guru's early read, page-4

Guru, I wouldn't pretend to have greater knowledge on this situation than you but I am leaning to view the glass as half full (whilst being fully aware that it is also half empty)

There are a number of stand out points stemming from this mornings announcement

1) The world is in a credit crisis and banks everywhere are failing, struggling, or at best being very hardnosed trying to protect themselves.
2) Under the current evironment Societe Generale were obviously very nervous (in another environment there would probably be no issue) and have insisted and recieved excessive security.
3) Incredibly the other banks have allowed all this security to go to Soc Generale when they could have played a substantially more blocking position, wanting more of it themselves - these things can unfold like a pack of cards!
4) The banks believe there is worthiness in giving 2 (not one) more months grace
5) Not only are they giving more time they are also backing it up with further assistance with some bridging finance.

I'm not a fan of the banks or current management but I do see light at the end of the tunnel, and also now believe the banks at starting to see the company likewise.