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Panic in Paris; Fears Over French Banks
Article from Bulletin/Magazine
The Economist (http://search.proquest.com/) vol. 400 no. 8747 (Aug. 2011)
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Lihat Detail Induk
In this anxious market environment, people lose their rationality, says Frederic Oudea, the chief executive of Societe Generale, a French bank. Some even spread false information to create trading opportunities. Mr Oudea should know: on August 10th his bank's share price fell by about a fifth during trading before closing 15% down. The stockmarket regulator is investigating the sudden drop. Shares in France's other two biggest financial institutions, BNP Paribas and Credit Agricole, also plunged on the day, by 9.5% and 12% respectively. We saw an extraordinary concentration of rumours last week, says Baudouin Prot, chief executive of BNP Paribas, which had just reported excellent results.
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