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Old 07-27-2008, 08:42 AM
 
Location: Backwoods of Maine
7,257 posts, read 8,592,909 times
Reputation: 19679

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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!

Business Spectator - NAB will shock Wall Street
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Old 07-27-2008, 08:59 AM
 
Location: Raleigh, NC
9,043 posts, read 11,829,498 times
Reputation: 1394
Quote:
Originally Posted by Nor'Eastah View Post
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!

Business Spectator - NAB will shock Wall Street
Time for some more Babcock & Brown after the panickers flee the building.
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Old 07-27-2008, 09:22 AM
 
Location: Backwoods of Maine
7,257 posts, read 8,592,909 times
Reputation: 19679
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.
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Old 07-27-2008, 09:24 AM
 
Location: Raleigh, NC
9,043 posts, read 11,829,498 times
Reputation: 1394
Quote:
Originally Posted by Nor'Eastah View Post
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.
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Old 07-27-2008, 10:45 AM
 
Location: Heartland Florida
9,324 posts, read 24,279,525 times
Reputation: 4927
Quote:
Originally Posted by ViewFromThePeak View Post
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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