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German banks
Wookster
Posts: 3,795 Forumite
According to Ken Livingstone on Today, German banks have been a model of prudence and funding for small businesses.
Clearly the man has no clue that they were huge buyers of CDOs and of peripheral sovereign debt but this is what you get when champagne socialists talk about things they have no clue about.
Clearly the man has no clue that they were huge buyers of CDOs and of peripheral sovereign debt but this is what you get when champagne socialists talk about things they have no clue about.
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Any sentence that begins "according to Ken Livingstone" I have a tendancy to ignore and not believe0
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Is this the same hypocrite who criticized tax avoidance schemes as immoral, then was found to be doing the same?
How do you no when he is lying? His lips move.In case you hadn't already worked it out - the entire global financial system is predicated on the assumption that you're an idiot:cool:0 -
Funny how perceptions are totally wrong. Whilst behaving very German in Germany. Off shore the banks went off the rails. The US traders amongst others took then to the cleaners.0
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According to Ken Livingstone on Today, German banks have been a model of prudence and funding for small businesses.
Was he talking about the 1980's.........they were then.
The Landesbanken were a model of prudent Banking for many years, and it is a scandal that they were allowed to be mismanaged to a point where some became insolvent.
Bayerische Landesbank was once considered just about the safest commercial Bank in the world due to it's part ownership by the state of Bavaria.
Times have changed (sadly)'In nature, there are neither rewards nor punishments - there are Consequences.'0 -
There's a chapter on German banks in the latest Michael Lewis book, Boomerang, The Meltdown Tour. Events have overtaken it somewhat, but it is a reasonable introduction to what went wrong in different countries and its chapter on Germany is one of its best (it failed a bit on Greece imo). Thought I'd mention in case anyone fancied a different book.Please stay safe in the sun and learn the A-E of melanoma: A = asymmetry, B = irregular borders, C= different colours, D= diameter, larger than 6mm, E = evolving, is your mole changing? Most moles are not cancerous, any doubts, please check next time you visit your GP.
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vivatifosi wrote: »There's a chapter on German banks in the latest Michael Lewis book, Boomerang, The Meltdown Tour. Events have overtaken it somewhat, but it is a reasonable introduction to what went wrong in different countries and its chapter on Germany is one of its best (it failed a bit on Greece imo). Thought I'd mention in case anyone fancied a different book.
The story of the monks made me chuckle......0 -
Was he talking about the 1980's.........they were then.
The Landesbanken were a model of prudent Banking for many years, and it is a scandal that they were allowed to be mismanaged to a point where some became insolvent.
Bayerische Landesbank was once considered just about the safest commercial Bank in the world due to it's part ownership by the state of Bavaria.
Times have changed (sadly)
The Landesbanks were all considered very safe until 2005 when their guarantees from the German government fell away.0
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