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Black Friday


beccles
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Yah - just because you saw the JPMorgan thread. B)

What of the MortgageIT debacle ... minute scale, I admit ... but my word ... how did they get away with this? Or, more to the point (?), why did the Germans bother to get away with this ... ?

Ah yes, sorry ... morals and honesty and the 42nd floor window ...

Aidanapword

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We've probably had a big enough correction already to see something really black; need one of the PIIGs to become even more errant for that. This wasn't quite what the banks wanted, they had hoped for another QE fix and another ride up the roller coaster to 6000 on merv's free money. Maybe they will get their way before the year is out.

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Spanish IBEX down about 3% since the Government press conference at lunch time. They don't seem to like the idea of independent auditing of the banks' property portfolios for some reason.

... who can estimate such losses accurately ...and define...'independent' before the word auditing...it needs valuations every three months with appropriate write off's to P&L quarterly..... :rolleyes:

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Spanish IBEX down about 3% since the Government press conference at lunch time. They don't seem to like the idea of independent auditing of the banks' property portfolios for some reason.

I'm quite looking forward to some independent evaluations by some Germanic types, so all the stuff swept under the carpet is brought out into daylight...

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..Black Friday was a good call..!

Debt crisis: as it happened - May 11, 2012

The Spanish government has told banks they must increase their provisions against property loans from 7pc to 30pc, meaning they must raise another €30bn.

• Spanish banks told to raise €30bn to protect from mortgage loss

• Fitch: all euro nations on ratings watch if Greece leaves EMU

• EU cuts growth forecasts, says EU and eurozone in recession

• Spanish banks to be audited by Brussels

• Chinese sovereign wealth fund stops buying Euro debt

http://www.telegraph.co.uk/finance/debt-crisis-live/9258807/Debt-crisis-as-it-happened-May-11-2012.html

...not looking good... :rolleyes:

Edited by South Lorne
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