chinese bank officals face execution

There is reported to have been the detention of at least 2 Bank of China officials in Beijing overnight. It is believed that both officials were heavily involved in banking transactions with Lehman brothers and encouraged BOC investments in the derivatives sold by Lehmans to foriegn clients which have now had to be unwound or liquidated in the negative.

The US Fed is of course telling the whole world that a US$700 billion loss is nothing. What else can they say. They may now move to reduce interest rates yet again in the hope of stimulating the economy (to do what god knows). Japan tried and failed dismally with a stagnant economy since having wiped out most of its assets in the 1990's.

We'll have to wait to see what Kevin 07 will come up with. More important I think Brendan Nelson timed his spill at the best possible time even though he will loose. Who in their right minds will trust a merchan banker in the job? But Malcolm will win in an economy that teaches its daughters to aspire to be princesses, barbie dolls, actresses and to worship the rich and famous regardless of how much of their wealth came out of your life savings.