jeff : "Vast holes are opening up in the foundations of banks and other commercial lenders, as violent tremors that began on Wall Street arrive in London, Tokyo and elsewhere. As the weakest edifices collapse, the damage is made worse by Hurricane Dodgy Debt that's ripping through the credibility of many well-established houses."
Fantasy finance cuts many of the giants of global banking down to size
jeff : "As for the culprits, it's going to be fascinating to see what becomes of them. How many of the "mad scientists", the financial engineers who designed and built the machinery that promised to convert toxic waste into balance-sheet bullion, will stay in work?...
..."Great news. We can lend fortunes to people who have no hope of repaying. Better still, it doesn't matter if the collateral is worth less than the loan. From this, we'll become millionaires."...
...How much, I wonder, did the so-called Big Four accountancy firms get paid by the banking industry to make all those sub-prime assets seem like they had value?..." Telegraph
web : "Even more despicable than the Orvieto deal is Milo’s arrangement with the Germans to bomb his own squadron when the syndicate’s cash flow runs low, due to excessive investment in Egyptian cotton."
milo minderbender : we made us a profit and we got us a BONUS so WTF?
No comments:
Post a Comment