And another financial fund

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14 years 4 days ago #214644 by reggit
Replied by reggit on topic And another financial fund
Interesting article today about how much mainstream banks have lost through all this, and a call for banks to go back to what they traditionally were - low risk operations who only lent out up to 50% of what they held in deposits. I tend to agree - if people want to take a higher risk they are perfectly welcome to go somewhere else, to me banks should be the 100% safe place to put money for those of us who are nervous investors!! [;)]

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14 years 4 days ago #214683 by L Plates
Replied by L Plates on topic And another financial fund
Financial uncertainty now hits Japan .
Following the problems in the sub-prime lending market in America and the
run on Northern Rock in the UK , uncertainty has now hit Japan .

In the last 7 days Origami Bank has folded,

Sumo Bank has gone belly up and

Bonsai Bank announced plans to cut some of its branches.

Yesterday, it was announced that Karaoke Bank is up for sale and will likely
go for a song while today shares in Kamikaze Bank were suspended after they nose-dived.

While Samurai Bank is soldiering on following sharp cutbacks,

Ninja Bank is reported to have taken a hit, but remains in the black.

Furthermore, 500 staff at Karate Bank got the chop and analysts
report that there is something fishy going on at Sushi Bank
where it is feared that staff may get a raw deal.[/font]

Tyke Dorpers

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14 years 4 days ago #214814 by GrantK
Replied by GrantK on topic And another financial fund
An entertaining play on words there LP :)

This whole debacle is certainly not entertaining though for those who have money invested in Hanover, Bridgecorp et al.

Various media commentators are saying the worst could be over. Then on the other hand, we have an article in today's Herald saying that the crisis is "Far from over" even though it will have been going for a year by the end of this week:

www.nzherald.co.nz/section/3/story.cfm?c_id=3&objectid=10525366

There is also some interesting perspective on the losses at HSBC.

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14 years 3 days ago #215029 by max2
Replied by max2 on topic And another financial fund
Funny you mention that Bank Grant.[;)][;)][;)]

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14 years 3 days ago #215031 by GrantK
Replied by GrantK on topic And another financial fund

swaggie;189655 wrote: Funny you mention that Bank Grant.[;)][;)][;)]

Yeah, I remember our earlier conversation about an unnamed bank Swaggie [;)]

When you see statements like this:

As for HSBC, the original harbinger of things to come, this great lumbering supertanker of a bank is now judged to be sailing through the credit crunch relatively unscathed.
With bad debts for the first half at US$10bn, profits are admittedly down by nearly a third, but against the near wipeout being reported by others, this is judged a solid performance.
...

If it had its time again, HSBC would obviously never have bought Household International, the American consumer finance company whose loose lending practices have taken such a toll, but HSBC's global reach and depth have seen it through.
A year and a half ago, Stephen Green, the chairman, was fighting for his job, with the losses suffered on sub-prime lending giving activist investors another stick to beat him with.
Today he's seen as one of banking's heroes, if that's not a contradiction in terms, having taken his punishment on direct sub-prime exposures early and apparently avoided the full force of the meltdown in mortgage backed securities.
He was pretty glum about the future yesterday, complaining of "the most difficult financial markets in decades".


It makes you realise how grim things must be at other banks when the chairman of HSBC is being hailed as a hero in spite of presiding over a US$10B loss which resulted in a 33% reduction in profit [:0]

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14 years 3 days ago #215049 by max2
Replied by max2 on topic And another financial fund
I was telling my West. Aussie Uncle about that conversation just recently, he used to be a taxi driver too, and he said the things he heard and overheard whilst driving bigwigs around, and then found out later they were true.... he said he certainly believes what our driver was telling us back in December.

I don't think its over by a long shot either, and my un educated guess is those in the know are covering their true losses from other areas (aside from delaying the total loss announcements).:( Perhaps only given time, and a fair amount of it, will the full impact be really known.

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14 years 3 days ago #215053 by reggit
Replied by reggit on topic And another financial fund
Tend to agree, swaggie, there will be a lot of red faces around at some of the losses incurred by those who should have known better at the top of things. They won't want to be scaring the horses any more than absolutely necessary...

Apparently the chairman of Bear Stearns (at the grand age of 85), just before it went into freefall, admitted he had no idea how to deal with this sort of crisis. He suffered a health scare and ordered a car not an ambulance as things were so uncertain he was afraid reports of him leaving in an ambulance would collapse confidence in the bank.

Well, guess what, buddy - might as well have used the ambos anyway :(

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