August 1, 2007

"As far as the U.S. subprime crisis is concerned, BNP Paribas's exposure is absolutely negligible,''
Baudouin Prot, CEO
“We'll benefit from having had a particularly prudent risk policy”
Georges Chodron de Courcel, COO

August 9, 2007

BNP Paribas freezes three of its negligibly exposed prudent funds due to the "complete evaporation of liquidity in certain market segments of the U.S. securitization market."

They did this, they say
"to protect the interests and ensure the equal treatment of our investors, during these exceptional times…[we'll let up] as soon as liquidity returns to the market allowing net asset value to be calculated".
In other words, as soon as these funds are worth something, the énarque / arisotcrat management combo will let you know how well you've been 'protected'.

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