Trader Talk

Mail on Sunday Apology? Fire Someone!

An apology from the Mail on Sunday? How about firing someone? Much of the cause of yesterday's (Wednesday's) decline was a plunge in French banks.

The Mail on Sunday said that French bank Societe Generale was in a "perilous" state and possibly on "the brink of disaster." They cited no sources.

SocGen's CEO was forced to go on our air yesterday with Bill Griffeth and Maria Bartiromo to deny that the company was going under. He was apoplectic.

The Mail on Sunday of London issued an apology to Societe Generale:

"We now accept that this was not true and we unreservedly apologise to Société Générale for any embarrassment caused," they said.

We have spoken before about the responsibility of the media to avoid outright rumormongering. The Mail on Sunday failed big time on this one.


Correction: An earlier version of this story incorrectly identified the paper in question as the Sunday Daily Mail.

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