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Head Of Largest Private Portuguese Bank Forced To Deny Bankruptcy Rumors
Another day, another executive forced to refute rumors of his organization's imminent bankruptcy, fueling further speculation that observations of fire may soon follow those of smoke. The head of Portugese Banco Comercial Portugues, the largest private bank in Portugal, Carlos Santos Ferreira, sent an email to his employees saying that text messages by "unscrupulous authors" "claiming the bank is on the verge of bankruptcy, are merely attempting to "undermine the confidence" of the bank and are groundless, and have been reported to the Portguese version of the SEC. Amusingly, Ferreira noted that ordinarily he does not comment on "rumors and hearsay, because this will give them credibility." As Portguese banks have been shut out of the interbank funding market for months, and rely exclusively on the ECB, we can see why the CEO of the BCP may be a little concerned about people being abnormally truthy these days.
Full email from Jornal de Negocios, translated by Google:
Dear colleagues,
Rumors about the creditworthiness of the Millennium bcp
SMS messages broadcast by circulating for some time, and this week with increasing insistence, a set of rumors which undermine the soundness of Millennium bcp as it happened, as we remember in the last quarter of 2008.
As is common sense, rumors and hearsay does not comment, because this will give them credibility, notwithstanding this situation has already been reported to the CMVM.
We know that by definition come from unscrupulous authors, do not hesitate to undermine confidence in the Portuguese financial system and the Millennium bcp, without any reason or foundation.
Only by maintaining composure and professionalism, which the Bank in general and commercial networks in particular, has shown, allow responding to these attacks.
h/t Aderito
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We are fully and well capitalized.....
All corporations are ALL IN CAPS.
Definition of Fiat = Capital reserves of what?
Fictitious straw man who?
compare the headlines: port bank vs. bankers or wall st hiring. why we're here.
All our names when addressed to us from a corporation or the government (same thing I guess) is in all caps as well. Just FYI.
Didn't the CEO of Bear Stearns say they were hunky dory a few days before giving up the ghost?
I've got the conference call transcript around here somewhere. Dang, they need a new playbook. - Ned
Yes, he did. GM made a big production on its website refuting all those groundless rumors like going belly-up, making cars no one wants, etc., then they promptly went belly-up which wasnt an option 30 days earlier. Seems they can mislead the public knowing damn good and well they are filing for bankruptcy, thats aok, but if someone starts rumors closer to the truth, they wanna call the cops.
"Portugese version of the SEC"; Yeah, now that inspires confidence!
"Carlos Santos Ferreira, sent an email to his employees saying that text messages by "unscrupulous authors" "claiming the bank is on the verge of bankruptcy, are merely attempting to "undermine the confidence" of the bank and are groundless"
Completely groundless! Everyone knows banks can't be bankrupt. Only insolvent...
I am only responding to these baseless, scurilous rumors, because our actions have give people every reason to believe them. Now, who are you going to believe, me, or your own lying eyes?
I hate Google translator.
Many times it is unreadable.
As for the e-mail, I agree with truont (Ben B) above, "...banks can't be bankrupt. Only insolvent..."
Strange. I thought that applied only to governments (countries and states)
You are old fashioned.
They now are the government.
Muir, I really like your avatar!
I see Ben going in for a closer look.
their write-up on wiki doesn't give me a warm fuzzy feelin'. just sayin'
and their stock chart looks like it's in the danger zone...
http://www.euronext.com/trader/summarizedmarket/stocks-2593-EN-PTBCP0AM0...
Reuters charts go back 16 years.
Weekly, Monthly, Yearly 3-5-10 years still looks like crap, though some suppost @ E 0.60
we all know the PPT will go to Portuguese to prop it up
Portugal better hope the bank's not insolvent because it's assets are equal to about 40% of Portugal's GDP. Given that together with the two other major private banks they have assets slightly larger than the GDP it would be really bad for Portugal for the largest one to fail.
MOLES:
Could the Russian penetration of the US have gone deeper than we thought?
Kagan Geithner Bernanke
Summers Vilsack Romer
Source: http://www.wilmott.com/blogs/eman/index.cfm/2010/6/30/Moles
One of the comments under the article in Jornal de Negocios suggests that these rumors are from employees and that where there is smoke, there is fire.
I love watching bankers sweat, dont you?
Prefer watching them bleed to be honest
As the multiple crises unfold on the Mexico-Arizona border, Wall St, J Street and the Gulf of Mexico, I've been wondering when the first blood will be shed (dear NSA - I am not advocating violence, but merely exercising my first amendment right).
My feeling is that as the world wakes up, they will realize that this economy is a ponzi scheme. Yes, the votes of the poor are being bought by politicians who only care about the next elections. Eventually, the outrage will spill over, and the populace will demand banksters and oil executives go to jail - or be strung up.
Remember to hold your nose and cover your eyes at the lynchings as excrement, spit, eyeballs and semen are ejected simultaneously.
Next best thing.
Opposition parties yesterday fiercely criticized the controversial cutbacks which the debt-ridden government has pledged to push through, along with other austerity measures, in exchange for 110 billion Euros in loans from the International Monetary Fund and European Union member states. The leader of the main opposition New Democracy, Antonis Samaras, insisted that “there is another way” and that the government’s measures are harsher than necessary
A Short Story of a Greek Tragedy, a Euro Crisis and an Inevitable Collapse of The Monetary Union
.
Portugal....hmm....interestingly central bank of portugal was reported to hold 380 ton of gold the exact amount of the BIS swap....
here is Adrian Douglas analysis on this coincindence
http://www.gata.org/node/8803
. . . . . . . .
... . . . . .
. . . . . .
Way to connect the dots, arius
thanks mr, chairman
Now that the soccer is almost over and news outlets in EU will go back to cover the actual news, we shell see who IS "swimming naked."
thank goodness the subprime crisis, the oil volcano, and the european banking crisis are all contained (to earth). at least obama and ben bernanke, phd say we are in recovery...they are completely unbiased.
Probably true. It is a common ploy by shortsellers. They should be rounded up and jailed.
Pick a TBTF at random. Start the rumor. It will be up to them to prove it ain't so to get you for libel or slander. All of them are vulnerable to this. Have fun. Really.
Even better, get your money out of all banks. Now. Really. It will make you feel better and they will have to do more outrageous things to prop themselves up.
I did not have sex with that woman.
Which woman?
All the ones I didn't have sex with.
Who are they?
Not that one.
What about Monica?
What about Monica.
Did you have sex with Monica?
I did not have sex with that woman.
Monica?
Monica who?
Monica Lewinsky.
I did not have sex with that woman.
It is extermely hard to come up with anything to say about Portugal. Got cork?
They probably feel left out of the EU-IMF/US bailout sweepstakes...
So, the Private Bank of Wells Fargo has recognized the desireable demographics of the ZH crowd and have started to run ads on the site.
This presents a real quandry for me, and perhaps for other ZH readers. To wit, do we click through furiously to capture ad revenue to help finance our favorite site and, with any luck, advance the movement of WFC towards bankruptcy, maybe a tiny little bit?
Or do we insult and ignore one of the most egregious members of the bankster class, the blood-sucking financial parasites that plague this country?
Anybody need an incompetent "Private Banker" to run their fortune, by the way? Makes me nauseous just to read the ad text!
You should go all-in with Ameriprise Financial.
"Our Advisors. Your Dreams. More Within Reach."
This bank is heavily exposed to Greece. If I were doing business with them (BANCO COMERCIAL PORTUGUÊS), I would be very concerned about bank solvency.
"Bcp has followed a strategy focused on international expansion, concentrating from the year 2000 onwards in high-growth markets. Besides Greece, which is a strategic pillar of growth, the group is active in Poland, Romania, Turkey, Mozambique, the United States of America, and Angola"
http://www.millenniumbank.gr/MillenniumVB/MillenniumEN/LeftMenu1_EN/TheB...
Like I said...zzzzzzzzzzzzzzzzzzz
There is only one living being that can correctly predict whether Banco Comercial Português will go bankrupt or not. It is Paul, the oracle octopus.
We are doing very badly,seems the more fiat currency we loose the more we receive,however do not be alarmed my little victims / mugs / EEC contribution payers we are unable to go insolvent due to the German taxpayer who we would like to thank for being so gullable and yes to show our thanks we will be sending a card at Christmas if we can afford the stamp.
Yes Paul the Oracle Octopus was until recently an employee of Banco Comercial Portugues however his services had to be terminated as he started to get rid of all our bad debt which meant in effect we had no business at all to transact and therefore we would be insolvent therefore Paul had to go as he had his tentacles in to many debts / pies (sorry for these slips).The ECB agreed Paul had to go and indeed Paul himself admitted he could see no future for himself at the bank as soon there would be no bank.Paul has now moved on to the sale of Banknote paper and Security inks as soon there will be a world shortage due to the amount of worthless paper being produced in the the way of fiat currency.If you own a forest make sure it is still there every morning and that it hasn,t been looted by the nearest central bank,etc,etc,etc,.
OK , look, what about BofA, Deutsche Bank and the things going on behind the scenes that many seem to be oblivious to. The fraud of the FED, the Treasury, the markets all over is so blatant a fool can see it. The ongoing saga seen here is a bonanfide proof of your deceitful government at work -
http://www.globalanalysis.net/news/296_worst_financial_terrorism_sabotag...
What else do you need ?
"Right. Well, I have to - I have to go now, Duane, because I, I'm due back on planet earth now."
and a romanian bank controlled by banco comercial portugues is paying 10% interest when the avg rate for savings acounts in romania is around 6.5-8%
http://translate.google.com/translate?u=http%3A%2F%2Fwww.zf.ro%2Fbanci-s...
Millennium pays 10% interest on deposits to Customers who invest in units
Thursday, 11:25 p.m. Author: Ciprian Botea Thursday, 11:25 pm Author: Ciprian Botea
Millennium Bank, controlled by the largest Portuguese financial group, trying to attract customers with a package consisting of a savings deposit in lei three months at a rate of 10% per year combined with Integro investment fund investments with high moderate risk, managed by Pioneer Asset Management. Millennium Bank, controlled by the largest Portuguese Financial Group, trying to attract Customers with a package consisting of a savings deposit in lei Three months at the rate of 10% per year combined with Integro Investment Fund with high-moderate risk investments, managed by Pioneer Asset management. "It offers customers the opportunity to place money in two different products and thus diversify the portfolio of savings and investment," said Eliza Erhan, director of retail product development at Millennium Bank. "It offers Customers the opportunity to place money in Two different products and thus diversify the portfolio of savings and investment," said Eliza Erhan, director of retail product development at Millennium Bank. The minimum investment for this product is 1,000 lei, 50% of the amount being placed in term deposit and the remaining 50% investment in the fund. The minimum investment for this product is 1000 lei, 50% of the amount being placed on term deposit and the remaining 50% investment in the ass. Integro Fund made investments in bank deposits, bonds, government securities, but also shares traded. Integro Fund made investments in bank deposits, bonds, government securities, But Also Traded shares.
Are- yes- that explains the resignation of Mr Armando Vara
http://www.millenniumbcp.pt/pubs/en/press/press-releases/article.jhtml?articleID=630036
That ass-hole is one big rat with a long tail. An Interesting life of supping at the right orifices (sinking ships and all that)
Take us to your banker - said the alien.
Bullshit! The bank is fine and commercialy is the best one in Portugal. There are a lot of short interest looking for start a covering process before a rally. They need this kind of rumours to cover in a low liquidity market as ours.BCP CDS's are the lowest of portuguese banks...
Expletive deleted.
How desperately strident the defenders of the fractional reserve banking Ponzi become as their scam continues to unravel. To be followed by fractional reserve (of representation) "social" democracies?
actually the interesting story is Slovakia which is not signing off on the Euro bailout. And aren't the reasons obvious for this revanchist communist in capitalist paradise nation? No different from Nancy Pelosi's San Francisco, right? "No one knows bailouts like communists, so show me the money, beach." How's that for the proverbial fly in your oatmeal. Mmmmmm. Yummy.
Updated DOW charts:
http://stockmarket618.wordpress.com
http://www.zerohedge.com/forum/latest-market-outlook-1
I get the same feeling from reading portugal banker "squirm-ese" as I do from BP's assertion that they aren't angling for bankruptcy proceedings.
Just delay long enough publicly before the inevitable comes crashing down from on high.
As we say around here... No smoke without fire...
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