This does not look good!
Aussie Bank to Bring America’s Biggest Bankers to Their Knees?

August 12, 2008 | From theTrumpet.com

With American banks already in trouble, an Australian bank made matters worse—by telling the truth! By Robert Morley

July 25 was a particularly bad day for Australia’s four biggest banking stocks. In a matter of hours, $16.2 billion in stockholder value was erased from existence—the worst fall since Black Monday in October 1987.

Investors jumped ship following the decision by the National Australia Bank to take a 90 percent write-down on a chunk of mortgage-backed assets that were supposedly aaa-rated. Yet, the full implications of the announcement were largely missed by the media. To them, July 25 was just one more bad day in a bad year in which Australian financial stocks ground lower and lower.

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