I actually like that letter very much - it re-iterates that the...

I actually like that letter very much - it re-iterates that the performance of the underlyng business is good......so why would bankers undermine their own positions if the debt is being serviced and there were no underlying problems in the debt serviceability.

The problem is balance sheet related ie capitalisation - not operational as he has said.

So I think the letter is a good stabiliser....we will see more interest in CNP and some confidence. Combined with the Fed reducing rates tomorrow - by between 1% - 2% (accroding to afr.com), I agree we could see a nice gap up tomorrow - providing no other surprises materialise.

Please DYOR