Friday, Jan 18, 2008

Hoo boy! But only a surprise to the criminally insane.....

Executive Intelligence Review: A $3 Trillion Bankruptcy Will Now Start To Emerge

An experienced European banker told EIR this morning that "the problems of 2008 are of a completely different order of magnitude than those we saw in 2007."

We have entered a period now, he explained, in which large banks and financial firms are opening their books to external auditors, after having announced losses for the fourth quarter of 2007 according to their own internal surveys. But these external audits are now finding different values than those previously announced. (Surprise, surprise!—ed.) Thus, said the banker, we might expect a whole series of aggravated balance sheets, including legal bankruptcies of banks and financial companies.

Posted by lvmreader @ 04:05 AM (401 views) Add Comment

3 Comments

1. lvmreader said...

In the last 300 days, Citigroup has lost $5m dollars per HOUR, every hour.

Friday, January 18, 2008 05:52AM Report Comment
 

2. Cristiano Barbaro said...

...and what do Western governments do? Do they erect a firewall and stop foreclosures? No. Do they force banks to renegotiate debt with their customers down to realistic values which can actually be repaid? No. Do they PROTECT banks and ordinary pension schemes, saving accounts of the average citizen from predatory locusts? No. Do they give Wall St.the two finger salute, telling the locusts: you gambled, you lost now get stuffed, while protecting the real economy,the physical economy from being further looted but the so-called investment funds? No. What do they do then, our so-called democratically elected governments? They put public money into saving the locusts, while at the same time loweing interest rates to help the greedy vampires in Wall St and elsewhere, which will drive up inflation for us. They promote genocidal environentally insane policies to cut carbon emissions, to solve a fictitious problem called the greenhouse effect. The de-industrialization effect of implementing the carbon cuts will be terrible for the quality of life of real people on the planet. Not the Al Gores who have the money to afford co-generation, biomass energy, and photovoltaic. Pathetic.

Friday, January 18, 2008 07:02AM Report Comment
 

3. mrmickey said...

I think the fact that Mr Blair is now working for a bank gives you some clue as to how our late stage democracy really works.

Friday, January 18, 2008 09:17AM Report Comment
 

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