Reuters-
ZURICH, Nov 22 (Reuters) - French banks tried unsuccessfully to set up a "super-fund" to ease the impact on lenders of the global liquidity crisis, said the Financial Times, citing its French-language publication Les Echos.
An executive close to the discussions said BNP Paribas and SocGen pushed for a fund but mutual banks, led by Credit Agricole (CAGR.PA: Quote, Profile, Research) put the brakes on, said the report. (Reporting by Andrew Hurst; Editing by David Holmes).
Apparently this was in September.
This seems counterintuitive. Wouldn't you just join up with your Yankee buddies? We'll see if the age old adage rings true- If you can't Beat 'em, Join 'em.
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