Sweet, now we can add another domino with the French flag on it. From Bloomberg:
Oddo to Shut Three Funds `Caught Out' by Credit Rout (Update1)
By Neil Unmack and Jacqueline Simmons
July 31 (Bloomberg) -- Oddo & Cie, a French stockbroker and money manager, plans to close three funds totaling 1 billion euros ($1.37 billion), citing the ``unprecedented'' crisis in the U.S. asset-backed securities market.
Oddo said it will wind down the funds within the ``shortest possible time frame'' because of a plunge in prices for collateralized debt obligations, notes backed by other bonds, loans and their derivatives......
.......``Like many actors, we have tried to revitalize the performance of our funds by investing in CDOs,'' Arnaud Ploix, a spokesman for Paris-based Oddo, said in an interview today. ``Like others, we noticed recent problems with short-term liquidity and were caught out by the subprime dilemma.''
Ahhhhhh, those dour Frenchmen, who woulda thunk they were out there chasing yield like all the rest?
Not that I have anything against the French, I think France is great. Once I had to go to Paris for work. A dude I was working with befriended me and even though I was only there for a two day fire drill still took me out to dinner with his wife even though we'd been working until 2 Am the night before and were absolutely cooked and showed me a bit of the historic part of town and shit they even paid for my (damn expensive) dinner. Pretty fugging cool.
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