One thing I can't for the life of me figure out, is that at the height of the banking crisis, many banks created these so called 'bad' banks, where they stuffed their bad debts (CDOs, CDS etc). Where have these time bombs gone? and when they blow up, who gets hurt? Surely the shareholders (or the taxpayers) still own these walking disasters. It was a nice trick sweeping all the bad debt under the rug, but at some stage the corpse is going to start smelling, and then what?
Monday, August 24, 2009
What becomes of the broken blogger?
The MQG.AX short was a turkey. These clowns are the masters of pumping up their stocks. The satellite funds are currently in the process of buying out the Millstones that are their management contracts and the parent is back doing what they do. I'm still hearing all sorts of rumours that they've got >$10bn worth of re-fi in the non operating company to complete in the next 18 months, which should keep them busy.