For those of you with some time I would recommend the above link and add that the whole 3rd Hour with Jim and John is very educational.
Yesterday, our patient Creditor NAB has written off enormous US exposures that had been given AAA ratings..
NAB CEO justifies the investments by saying that No Australian Company would be extended credit if this rating was not good enough to grant loans..as best I can remember.
Can you see what I see ??
If not read NAB HC and listen to the links and make your own decisions as I cannot vouch for the comments made and am no expert.
Today www.financialsense.com adds broadcasts of this weeks action.
I think NAB has just made a bold move to ensure Australia does NOT become the next 'Latin America'.... with bad loans and that Austalian Companies are no longer going to be subjected to precarious lending arrangements. IMHO.
I assume...In doing so NAB must be in a strong position with good connections and supports but can also take the expected SP punishment.
The NAB short sellers position on 24/7/8 was higher than other banks at about 22 mil shares.
AFR has good articles re all banks, OPES, loans to australian companies but still falls short..IMO.
Australian banks are breaking free....IMO.
NAB is a OCV creditor with patience for OCV workout plan.
OCV
octaviar limited
