It’s no secret that we’re in the midst of an economic meltdown that may solely be compared to one or two similar cycles of economic turmoil, nonetheless in those earlier financial downturns the Government did not spend Trillions of U.S. taxpayer cash to bail out foreign banks and home companies. FACT: Offshore banking generally is restricted by law from advertising in magazines, newspapers, radio and on T.V. unless they come beneath the same protectionist rules and regulations which can be placed upon U.S. banks. “The prosecutor additionally said that Mr. Kerviel admits to disregarding Société Générale’s trading rules but says others also flouted limits designed to comprise dangers to the financial institution”.
Société Générale continued to expand in France and beyond. FICTION: Offshore banking isn’t regulated, so you are prone to shedding all cash deposited with them. REALITY: The truth is that every nation within the free world has regulations, rules and legal guidelines governing monetary institutions and banks.
The company American Worldwide Group (AIG) is a perfect example to illustrate why the United States is heading down a really slippery slope in bailing out international banks. It was inside this context that Britain’s Mail on Sunday (Every day Mail) printed, on Sunday August 7, an article by which it announced Société Générale’s imminent chapter.
It pursued and expanded its actions within the capital markets in France, and then, on a selective foundation, in the different worldwide monetary centres. FICTION: Offshore banking should not be excellent, or more amenities would advertise their providers in newspapers and magazines within the U.S.
March 2008: Lacking consignment of gold by Goldaş On March 21, 2008, Société Générale filed swimsuit in Istanbul Business Court against Goldaş , a Turkish Jewelry firm, claiming the company had not paid for 15 tonnes(15,000 kg) of gold it had received by a consignment agreement.