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Joke Of The Week: Santander (Ticker: STD) Gets Highest Rating In EU Stress Tests
Seriously, does anyone even pretend to believe these Tim Geithner-inspired lies? What can one do but laugh.
From El Pais:
Santander is the highest rated bank that has obtained in the strees test (endurance) that the Committee of European Banking Supervisors [composed of representatives of national central banks, the European Central Bank and the European Commission] made at 25 major European financial institutions. This figure, according to sources at Moncloa, has come out in the interview that the Prime Minister, José Luis Rodríguez Zapatero, held this afternoon in Brussels with the British prime minister, David Cameron.
Spain has called for disclosure of the results of these tests, which measure the resilience of institutions in extreme conditions, to dispel rumors about the supposed fragility of the Spanish financial system. The proposal, which has the support of the permanent President of the European Council, Belgium's Herman Van Rompuy, is being discussed at the summit today, although not on the agenda.
Next step: complete bailout of the Spanish banking sector.
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At least the US banks got the money first before they sounded the all clear. I don't think these Europeans understand how extortion works.
Fucking hilarious!
+2
Please give me a yellow alert sponsored by Depends prior to throwing those nuggets out again in the future, now I need to fake a spilled coffee event.
Perhaps they measured their theoretical strengths, post-bailout?
They might as well have said BP has deserves an award for protecting the environment....oh wait, they did! More evidence that government exists to provide cover for thiefs and to share the loot.
At the ira sohn conference I think STD was teppers pick.
Government has and always will be organized crime with a flag on the wall. Every hoodlum with any smarts will always look for the most elegant way of keeping the people fleeced and complacent, in fear enough to comply, but also believing there are benefits -- at least for enough people to protect the local mafioso.
Geithner is the contagion.
TIMMY:
http://williambanzai7.blogspot.com/2010/06/dogs-of-wall-street-timmy.html
WB7
This photo is a keeper.
Bailout mongrel!
Ok, coffee just shot out of my nose. You got me.
AND HIS SIDE KICK LARRY:
http://williambanzai7.blogspot.com/2010/06/dogs-of-wall-street-larry.html
MAESTRO:
http://williambanzai7.blogspot.com/2010/06/dogs-of-wall-street-maestro.html
Triumph the Moral Hazard Dog!
I've always seen him more as a moral duke-of-hazard
wow - my EWP short is looking better all the time - long as I hang in through the lies...
It seems like someone exploded a global bullshit bomb today.
False positive... time to use a new swab. Don't they know those old ones are all covered with gunk from the US stress tests?
This is the way the US suckers rally began; Timmy's engineered stress test.
Expect another year of "Banks are healthy, auctions are successful" BS
"War is Peace!", "Slavery is Freedom!", etc.
A hooker would have a better chance of convincing me she doesnt have an STD after I've seen the legions, then STD has of convincing me all is OK.
HAHAHA! Good one.
i think they are right....Santander IS highly stressed...
I am actually NOT surprised by these results. I think that that is basically correct, as strange as it may sound...
http://www.cnbc.com/id/29511488
The huge problem in Spain are the saving banks. Nevertheless the result of Santander appears curious.
Teflon Timmy has supernatural powers of twisting other peoples' minds and hands.
Stress BS was his idea (he probably got the idea from his puppet masters, but he's the one pushing for it.) So, now extend and pretend has spread to europe, meaning 20 years of japan-like market for both usa and eurozone, minus japanese domestic double-digit savings rate 20 years ago and japanese exports.
Let Karnak predict the results... All large banks pass with flying colors, a gold star and a skittle-shitting unicorn.
Crisis averted! Now buy our debt or we'll drown these kittens!
Europeans are emulating the Americans?
WTF is going on in this world?
http://twentypercent.tv/2010/06/17/daily-show-mocks-obama-for-waging-war...
Speaking of the Daily Show and OIL, try to beat this:
http://www.thedailyshow.com/watch/wed-june-16-2010/an-energy-independent...
folks here fail to understand that a full 55% of the bank's buisness is Latin America, essentially unleveraged and very healthy. another 10% is UK consumer which, yes, may be problematic, but only 20% of the bank's business is actually in Spain. that's not to say there may be issues but to act like this is just a Spanish bank, misses the point completely. ok, now go ahead and pooh pooh my post b/c positive constructive comments seem to be unwelcomed but the fact is shorting it over the last ten days was a stupid move.
Good point. However they have been very aggressive to expand to this point, and it's curious that this seems to have left so little risk (relatively)
they have been very aggressive in Brazil and Mexico mainly, but that is paying off huge. the risk as i see it if the spanish regulators reverse the exemption of sovereign bonds for capitalization requirements. now, if that happens, i imagine it will be concerted across the Eurozone, but that will probably translate into reduced demand for sovereign debt. my sense is they go there but in typical delayed fashion, later this year or next. STD's acquisition of BAC's minority interest in Mexico is not only accretive to earnings but it actually improves the holding's cap ratio. a stealth recapitalization if you will AND i imagine there are some benefits to removing BAC from the franchise in terms of US regulatory issues in the event STD does end up making more acquisitions in the US.
You are correct
You do not understand ZH.
what's that? that this is reverso-land - conform or be labeled stupid?
I think it was a double reverso backhander at you but really at Zero Hedge.
Prior to Lehman Brother's bankruptcy, it had the highest cash or liquid asset per share. It is ALL LIES!
This "stress test" is so ridicules, it is like asking the test taker to supply the questions and then answer with lies.
Why can't Europe come up with something unique?
Because Europe is unable to ask itself difficult questions, in the same way that Obama flails around blaming anyone else he can think of to avoid the real underlying problems. We have got the politicians that were paid for, not the ones we deserve. I want my money back. Now, goddamit, now !
Wait, does this have anything to do with Spain-Swiss 0-1?
Reverse psychology?
The biggest joke isn't so much that STD comes first in this stress test (as long as they continue to use completely irrealistic macroeconomic projections it's Garbage In Garbage Out), but that Zapatero is using this to try to convince investors that "the Spanish Banking System is one of the strongest in the world" (when only a small fraction of STD's business is actually in Spain).
Gringo is spot on. Santander is City Of London's Latin America Hound.
That and their generally low exposure to Europe is the key reason.
Of course, when the wheels start spinning together and Sud America starts to crumble (again), then the truth might prevail.
But that is probably very close to the end game timing, so we'll not really get to see it.
For what it's worth, LaRouche Pub's Santandar coverage is extensive and full of good data (regardless of what else you may or may not think of LLR Jnr).
ORI
http://aadivaahan.wordpress.com
Everybody order your Stress Test Kool Aid Kit now, while ya can, they're flyin off the shelves at Walmart!
I have to quit smoking those Zapattero's
Those EURUSD bullish warnings have strengthened further today.
Vice versa for the USD index of course.
It seems the current EURUSD downleg has ended.
http://stockmarket618.wordpress.com