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Just when you thought it was all over

antrobus
antrobus Posts: 17,386 Forumite
in Debate House Prices & the Economy
Apparently one of "Portugal's leading financial institutions" is in trouble. Trading in the shares of Banco Espirito Santo have been suspended.

http://online.wsj.com/articles/espirito-santo-financial-group-suspends-trading-in-own-shares-1404985316
«1

Comments

  • Uxb
    Uxb Posts: 1,340 Forumite
    and for an off the wall perspective
    http://www.zerohedge.com/news/2014-07-10/espirito-santo-full-timeline
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    I never thought is was over.
    Why are we here?......................because we are not all there.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    Just when you thought it was all over

    5 years yet to achieve Basle 3.

    The G20 back in 2010 knew restructuring the banks was going to be a long drawn out process.
  • purch
    purch Posts: 9,865 Forumite
    They made up their balance sheet in PTE, and then someone stuck EUR in front of the figures by mistake :eek:
    'In nature, there are neither rewards nor punishments - there are Consequences.'
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    Uxb wrote: »
    and for an off the wall perspective
    http://www.zerohedge.com/news/2014-07-10/espirito-santo-full-timeline

    Zerohedge is great. The writing is ok and the comments below the line are crazy!
  • dryhat
    dryhat Posts: 1,305 Forumite
    Every bank in the world is insolvent and only kept afloat by fraud and government intervention.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    purch wrote: »
    They made up their balance sheet in PTE, and then someone stuck EUR in front of the figures by mistake :eek:
    That's what you get when you pay low wages, don't train staff, then give tasks to untrained, ill-equipped people to complete while the manager's go off for an expensive lunch.
  • IronWolf
    IronWolf Posts: 6,445 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Combo Breaker
    purch wrote: »
    They made up their balance sheet in PTE, and then someone stuck EUR in front of the figures by mistake :eek:

    I'm skeptical of this, surely an auditor would pick up on clumsy mistake like that?
    Smells like fraud to me.
    Faith, hope, charity, these three; but the greatest of these is charity.
  • Generali
    Generali Posts: 36,411 Forumite
    10,000 Posts Combo Breaker
    PasturesNew wrote: »
    That's what you get when you pay low wages, don't train staff, then give tasks to untrained, ill-equipped people to complete while the manager's go off for an expensive lunch.
    IronWolf wrote: »
    I'm skeptical of this, surely an auditor would pick up on clumsy mistake like that?
    Smells like fraud to me.
    purch wrote: »
    They made up their balance sheet in PTE, and then someone stuck EUR in front of the figures by mistake :eek:

    They didn't do this. purch is joking (I hope!!!). There are 200 PTE in an EUR (roughly) and their balance sheet has assets of about EUR85,000,000,000. If they had translated from Escudos to Euro like that then BES would have assets (and liabilities) of over a quarter of the entire output of the world! Not bad for a 3rd tier bank, albeit highly unlikely.
  • purch
    purch Posts: 9,865 Forumite
    I used to love having a position in Scud.

    Anytime you tried to get a price the Portuguese Banks would run a mile :rotfl:
    'In nature, there are neither rewards nor punishments - there are Consequences.'
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