in the spirit of full disclosure government folly tends to be priced in after the headline.
in this case it was not direct government folly, other than the notion the government should be in the banking business to begin with, but the age-old plan of a customer to co-opt a bank manager to extend credit without collateral or conscience
and in this case the co option occurred at the level of the clerk responsible for simple ledger entry ultimately moving over $ 2 billion foir which the clerk is alleged to have made a risk free 2%
but to the credit of seasoned actors in the price discovery of native capital markets by the time the headlines hit prices were in search of a bottom not a top
in the authors' humble view being on the same side of the trade as the president of the country (the line item owner in the capital structure) is worthy of long-term rewards and aligned with the only management with a proper incentive for the solution
further, it appears that the elevated minds at the private bank (which along with its housing finance company compose over 14 % of the index) are of the same view raising $ 2 billion to acquire just such priced equity and assets
because the other side of the trade is unthinkable
average in
in this case it was not direct government folly, other than the notion the government should be in the banking business to begin with, but the age-old plan of a customer to co-opt a bank manager to extend credit without collateral or conscience
and in this case the co option occurred at the level of the clerk responsible for simple ledger entry ultimately moving over $ 2 billion foir which the clerk is alleged to have made a risk free 2%
but to the credit of seasoned actors in the price discovery of native capital markets by the time the headlines hit prices were in search of a bottom not a top
in the authors' humble view being on the same side of the trade as the president of the country (the line item owner in the capital structure) is worthy of long-term rewards and aligned with the only management with a proper incentive for the solution
further, it appears that the elevated minds at the private bank (which along with its housing finance company compose over 14 % of the index) are of the same view raising $ 2 billion to acquire just such priced equity and assets
because the other side of the trade is unthinkable
average in
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