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post #30 of (permalink) Old 11-24-2011, 04:41 PM
country flag Merton
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Re: Rafachat vol. 75: Cats and Football Forever and Ever!

Talking about banks, I hear that Dexia speculated with sovereign bonds from the south of Europe. For example, they bought Greek bonds at a discount last year, write them on their books as risk-free, record the profit at year-end 2010 and... :drumrolls: grsnting handsome bonus to top management and insiders. When Greek bonds become even worse and Dexia is credit-constrained and cannot raise fresh capital, go bankrupt and leave the price tag for the Belgian taxpayers.

And I can only wonder how many bodies are buried. What a mess...

Salvor Hardin: "Violence is the last refuge of the incompetent"

From Isaac Asimov's "Foundation".
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