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The basic rules of banking, as per Santander's boss:


  1. if you don't fully understand a product, don't buy it
  2. if you wouldn't buy a product for yourself, don't sell it
  3. if you don't know your customers very well, don't lend them any money

Only item 2 can be enforced by regulation, and it certainly should. 1) and 3) in Steinbrück's plan would go towards that.

In the long run, we're all dead. John Maynard Keynes

by Jerome a Paris (etg@eurotrib.com) on Fri Oct 10th, 2008 at 07:55:15 AM EST
A 'sound' banker, alas, is not one who forsees danger and avoids it, but one who, when he is ruined, is ruined in a conventional and orthodox way along with his fellows, so that no one can really blame him.

John Maynard Keynes

by das monde on Fri Oct 10th, 2008 at 09:03:39 AM EST
[ Parent ]
Well, we could do like China, and ban complex derivatives and similar financial instruments altogether. Though Steinbrück doesn't go as far.

*Lunatic*, n.
One whose delusions are out of fashion.
by DoDo on Fri Oct 10th, 2008 at 01:05:25 PM EST
[ Parent ]
Botin is teh representation of power in Spain.. he is our ford... our banker with ruthless force controlling all what is basically needed to control int he country....

and besdies that.. a generally good banker which will basically buy anythig he wants now that the Spanish Treasury has bought all the risk that a economic meltdown could force on him.

A pleasure

I therefore claim to show, not how men think in myths, but how myths operate in men's minds without their being aware of the fact. Levi-Strauss, Claude

by kcurie on Fri Oct 10th, 2008 at 05:19:39 PM EST
[ Parent ]

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