One thing that gets me through this whole situation is the Banks were the one who lent the so called 'Bad 4 - ABC, Allco, Centro and BNB' all the money - and they did this knowing perfectly well what the loan to valuation ratio was and taking into account the potential risks of future events (though not many could predict the sub-prime). Worse if the Banks didn't actually step back and assess the risks properly because they were too busy counting the large sums of money coming in through the interest.
Add to that the credit crunch was triggered by the acts of the global 'Banking' industry - the sub prime loans debacle.
Yet amazingly in the press and wherever the talk is - it is the poor old Banks, the hapless Banks that are being hurt by "The Bad 4". It is said in a way that the Banks have no accountability for the serious situation their clients are in.
Now we are seeing a situation where Banks are taking overly tough and officious stances against their clients as if they, the Banks, are innocent hurting bystanders.
It is laughable.
CNP Price at posting:
7.5¢ Sentiment: Hold Disclosure: Held
