all banks and more

Its not just the banks but also the many municipal councils, government and semi government undertakings including the commercialised government entities, Catholic Archdiocese of the major capital cities and state governments that have bought into the sub prime instruments.

It was perhaps the worlds largest joint government undertakings since the Marshall plan and the Colombo plans to assist wih re construction.

All of our banks have exposure which can be considered in breach of their legal obligations and prudential requirements.

Kelly talks about those banks who have deep provisioning who will see opportunity in this collapsing market. Well said. But how many have really done that? To do so realistically one would have had to tell the truth about their exposure and none did.

Asian and Dubai based investors are already in negotiation with our banks and non bank lenders. Singapore continues with its economic colanisation o fthe country it called the white trash of the pacific.

Tamesek holdings the government owned financial superman run by former prime minister Lee Kuan Yew's daughter in law, the prime minister's wife is in negotiation with RAMS, Westpac, the CBC and ANZ for their property portfolios.

John Symmonds has the Saudis and Dubai Royal families and their business arms at his beck and call. The former Prime Minister of Thailand Thaksin Shinawatra (now in exile in the UK) and his Chinese banker friends have joined forcesd with Abramovitch also in London (formerley of the Soveit Union) negotiating with banks through former labour party ministers now lobbyists for the same assets and reasons.

Lee Kuan Yew and Mao Tze Tung all once said the same thing. Australia is part of Nanyang "The Chinese South Seas.

Well said and there is nothing we can do. Thank you Howard, thank you indeed.