It must consider the accounts for the year 2007 amputated by the 4There is a possibility to make more comprehensiveAs a necessary time to think what that isHe used to build a majority from time to time But endurance is primarily a matter of trainingThese perspectives are what cool investors4 throughout the year ended January 31 20082 in volume on the last three months of 2007The procedure of dismissal in effect two stepsIt was not to be reconciled with his creatureToday is that the Bank of the defence should announce the terms of its capital increase of 5.5 billion euros aimed at getting its own funds, 18 days after having revealed a record trading loss. The College of the authority of des marchés financiers (AMF) met Friday to decide on the prospectus of the operation. According to our information, it would have given the green light and the operation would be launched today. From the obtained visa, the capital increase is considered carried out to Société Générale, based risk then on the two banks which have guaranteed operation, JP Morgan and Morgan Stanley. "The Bank can already change the letterhead indicating the amount of its capital," explained a professional this weekend.
AMF prospectus, published today, will detail the terms of the capital increase with preferential subscription rights to shareholders. The range should be provided, the price of new shares is expected on February 21, date of publication of the final results of the Bank. Analysts expect a valuation haircut of 20 to 30.
Other write-downs of assets
In the prospectus will also be the benefit estimated for 2007. It was expected between 600 and 800 million euros. According to some sources, the Bank would still spent almost EUR 500 million of impairment of assets related to the "subprime". These are in addition to the roughly 2.3 billion already announced at the revelation of the loss of trading. Ultimately, the Bank will be just to balance this year.
With a discount of more than 20, the capital increase should succeed without problem, considered a banker this weekend. As far as Friday, the Société Générale title lost 3.47, to 77,72 euros, accusing one of the strongest declines in the CAC 40 index. The new revelations concerning the custody of a Fimat broker and the imprisonment of Jérôme Kerviel have probably nothing arranged years. Remanded in custody by the Court of appeal of Paris, the trader, who the bank charges 4.82 billion loss, sleep to the prison of health since Friday. Her lawyer, Me Elisabeth Meyer, is today filing an appeal in cassation against the decision. For the judges of the Court of appeal, it is to "avoid any consultation with possible accomplices or sponsors." Now, the case will settle over time. "Is an investigation of flagrante delicto to a more thorough investigation", note a close to the record.
The announcement of the custody of Moussa b., a broker of Fimat, a subsidiary of Société Générale which per passed orders to purchase and sale of Jérôme Kerviel, opened the runway of any complicity, foreshadowing that the case was "a turning point" counsel for Société Générale, Me Jean Veil. Instant electronic messages (cats), very ambiguous between the trader and the broker, has been paid to the trial record by the Bank.
Searches
Heard Saturday as a witness assisted by investigating judges, Moussa b. However was free of the financial center. My client "perfectly explained (...)". that all rules have been complied with. "All professional rules, all the rules of the market and all the instructions of his superiors," said his lawyer, Jean-David Scemama. "All operations made are operations which have been authorized, operations that have been controlled, monitored and I want to say, encouraged", he added.
The involvement of Moussa b. casts a shadow on the role of Fimat in fact allowing Jérôme Kerviel take directional positions on three European stock indices for EUR 50 billion, well beyond permitted limits. Their liquidation in difficult market conditions is the cause of the losses incurred by Société Générale. Thursday, the financial brigade searched local Fimat ex Paris, renamed Newedge since its merger with Calyon Financial. Other brokerage companies could find themselves in the interest of justice.
