Bloomberg's "SocGen Reports Record Loss on Trading"
Bloomberg's "SocGen Reports Record Loss on Trading" cites French "money fund" outflows. The article says of Societe Generale's earnings, "Earnings from investment management fell by two-thirds to 50 million euros as the bank had to meet client withdrawals from some money market funds.... Frederic Oudea, the bank's chief financial officer, said on the conference call that some further writedowns in money market funds may be necessary in the first quarter if credit markets don't improve." France is where the money market crisis started, with AXA and BNP "LIBOR-plus" funds being incorrectly called "money markets", and where the term "money fund" doesn't carry the stringent quality, maturity and diversity guidelines like the U.S.. SG says in its earnings release, "The liquidity crisis prevailing since the summer 2007 has led to a substantial outflow from dynamic money market funds in France, a segment in which SGAM had a significant market share. SGAM decided to ensure the liquidity of some of its funds ... and therefore felt the effects of this crisis".
