$1b amongst the four big banks equates to about 7c?/per share ea. Really small fry. However, it's all the rest of the small fries such as CNP, which makes CBA which is still the most respected and highest priced (on PE) of the BIG FOUR a good short imo. In the case of CNP it's not only the bad debt component, but also the losses being accrued in their respective share holdings, directly or thru owned fund mngment.
1 billion exposure of oz banks to subprime, page-6
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