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http://www.dailykos.com/storyonly/2008/7/31/64417/6293/543/559842

In the long run, we're all dead. John Maynard Keynes
by Jerome a Paris (etg@eurotrib.com) on Thu Jul 31st, 2008 at 08:43:41 AM EST
So the big investment banks are essentially going to drain the small troubled banks of their good assets and leave the rest of us holding the bad shit.

Capitalism!

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

by Drew J Jones (myfriends@thisispancakes.com) on Thu Jul 31st, 2008 at 09:07:25 AM EST
[ Parent ]
the cluelessness of the smaller banks
How come the people in charge of these smaller banks are so stupid? In my naivety I thought you'd need certain skills and a rather sharp intellect to become in charge of a bank, even if it's relatively small.

[discussing a financial scandal]

Sir Desmond Glazebrook: They've broken the rules.

Sir Humphrey: What, you mean the insider trading regulations?

Sir Desmond Glazebrook: No.

Sir Humphrey: Oh. Well, that's one relief.

Sir Desmond Glazebrook: I mean of course they've broken those, but they've broken the basic, the basic rule of the City.

Sir Humphrey: I didn't know there were any.

Sir Desmond Glazebrook: Just the one. If you're incompetent you have to be honest, and if you're crooked you have to be clever. See, if you're honest, then when you make a pig's breakfast of things the chaps rally round and help you out.

Sir Humphrey: If you're crooked?

Sir Desmond Glazebrook: Well, if you're making good profits for them, chaps don't start asking questions; they're not stupid. Well, not that stupid.

Sir Humphrey: So the ideal is a firm which is honest and clever.

Sir Desmond Glazebrook: Yes. Let me know if you ever come across one, won't you.



Peak oil is not an energy crisis. It is a liquid fuel crisis.
by Starvid (arvid.hallen at gmail.com) on Thu Jul 31st, 2008 at 11:33:28 AM EST
[ Parent ]
How come the people in charge of these smaller banks are so stupid?  In my naivety I thought you'd need certain skills and a rather sharp intellect to become in charge of a bank, even if it's relatively small.

You don't understand.  This is America.

Conservatives want live babies so they can raise them to be dead soldiers. - George Carlin

by Drew J Jones (myfriends@thisispancakes.com) on Thu Jul 31st, 2008 at 11:39:06 AM EST
[ Parent ]
They are looking at their jobs going down with the bank.  While it would be shocking for them to receive "commissions" or other considerations for decisions favorable to the "covered bond" pedaler, it could just happen.  My bet would be on the "other consideration" option.  

As the Dutch said while fighting the Spanish: "It is not necessary to have hope in order to persevere."
by ARGeezer (ARGeezer a in a circle eurotrib daught com) on Thu Jul 31st, 2008 at 02:31:49 PM EST
[ Parent ]

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