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As other global banks continue to mark their US housing bonds to market, The National Australia Bank decided to take the bull by the horns and write off 90% of their $1.2 billion CDO's and SIV's. All this while Bernanke, Paulson, and Bush try to calm jittery markets. Wall Street will have a heart attack when this gets around!
As other global banks continue to mark their US housing bonds to market, The National Australia Bank decided to take the bull by the horns and write off 90% of their $1.2 billion CDO's and SIV's. All this while Bernanke, Paulson, and Bush try to calm jittery markets. Wall Street will have a heart attack when this gets around!
Neither BNB nor Macquerie can get the cat back into the bag, after NAB has let him out! NAB has grown a set, to come right out and say, "Hey, these things can't possibly be worth more than 10 cents on the dollar (if that)..."
Meanwhile, the rest of the world marks them the fantasy and keeps 'em off the balance sheet, saying nothing. Hmmmmm.
Neither BNB nor Macquerie can get the cat back into the bag, after NAB has let him out! NAB has grown a set, to come right out and say, "Hey, these things can't possibly be worth more than 10 cents on the dollar (if that)..."
Meanwhile, the rest of the world marks them the fantasy and keeps 'em off the balance sheet, saying nothing. Hmmmmm.
Right, but B&B has foreign holdings. Very little US exposure. Since the Australian economy will ultimately benefit from dumping us as dead weight, I would suspect this would be positive in the long term for this organization.
Right, but B&B has foreign holdings. Very little US exposure. Since the Australian economy will ultimately benefit from dumping us as dead weight, I would suspect this would be positive in the long term for this organization.
I think most economies would benefit from dumping the USA as it is definately dead weight.
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