarrassing, really.

Lala said...

I hope she doesn't mean what she says...