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Tag Archives | Spain

The Too Big to Fail Insurers – the next bail outs, another nail in Democracy’s coffin.

You can either believe that we’re all in this together and it’s all getting better. Or you can believe, as I do, that it is getting better for the few (5%) who own 50% of the worlds’ financial wealth and worse for the other 95% of us. Remember, the next time you see the Dow […]

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Spain’s BALLS. Part Three. A right load of…

Part one was the Bad Bank. Part two was, what might be in the BB courtesy of Bankia and the other Caja. Part three… Part two of this series ended talking about Recourse and Non-recourse loans. Noting that Spanish mortgages are recourse. Meaning that if  the borrower defaults the lender/bank has recourse to not only the collateral […]

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Spain, Bad Banks, Assets, Losses and Lies

I thought it might be a good moment to take a broad look at Spain’s financial troubles and outlook.  For those of you who tire of details, the executive summary is that is that it is bad and without a doubt going to get  considerably worse over the next 6 – 18 months despite Spanish […]

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A word about banks and the laundering of drug money

I just wanted to write a quick note about HSBC and money laundering. When we hear of a bank caught money laundering there is a tendency, gently encouraged I think, by the banks and the media, to think of it as we would if we heard of someone in our street having been caught fencing […]

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The Eurofiscal Corruption Contest – The Spanish entry.

Let me make it clear straight away – the lies, corruption, cowardice and greed of Spanish bankers and government officials is nothing special. What is happening in Spain now, reminds me of Northern Rock in the UK, Hypo in Germany and  CountryWide in the US. So please do not think that I dislike Spain or of […]

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The Momentum of Lies – Corrected

Headline in the FT “Spain to force banks to set aside €30bn.”  This is a bad joke. One which ordinary Spanish people are going to pay for in blood. First, €30bn is a joke because it is not enough and the Spanish central bank and the government know it. Second, 30bn of what? The Spanish […]

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Bond holders hint at the real state of Europe’s banks

Revealing news this today – According to Frankfurter Allgemeine Credit Default Swaps for many of Europe’s biggest banks shot up yesterday.  And what is most interesting is which banks fared worst:  the big two in Spain, BBVA and Santander and in Germany, Commerzbank. Why should CDS costs shoot up yesterday? Well yesterday was, as I noted in […]

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