Corporate Bank Run Started: Siemens Pulls €500 Million from a French Bank, Redeposits Directly with ECB

From Zero Hedge:

In a shocking representation of just how bad things are in Europe, the FT reports that major European industrial concern Siemens, pulled €500 million form a large French bank, which is not BNP and leaves just [SocGenCredit Agricole] and deposited the money straight to the ECB. The implications of this are quite stunning, as it means that even European companies now refuse to work directly with their own banks, and somehow the ECB has become a direct lender/cash holder of only resort to private non-financial institutions! As Bloomberg reports further on the FT story, in total, Siemens has deposited between 4 billion euros and 6 billion euros, mostly through one-week deposits, with the ECB, FT says, cites the person.

http://www.zerohedge.com/news/shocker-siemens-pulls-%E2%82%AC500-million-french-bank-redeposits-direct-ecb