Tuesday, December 16, 2008

More banking and supervision failures...

Getting started Fifty billion dollars, up in smoke. Pyramid selling right in the centre of world free-market capitalism. Banks everywhere having stakes in the scheme and losing them. Nice to see Banco Santander there wit 3 billion lost as they were so arrogant about having got the better part of the ABN AMRO group and not having got themselves involved in sub-rpime mortgages. Not so clever now...

The excellent BBC series Little Dorrit, shows us the same thing happening in London in the 19th century. The banker there took his won life with apen knife rather than face the shame of being found out. Our American friend, Mr Madoff just goes to prison for a few years and ahs to pay a tiny fine. No doubt he will become a media celebrity in ten years' time.

And, what is this I read in the papers? The other two predators who bought and destroyed ABN AMRO, namely Fortis and RBS also have their fingers burned. Hmmm... some pattern there.

Greed and lack of supervision and care.

6 Comments:

Anonymous Isebrand said...

i will have to examine the bbc Little Dorrit series. i wasn't aware of it. sounds good.

20 December, 2008 23:16  
Anonymous Anonymous said...

RBS has been hit so bad, it wished it had never ever been involved in buying ABN....

Half of ABN staff in the City was layed off since July...Such a waste of an excellent co and talent mate!

23 December, 2008 00:53  
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