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Nationalized Bankia To Post Largest Corporate Loss In Spanish History
Just in case anyone is confused about how fixed Europe is, insolvent Spanish TBTF megabank, which F'ed last year and had to be bailed out by the government, will post earnings (and in this case we use the term very loosely) next week at which time it will report the biggest corporate loss in Spanish history. From Telegraph: "On Thursday Bankia will report full-year earnings, including a €12.6bn provision taken at the end of last year. The writedown is a result of the lender moving assets into Spain’s “bad bank” at heavy discounts. Bankia, which is seen as a symbol of Spain’s financial woes, was created through the merger of seven smaller savings banks before being listed on Madrid’s stock exchange. When the company failed, hundreds of thousands of people who had been sold shares saw their savings wiped out. The collapse forced Spain to ask Europe for a bailout for its banking sector, which has meant the lender is subject to tight controls. Bankia is trying to sell its 12pc stake in International Consolidated Airlines Group, the parent company of British Airways, which is valued at about £510m, and 5.3pc of the power company Iberdrola, which is worth about €1.24bn."
Yeah, yeah, we know, we know - the truth is if you exclude the fact that the bank is insolvent, that its balance sheet is upside down, that its assets are worthless, that the Spanish housing market is a total disaster, that the Spanish youth unemployment rate is 60%, that Spanish bonds would be yield not 5% but 500% ex the ECB's implicit open-ended support, that the recent spike in the EUR means an end to the Spanish "export" miracle, that the industrial sector has effectively shut down, and that government is merely a kickback-accepting front for various financial interests, and all that other "stuff", the bank would post a massive beat to non-GAAP earnings.
Rajoy approves this message.
In the meantime, we are still awaiting our Spiderman towel.
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Jobs are so overrated, unless you have bills to pay, like mortgage and car loan.
Free housing to everyone. Yipppeeeee
When do we get our Obama assault rifles?
When will the peasants start killing bankers and politicians?
Y = C + I – G + NX
Probably never, but, maybe, just maybe, when the supply lines break, certainly not before.
@ GetZeeGold. I'm not sure I'd want an Obama rifle. It might last 8 years, but will never fire properly.
That's easy, get a temp position with a Mexican drug cartel; they'll give you a truck full of em!
once you learn that a credit score is a worthless number and you just stop paying bills you realize 'they' cant do anything the liberation is very satisfying - the only way to win is to stop playing - off the grid baby
Yeah. Come to think of it, I am still awaiting my Spiderman towel.
This must be bullish somehow.
Sorry, we've had to restructure...all we have left is one used IronMan hand-towel, but you're welcome to it.
Banker Bonuses come first!
Speaking of insolvent TBTF institutions, our illustrious Federal Reserve officially eclipsed the $3 trillion mark in "assets" this past week.
From EconoDay:
Fed Balance Sheet Released On 2/21/2013 4:30:00 PM For wk2/20, 2013 Prior Actual Total Assets - Weekly Change $59.3 B $20.9 B Reserve Bank credit - Weekly Change $26.1 B $45.7 BHighlights
For the February 20 week, total assets increased $20.9 billion after growing $59.3 billion the week before. The boost was led by an increase of $23.0 billion in mortgage-backed securities. Holdings of Treasuries gained $8.0 billion. Total assets for the February 20 week advanced to $3.097 trillion.
Indeed. Mind if I see the collateral behind those assets motherfucker? Not convinced it is high quality.
Lets see. Create a bad bank so the other big banks can transfer their bad loans to the bad bank in exchange for good money. This sounds like the Federal Reserve Bank in the US. I wonder if Bernanke's shareholders will go bust too?
The socialization of private losses continues. When companies are run into the ground, the owners, management, and shareholders don't pay, the company either gets a bailout or they are nationalized and then they post a loss. Make one big crap bank for all those private fucks to dump their losses on, nice work morons.
TARP/TALF has not been paid back either, American taxpayers/banks are next;
http://articles.marketwatch.com/2013-02-12/commentary/37046509_1_tarp-ca...
fucking Crimex makes it so fucking obvious...
http://www.kitco.com/charts/livesilver.html
Fucking CFTC members should be hung..........
I'd like to get a bargain villa on the Eastern coast of Spain, but this 60% yoof unemployment oveshadows any pleasure one might have of living in such a welcoming climate. Besides, Afrique begins just South of the Pyrenees. :-)
Because <fucked country you live in here> will be doing sooo much better?
Australia here, aside the two tier economy (http://www.cfmeu.asn.au/news/cfmeu-campaign-to-share-benefits-of-the-min... ) I don't think we even have had enough of a taste of how bad things are really going to become in future.
Wait your telling me Europe isn't totally fixed?? Amazing it's no longer covered in the MSM they are busy worried about a 2% reduction in the INCREASE in spending.
Truly? Is that the top issue in the U.S.? Must be horrible - being forced to experience such a dog & pony show, surrounded by smoke & mirrors, while the viewer gets fucked in every available orifice.
Suppose, that's c'est la vie and isn't that different across the world.
Clueless peasants of the world, unite!
Bullish?
a question:
at what point does Too Big Too Fail = Too Big Too Exist?
Hey,natronic,your avatar is turning in opposite direction than my-lol