bnbg, page-34

Yes Emunerate "People do not understand that in many ways BNB is actually in a better position than banks currently lending it money"

That is very true, BNB, if they get the equity debt swap sorted out and an extension of the remaining debt then the situation they are in becomes so much clearer. For the lending banks as you rightly say, it is very unclear how bad a position they are in (very very bad I would say for the foreign ones anyway), and the problem they have is that noone has any confidence anymore in the banking sector.

I for one blame three things on all this, the pay structure (50% plus of revenue paid out as compensation is insane), the regulators (greenspan, sec etc) and the rating agencies. what a mess.