iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
21,892 Blog Posts

America’s Bullshit Banking Disease Spreads

It is unbelievable to see how many International banking institutions were raped by U.S. mortgage scams. This, more than anything else, must piss off the euro-losers and asian dog eaters to no end. If I were an asian dog eater, I’d never buy U.S. paper again. Hell, I’m American and I’ll never buy a [[GM]] note or mortgage backed security— for as long as my bullshit dna allows me to breathe the filthy NYC air.

ANZ shares raped in early trading

ANZ said the fallout from the U.S. housing market collapse has spread into Australia and New Zealand by pushing borrowing costs higher, causing more companies and individuals to default. National Australia Bank, the country’s largest, on July 25 said provisions for credit market investments jumped fivefold, triggering the biggest share decline since 1987.

“Until trust is rebuilt and investors work out who owes what, and who’s going to lose what, there’s going to be uncertainty,” said Hans Kunnen, head of investment market research in Sydney at Colonial First State Global Management, which holds about $128 billion of assets. “It’s one of those stakes in the ground you’ve got to look for before things get better.”

Read full story.

UPDATE: 5 days dated, but relevant. Paul on housing bailout.

[youtube:http://www.youtube.com/watch?v=Wy6SlUpbnIU 450 300] If you enjoy the content at iBankCoin, please follow us on Twitter

9 comments

  1. lightening_fast_draw
    lightening_fast_draw

    The corruption spawned by the good-old-boys is layered in greed and arrogance. The owners of the financial markets played golf and bridge with their government and corporate friends while their businesses were left to pimple faced math grads with boners for formulas and prospectuses. Nobody bothered to double-check their work, not the owners or the regulators. The miracle of free enterprise works in mysterious way. Left alone, it is indeed a process of creative self destruction.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. DSB

    rookout berow!

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. TK

    Don’t you fags remember Gecko? Greed is good. Who gives a shit whether those dickslaps at the venerable banking institutions were off fucking their interns or playing golf. Guys like The Fly and me just saw it for what it was and raped the wallets of the jackasses that didn’t. The prices don’t need to move up, they just need to move. Viva la free market…

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. calvino

    I was going to comment on this, however I got distracted. What I was going to say is that the Australians are either imbeciles, or idiots, you choose. If they are so fucking smart, than why don’t Citi, Morgan STan, JPM and Goldturd take 90% on their SieVeS. Huh, now who is the smart one crickey? WE in America know what our mortgages are worth, and that’s a hundred cents on the dollar. I was amazed at the v bottom the dollar pulled on the overnight on Thursday. And this is the explanation. See it’s not the actual paper that is worth money, it’s who holds that paper that determines its value. So if all you ckrickeys hold paper on some high value real estate in the Inland Empire, you are fucked. However if we hold that paper, it’s as good as gold. Get it now? So when the Hideki Tojo, and the Swiss Bank and Tricky Jean started hitting the dollar bids, it’s because they know they can trust a man like Lex Luthor. Ok now you know your money is safe.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. Jakegint

    Whew! That’s a relief. Thanks Calvin.

    __

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. nncoco

    You watch Ron Paul videos too?

    Sometimes I think he is the only sane person in a leadership position in America. Actually, I know he is.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. billybull

    Check out this video. This sould give us some idea as to what our gov. is all about.

    http://megamata.com/forum/viewtopic.php?f=3&t=20&p=24#p24

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. PleaseKillMe

    Here you go.

    Americans pissed that they didn’t get work from the Chinese.

    http://www.bloomberg.com/apps/news?pid=20601109&sid=axwuvvbl4u5g&refer=home

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  9. Can of Corn Humper
    Can of Corn Humper

    MTL getting cockpunched. Again.

    • 0
    • 0
    • 0 Deem this to be "Fake News"