European Banks Hammered; Societe Generale "Denies All Rumors"; French Bank Option Prices Soar; Credit Default Swaps on France Under Attack

"...Reuters has more on the rumors in SocGen shares plunge on rumor whirlwind

Between the three top French banks, nearly 10 billion euros ($14.2 billion) in market value was wiped out. SocGen stock has lost 45 percent over the past two and a half weeks, while BNP is down 29 percent and Credit Agricole has plunged 38 percent.

"The rumors on the French triple-A rating are having a catastrophic impact, despite the denial from credit agencies. Shorts are on a rampage; it's a calamity. This has nothing to do with fundamentals," said Christian Jimenez, fund manager and president of Diamant Bleu Gestion, in Paris..."

at  http://globaleconomicanalysis.blogspot.com/2011/08/european-banks-hammered-societe.html?utm_source=feedburner&utm_medium=feed&utm_campaign=Feed%3A+MishsGlobalEconomicTrendAnalysis+%28Mish%27s+Global+Economic+Trend+Analysis%29