Today the NAB wrote off $900m of US home loan paper as unrecoverable debt.
They probably would have rather not done this but it was appropriate in the circumstances. It will never be repaid. In addition to reminding us that our Bankers are a bunch of fools, it will also remind the US market that they have not made even reasonable provisions for the money their banks have given to non payers.
I'm tipping that tonight will be a bad one for their Banks and Financials. Not even the US Government can cover the losses now. The US is screwed.
Dow down 300 points tonight.
Today the NAB wrote off $900m of US home loan paper as...
Add DJIA (INDEXDJX) to my watchlist
 (20min delay)
|
|||||
|
Last
26,683 |
Change
82.730(0.31%) |
Mkt cap ! n/a | |||
| Open | High | Low |
| 26,683 | 0.00 | 0.00 |