Welcome to the “National” Rock …
Once upon a time there was a large UK based lender called Northern Rock …
It had a stupid business model and failed acordingly …
Everybody tried to find a buyer … Goldman Sachs advised the Government … but not even THEM wanted to make a decent bid 
So the ashamed Government had to take it on its own …
And if there happens no miracle, it will be forever …
The moral of this true story?
Everything is possible as stupidity has no limits 
This shows, that the crisis has a long way to go …
- Years of “surprises” still to come … at least until 2010
- Stupid investors surprised by falling real estate prices … 50% should be easy to reach
- Stupid banks finding less value on their balance sheets … as UBS, now rumored to have to write off ADDITIONAL 20 bln$! …
- Even more stupid insurance companies facing the same problems … What AIG finds, ALL should and will find
and last but not least …
- Stupid Governments and stupid centralbank triying to avoid the inevitable U.K., USA, Germany, France … all following the same path … Italy and Spain will certainly follow soon …
Who is up next???
I will hold my hands still tomorrow … US holiday … the last one, we had SocGen going nuts … this time, we have the NATIONAL ROCK story …
Tags: AIG, Goldman, Northern Rock, SocGen, UBS
