Monday, October 17, 2011

But We Can Never Lose

I'm sure the endgame will involve the ECB and/or taxpayers fully covering losses of the banksters.

Now that European Union officials are moving toward an agreement that may include bigger losses on Greek debt holdings and the forced recapitalization of lenders, the Deutsche Bank chief executive officer and Washington-based Institute of International Finance he chairs are pushing back. He travels to Brussels this week for talks with policy makers.

Which might not even be the wrong policy, as long as top management are immediately escorted out of the buildings.