Thursday, January 24, 2008

Someone's not talking

French bank Société générale says that they told Bank of France president Christian Noyer on Sunday that they had huge losses due to a rogue trader and were dumping the assets before publicly announcing it. The US Federal Reserve says that it did not know on Monday night that this was going on when it decided to cut interest rates after overseas markets crashed that day. American markets were closed for MLK. News accounts seem to be ignoring this timeline.