Wednesday, July 15, 2009

Their Title Said It All

Five big banking balls-ups

1) Relying on the securitisation market 2) Ridiculous lending policies 3) The bonus culture 4) Listening to the rating agencies 5) Carrying on regardless

Posted by sybil13 @ 05:53 PM (780 views)
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2 thoughts on “Their Title Said It All

  • Glad we’ve learned our lessons and aren’t condemed to repeat these mistakes.

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  • Balls ups? They knew what they were doing. Everyone in the game knew they were working with accounting fictions. The only excuse is that many fund managers who weren’t in the vanguard were under pressure to match the returns of those who were. The bailouts were prepared well in advance and announced with the usual wartime emergency rhetoric – Bush’s “there will be ample time to debate the origins of this problem, now is the time to solve it.”

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