2008-01-24bloomberg.com

'So , the Bank of France knew about Soc Gen's bad trades. Apparently they knew about this Saurday (1/19) and were kept abreast over the long weekend. . Soc Gen liquidated their bad trades on January 21 which was when Europe got smoked. January 22 , the Fed cut 75 bps before the markets open-- they claim they were unaware of the Soc Gen issue of the fraudulent trades. So , Did the Bank of France not tell the ECB about this ( unlikely. ) Did Noyer tell the ECB and not the Fed ? ( interesting screw job if that's the case. ) Is the Fed lying about not knowing about the Soc Gen issues and used the turmoil to justify their move'?



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