Thread: Aussie Bank to Bring America's Biggest Bankers to Their Knee

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.

The “aaaâ€

[quote]But U.S. banks’ balance sheets are probably about to get whacked again, as nab and Merrill force the big banks to own up to the current market value of many of their mortgages. “U.S. banks have written down $450 billion in bad housing loans,â€

[quote="vmonkey56"][quote]But U.S. banks’ balance sheets are probably about to get whacked again, as nab and Merrill force the big banks to own up to the current market value of many of their mortgages. “U.S. banks have written down $450 billion in bad housing loans,â€

In the 1990s, my mortgage went five banks, ending at HSBC, which is short for Hong-Kong Singapore Bank Corp. I was just waiting for little Chinese men to knock on my door to check out their purchase.