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Portugal's Largest Bank Misses Bond Payment; Bonds Collapse

Tyler Durden's picture


Brussels, we have a problem. As we warned 6 weeks ago, Espirito Santo International SA - is in a "serious financial condition" according to a central bank driven external audit by KPMG identified "irregularities in its accounts." Sure enough, the 'ponzi-like' maneuvers have left the bank unable to pay its bonds as Bloomberg reports bonds plunged to record lows after a parent company delayed payments on short-term notes. More importantly, given the divisively dependent nature of the domestic sovereign bond market (and hence the health of the EU) and its banking system, it is noteworthy that Portuguese bond risk has surged to 4 month highs with the biggest 2-day spike in a year. As one analyst noted, “The bigger question is whether the government will have to get involved,” leaving the EU taxpayer on the hook once again (for fear of M.A.D. threats) as most critically, it "will have to step in to prevent systemic repercussions?"



As Bloomberg reports,

Banco Espirito Santo has been “adequately isolated” by the Bank of Portugal from the financial problems, Parliamentary Affairs Minister Luis Marques Guedes said on July 3. The bank was the only one of the three biggest publicly traded Portuguese lenders that didn’t request state aid after the country received a European Union-led bailout in May 2011.


Banque Privee Espirito Santo SA said yesterday the delay in payments of some debt securities issued by parent company Espirito Santo International affects “only a few clients.” Some investors have been asked to swap the commercial paper for stock and new long-term securities, according to Portuguese newspaper Expresso.


“The news flow in the last few days is confirming investors’ suspicions over how extensive problems are at the top of the group,” said Roger Francis, an analyst at Mizuho International Plc in London. “The market has huge uncertainty with reports of payments being missed and debt for equity swaps circulating widely.”

*  *  *

Of course the government says its "contained" - now where have we heard that before?


Charts: Bloomberg


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Wed, 07/09/2014 - 08:44 | 4938943 Sudden Debt
Sudden Debt's picture

don't run to the bank... TAKE YOUR CAR!!!

Wed, 07/09/2014 - 08:46 | 4938949 semperfidelis
semperfidelis's picture

Waaaat? Wasn`t this fixed long ago? Like 2010? Aren`t we in a re-co-ve-ry? This will be the Amy Winehouse recovery, where the patient dies in the end...

Wed, 07/09/2014 - 08:51 | 4938977 kliguy38
kliguy38's picture

NOT SHIT.......they promised me its fixed....They can't do this to me.....BWAAAAAAAAA

Wed, 07/09/2014 - 08:58 | 4939010 CH1
CH1's picture


Wed, 07/09/2014 - 09:03 | 4939028 GetZeeGold
GetZeeGold's picture



You'd have a better chance of getting hit by lightning than a default.


Pretend and extend......just make it happen.

Wed, 07/09/2014 - 09:05 | 4939036 knukles
knukles's picture

Didn't know Portugal was part of the South Stream pipeline deal (sarc)

Wed, 07/09/2014 - 09:13 | 4939066 Haus-Targaryen
Haus-Targaryen's picture



Wed, 07/09/2014 - 09:16 | 4939072 dontgoforit
dontgoforit's picture

They've got all their fingers stuck in this dyke - next they'll be trying to use their pee pees.

Wed, 07/09/2014 - 09:26 | 4939107 Tabarnaque
Tabarnaque's picture

Who ever decided to call debt certificates a store of value?!... I like that shinny yellow metal in the palm of my hand. And I think that for those of us who think the same, we are going to experience a heck of a nice ride in the months ahead.  

Wed, 07/09/2014 - 10:15 | 4939316 COSMOS
COSMOS's picture

NO PROBLEMO folks, make the bond holders whole while making the depositors take a Cypress style SCALPING

Move right along nothing to see


Wed, 07/09/2014 - 10:59 | 4939502 donsluck
donsluck's picture

No, that would be how it's SUPPOSED to work. At least partially. A classic (before TBTF) bank failure would be: wipe out the stock holders (and owners and officers), wipe out the un-insured depositors, the bondholders are the stockholders of the new bank all supervised by the courts. Orderly and predictable. The <$100,000 depositors are protected by FDIC insurance.

Wed, 07/09/2014 - 12:11 | 4939806 effendi
effendi's picture

dontgoforit, dykes won't let pee pees be stuck in them (they are lesbians).

Wed, 07/09/2014 - 08:52 | 4938981 Tall Tom
Tall Tom's picture

On a long enough timeline the survival rate for everybody drops to zero.


Hedge accordingly.

Wed, 07/09/2014 - 10:10 | 4939296 max2205
max2205's picture


Wed, 07/09/2014 - 08:55 | 4938991 PhilB
PhilB's picture

Title is all wrong. It is NOT the bank, Banco Espirito Santos, that missed the payments. Its the Espirito Santos family Holding Company which owns 25% of the bank. 

That said, the failure is still very glaring in the sense that Banco de Portugal (their central bank), had regulatory authority over the hoilding company and was only now through an external audit, that this black hole has come to light.

Just shows you how much crap is still under the hood in many financial institutions in Europe. This is why they are rushing to change the regulatory authorities and build buffers. But I expect more victims to come.

Wed, 07/09/2014 - 09:07 | 4939044 Portuguese Revo...
Portuguese Revolutionary's picture

The central bank (Banco de Portugal) are just a bunch of useless breathers. The debt crisis that we find ourselves in, here in Portugal, was completely avoidable because they knew everything that was going on but they did not do anything because the politicians were filling their pockets.

Have you ever heard of EFFICIENT central bank regulations and oversight? I haven't!

Wed, 07/09/2014 - 09:31 | 4939131 Tabarnaque
Tabarnaque's picture

The ECB or the Troika won't bring any better oversight either. They are just as criminal as all the others. The only difference is that they have a different agenda.

Wed, 07/09/2014 - 10:17 | 4939325 shovelhead
shovelhead's picture

Their job is to patch the tires on the croney-mobile until there's no rubber left.

They can only be efficient to that point.

Wed, 07/09/2014 - 13:21 | 4940164 crazybob369
crazybob369's picture

So what you're saying Revo is that nothing has really changed since 1974.

Wed, 07/09/2014 - 09:08 | 4939048 knukles
knukles's picture

So she's the one been causing all that credit card debt?  A mere isolated case.  The rest of the world is OK.
Buy accordingly anything you can getchur hands on at any inflated prices.
Pay through the nose.
A rising tide lifts all boats.
The boat has a leak so pour in more water (krugman)
Don't worry be happy
Where's Portugal?

Wed, 07/09/2014 - 09:18 | 4939080 dontgoforit
dontgoforit's picture

Not too far from Belgium as I recall.

Wed, 07/09/2014 - 09:00 | 4939018 Bangin7GramRocks
Bangin7GramRocks's picture

Why? Three keystrokes and enough fake money to cover the whole crisis will be invented. Now back to your regularly scheduled programming....

Wed, 07/09/2014 - 09:46 | 4939198 disabledvet
disabledvet's picture

Make it a nice car too.

And dress nicely!

We don't just return your 250 million in these here parts to a bunch of nobodies. And you have ask for your money back in a civilized manner. That would mean "would please give me my 250 million dollars back." And then upon receipt of said 250 miliion "do not forget to say thank you. How are the children doing?"

Wed, 07/09/2014 - 08:44 | 4938946 AccreditedEYE
AccreditedEYE's picture

The larger European equity markets don't care. They all gonna rip higher today with U.S.. Strategy: short vol, get long equities, take profit end of week, buy gold. Easy as that.

Wed, 07/09/2014 - 08:44 | 4938947 SafelyGraze
SafelyGraze's picture

bring forward the downward facing dog!


Wed, 07/09/2014 - 08:47 | 4938956 Bernoulli
Bernoulli's picture

Well how did the "kicking the can down the road" strategy work out for Banks in Eurozone periphery?

My guess: ECB stress test will be delayed for "logistical reasons" or they "couldn't hire all the specialists needed" or it's just "too complex".

No way they can seriously perform a stress test in 2014.

Wed, 07/09/2014 - 09:06 | 4939040 Bioscale
Bioscale's picture

And finally they are going to blame the weather, Russia or .. horses.

Wed, 07/09/2014 - 09:16 | 4939071 knukles
knukles's picture

The gentleman who is personally responsible for the stress tests was Al-Gored badly at the Pampalona Running of the Bull Markets due to Global Change the other day and is no longer available.  Only 23 years old but now diagnosed as a paralyzed brain dead quadriplegic, under EU rules, he will remain in his position until 30 years after retirement causing a slight delay in the timeliness of the tests.  In the mean time, a mime form Barcelona and a sword swallower form Paris will stand in temporarily to create estimates while they're on paid vacation in Majorca during the month of August.

What the fuck difference does it make, anyhow?

The number are about as reliable as Chinese statistics.

Wed, 07/09/2014 - 09:20 | 4939088 dontgoforit
dontgoforit's picture

Time for a Portugese-style Cypressing, unless they do a Belgium turn-around.  Must be Wednesday.

Wed, 07/09/2014 - 08:47 | 4938957 Sudden Debt
Sudden Debt's picture

thank god none of that shit is interconnected...

Wed, 07/09/2014 - 08:49 | 4938969 Grande Tetons
Grande Tetons's picture

LOL. Nice. 

Wed, 07/09/2014 - 09:14 | 4939069 A82EBA
A82EBA's picture


Wed, 07/09/2014 - 09:23 | 4939100 pods
pods's picture


Wed, 07/09/2014 - 09:33 | 4939137 dontgoforit
dontgoforit's picture

Anyone going to BTFD on these bonds?  Isn't that what Pappillon's pal (Dustin Hoffman) went to Devil's Island for doing? 

Wed, 07/09/2014 - 10:09 | 4939292 BringOnTheAsteroid
BringOnTheAsteroid's picture

Ring barked more like it.

Wed, 07/09/2014 - 10:22 | 4939355 css1971
css1971's picture

isolated incident.

Wed, 07/09/2014 - 08:48 | 4938958 PlusTic
PlusTic's picture

sounds bullish, buy stokks/sell vix/treasuries!

Wed, 07/09/2014 - 08:49 | 4938960 buzzsaw99
buzzsaw99's picture

moar accounting fraud can fix this

Wed, 07/09/2014 - 08:49 | 4938962 yogibear
yogibear's picture

Can't wait until Japan fails. In the insolvent pecking order the PIIGS are turds they keep spraying with Brussels perfume.

Guess their starting to stink again.

Wed, 07/09/2014 - 09:22 | 4939095 dontgoforit
dontgoforit's picture

WTF we gonna do when we all fail?  Is that the NWO set-up senario?  Faber: "I told you so!!!"

Wed, 07/09/2014 - 08:49 | 4938963 _ConanTheLibert...
_ConanTheLibertarian_'s picture

óh shìt

Wed, 07/09/2014 - 08:50 | 4938966 AdvancingTime
AdvancingTime's picture

Debt does matter no matter what they say.  Modern Monetary Theory often referred to as MMT to its many believers removes much of the risk ahead and guarantees that we will always be able to muddle forward. MMT also known as neochartalism is a economic theory that details the procedures and consequences of using government-issued tokens and our current units of fiat money. 

Newly acquired tools like derivatives and currency swaps are suppose to allow us to print and  manipulate away problems. What I'm seeing develop is an "almost surreal" feeling of indifference towards reality. More on this subject in the article below.

Wed, 07/09/2014 - 09:23 | 4939097 dontgoforit
dontgoforit's picture

Is it year seven yet?  Time for jubilee.

Wed, 07/09/2014 - 08:53 | 4938968 Stoploss
Stoploss's picture


4 years later and still the same shit........


Portugal's Largest Bank Misses Bond Payment; Bonds Collapse, Hilarity Ensues
Wed, 07/09/2014 - 08:53 | 4938985 yogibear
yogibear's picture

They just covered the stench without cleaning the mess. Just like Japan and the US.


The PIIGS are starting to stink again.

Wed, 07/09/2014 - 09:23 | 4939099 dontgoforit
dontgoforit's picture

Long tanker loads of Fabreze

Wed, 07/09/2014 - 09:27 | 4939122 GetZeeGold
GetZeeGold's picture



4 years later and still the same shit........ I said.....pretend and extend.

Wed, 07/09/2014 - 11:15 | 4939558 Pure Evil
Pure Evil's picture

Too bad there's no Yangtze river to dump the PIIGS into.

Luckily the Atlantic Ocean is available to dump all their Fukushima radiated toilet paper into.

Wed, 07/09/2014 - 08:50 | 4938974 jubber
jubber's picture

Bunds 1.211%

Wed, 07/09/2014 - 09:52 | 4939225 disabledvet
disabledvet's picture

Recovery right around the corner! Long Bezerkers!

Wed, 07/09/2014 - 08:51 | 4938980 paint it red ca...
paint it red call it hell's picture

For the sake of my personal happiness, I am going to do what allll my friends do, ignore it.............

Wed, 07/09/2014 - 08:54 | 4938986 Atomizer
Atomizer's picture

Shocked with surprise and sarcasm. 

Keep your eyes locked on TAFTA deal.

Wed, 07/09/2014 - 08:54 | 4938989 AUD
AUD's picture

 investors have been asked to swap the commercial paper for stock and new long-term securities

It's cool man, I'll pay you later, or you can have this other stuff instead.

Wed, 07/09/2014 - 09:18 | 4939078 knukles
knukles's picture

The "Wimpy" swap.  I'll gladly pay you in 50 years for no coupon payments today.

Wed, 07/09/2014 - 12:11 | 4939803 ThroxxOfVron
ThroxxOfVron's picture

"The "Wimpy" swap.  I'll gladly pay you in 50 years for no coupon payments today."

WIMPY SWAP = With-held Interest, Maturity Priority and Yield Swap.


Sounds about right!   -This little gem should be coming into broad useage right about now.

Wed, 07/09/2014 - 08:54 | 4938990 LawsofPhysics
LawsofPhysics's picture

Bailout planet.  Go ahead, raise interest rates motherfuckers.  I double dog dare you.

Wed, 07/09/2014 - 09:01 | 4939021 Atomizer
Atomizer's picture

I triple dare you, put your tongue on the icy flag pole 

/ sarc 

Wed, 07/09/2014 - 11:26 | 4939599 Dubaibanker
Dubaibanker's picture

Moody's listened to you....instead of triple dare...they heard a triple downgrade and they did it...just for you....

Rating Action: 

Moodys' downgrades Espirito Santo Financial Group ratings to Caa2 from B2, ratings remain on review for downgrade

Wed, 07/09/2014 - 19:01 | 4941271 Sirius Wonderblast
Sirius Wonderblast's picture

Although, since people are supposed to rely on rating agencies insight (not hindsight), if they were worth a shit they'd have flagged it up some way back. They're not worth a shit though, as my decades in the financial sector have taught me, and they're as up to their necks in the manipulation as anyone. They continue because they still serve the same purpose they ever did -  enabling the fraud.

Wed, 07/09/2014 - 10:50 | 4939462 Canuckistan Al
Canuckistan Al's picture

Maybe more like "bail-in" planet now?

We are all Cypress.

Wed, 07/09/2014 - 08:57 | 4939002 Ignorance is bliss
Ignorance is bliss's picture

Thank goodness I own Puerto Rican bonds.

Wed, 07/09/2014 - 09:00 | 4939017 cowdiddly
cowdiddly's picture

"Please. Don't squeeze the Charmin". Mr. Whipple

Wed, 07/09/2014 - 08:59 | 4939015 RaceToTheBottom
RaceToTheBottom's picture

What does collateral mean anymore?

Wed, 07/09/2014 - 09:09 | 4939052 Atomizer
Atomizer's picture

Computer data digital entry into a secondary book ledger. 

That's why they refuse a formalized audit. Make sense? 

Wed, 07/09/2014 - 12:13 | 4939813 ThroxxOfVron
ThroxxOfVron's picture

Collateral damage means exactly what it always did.

You, and your prodcutivity and earnings, are just the cannon fodder of Bankster Wars.

Wed, 07/09/2014 - 09:01 | 4939020 yogibear
yogibear's picture

Why would anyone be responsible if they knew they would be bailed out?

Thought the PIIGS would play the game, things would quiet down for a while and then they would be bailed out.


Cook your books and transfer reserves to your private overseas accounts (millions/billions) then claim you need a bailout. The central bank comes to the rescue with the backing of the taxpayer. Rinse and repeat.

Fraud is the rule in these times, honesty the exception.


Wed, 07/09/2014 - 09:07 | 4939043 smacker
smacker's picture

It may be "investor bail-ins" now, not "taxpayer bail-outs".

I wonder if queues are forming outside Espirito Santo branches...

Wed, 07/09/2014 - 09:09 | 4939051 Portuguese Revo...
Portuguese Revolutionary's picture

Dude, are you nuts??

Portuguese people are the prototype of the "future zombie". No such thing as bank runs, everything is always OK (even when taxes SURPASS 50% of your income).

Wed, 07/09/2014 - 09:57 | 4939240 smacker
smacker's picture

A consequence of voting for years for the most evil cancer known to mankind: socialism.

Rope and piano wire is the only solution (!)

Wed, 07/09/2014 - 09:52 | 4939227 LawsofPhysics
LawsofPhysics's picture

Correct, and when fraud is the status quo, possession is the law.

all you need to know.

Wed, 07/09/2014 - 09:03 | 4939025 Portuguese Revo...
Portuguese Revolutionary's picture

Well, this particular bank is being politicized... Ruling party is filling the Board with their "friends", because the current CEO made the mistake of having "secret" meetings with opposition leaders.

Anyway, this bank DESERVES to die. It is a remnant of the fascist dictatorship, the Espirito Santo family were very cozy with Salazar (the dictator) and his government.

But ALL BANKS in Portugal are on the verge of collapse, just takes a sneeze from the ECB and they'll all come crumbling down as the houses of cards that they are.


Wed, 07/09/2014 - 09:27 | 4939116 dontgoforit
dontgoforit's picture

Thought those guys lived in Providence, RI now?

Wed, 07/09/2014 - 12:28 | 4939906 theminister
theminister's picture

Not CGD or BPN...they're solid, solid like a rock. /sarc The banks here are stinking rife with leporous, infectious corruption it doesn't really matter whos in charge anymore. This is a vassal state to the globalist banksters who own it and its future para sempre.

Wed, 07/09/2014 - 13:17 | 4940146 crazybob369
crazybob369's picture

It's so sad that Portugal digs itself out from under the Salazar dictatorship, only to sell its soul (not to mention its fishing fleet and agriculture) in order to get into bed with EU whores. Come on guys, you're better than that (world cup results not withstanding).

Wed, 07/09/2014 - 09:03 | 4939026 dirtyfiles
dirtyfiles's picture


Wed, 07/09/2014 - 09:08 | 4939046 Ignorance is bliss
Ignorance is bliss's picture

I'm fairly certain all the proud owners of these bonds are stressed. I guess in that regard the stress tests were a success.

Wed, 07/09/2014 - 09:27 | 4939121 dontgoforit
dontgoforit's picture

Oh, Doctor - there's blood in that stool.

Wed, 07/09/2014 - 09:33 | 4939136 BlindMonkey
BlindMonkey's picture

Doubt it. CALPERS knows they are on the bailout phone tree too.

Wed, 07/09/2014 - 09:03 | 4939027 Frostfan1
Frostfan1's picture

How does this happen?  I though the governments were handing money to banks like a never ending roll of toilet paper?

Wed, 07/09/2014 - 09:12 | 4939039 financialrealist
financialrealist's picture

Maybe this is the first step thinking about the BIS/Yellen article posted yesterday with a controlled collapse. The sooner we start bombing the shit out of each other the sooner we can move on. All this will lead to war at some point. All wars are fought over economics. Every one. This type of situation gives everyone a trigger to pull...the only question is what directions do the bullets fly. The enemy of my economic salvation is my enemy.

Wed, 07/09/2014 - 11:09 | 4939539 fiftybagger
fiftybagger's picture

"All wars are fought over economics"


1 From whence come wars and fightings among you? come they not hence, even of your lusts that war in your members? 2 Ye lust, and have not: ye kill, and desire to have, and cannot obtain: ye fight and war, yet ye have not, because ye ask not. 3 Ye ask, and receive not, because ye ask amiss, that ye may consume it upon your lusts.

James 4 King James Bible


Wed, 07/09/2014 - 09:09 | 4939050 Ignorance is bliss
Ignorance is bliss's picture

This should be very bearish for Gold and Silver.

Wed, 07/09/2014 - 09:11 | 4939058 p00k1e
p00k1e's picture

Pool your family money and have at least one paid off house.

Wed, 07/09/2014 - 09:18 | 4939082 Eyeroller
Eyeroller's picture

This is all just noise.

There will be a rally today.  The lame stream have set it up with their "hawkish fears" headlines concerning the fed minutes.  When the minutes reveal uber-dovish sentiment by the Ponzi Munchkin and her crew, everyone will be "surprised and relieved".

Rinse and repeat.

Wed, 07/09/2014 - 09:24 | 4939105 NoWayJose
NoWayJose's picture

Don't worry, Mr Yellen will ship them the cash

Wed, 07/09/2014 - 09:37 | 4939151 Martian Moon
Martian Moon's picture

How does a bank even lose money?

They lend out currency out of thin air on the fractional reserves they do have on deposit.  And most loans are government backed.

The greatest business model evaaa

Seriously, I'm not that financially savy, I'd like to know, how can banks lose money?

Wed, 07/09/2014 - 09:57 | 4939243 Bioscale
Bioscale's picture

By lending billions and billions to friends who were never going to repay them.


Wed, 07/09/2014 - 10:11 | 4939295 Martian Moon
Martian Moon's picture

Thank you Bio


Wed, 07/09/2014 - 10:16 | 4939323 css1971
css1971's picture

By leveraging up so much that even small defaults by debtors will cause them to have a problem.

You're basically right, it would be almost impossible for a bank to go bust if they used a fairly conservative lending policy, but they don't do that because the people running them are basically insane narcicistic sociopaths. So they lend and lend and lend money they don't really have to the dumbest most stupid schemes you could think of, encouraged by their old school chums in government until their Ponzi (because that's really what a fractional reserve bank really is) collapses.

Wed, 07/09/2014 - 10:34 | 4939404 shovelhead
shovelhead's picture

The more "assets" you create, the bigger the bonus and the better the books look.

What happens later is...well, later.

Thu, 07/10/2014 - 21:31 | 4945905 Martian Moon
Martian Moon's picture

Thank you CSS

I figured even a monkey could not help but make a fortune when granted the privilege by the state to hold a banking charter

But a narcissistic sociopaths, one rung lower on the evolutionary ladder, yeah I could see them screwing up

Wed, 07/09/2014 - 10:55 | 4939482 Cthonic
Cthonic's picture

Jérôme Kerviel

Wed, 07/09/2014 - 10:15 | 4939314 Oleander
Oleander's picture

OT, but another former JP Morgan employee and his wife dead in NJ of muder suicide. They had just moved into the $600, 000 home. 

Wed, 07/09/2014 - 10:23 | 4939358 Central Wanker
Central Wanker's picture

They defaulted even though there is plenty of liquidity available from the ECB???

This stinks big time.

Wed, 07/09/2014 - 10:24 | 4939362 FreeNewEnergy
FreeNewEnergy's picture

This is surely part of the Fed's macroprudential strategy. Like a rock... of limestone.

Not to worry, though, this is all "adequately isolated." It's one turd floating in the toilet... for now.


Wed, 07/09/2014 - 10:30 | 4939388 Bernoulli
Bernoulli's picture

Seriously? The family and the bank are called "Holy Spirit"?

They have to be fucking joking, right?

This can't be true.

Wed, 07/09/2014 - 10:39 | 4939422 shovelhead
shovelhead's picture

Probably because they thought "Fucking You in the Ass" was a bit too direct.

Wed, 07/09/2014 - 10:36 | 4939411 yogibear
yogibear's picture

The smart bankers will just extract all the reserves and leave the banks hollowed out shells. Just transfer the reserves to out of reach international accounts and then leave the banks with a package and all those millions/billions sitting in private accounts.

The Central Banks will keep quiet about all the fraud in the banking system and have the taxpayer cover the defaulted banks.

Wed, 07/09/2014 - 10:42 | 4939430 Yen Cross
Yen Cross's picture

  Look at the yield drop in the 2yr German bonds! Looks like traders are bailing in short term bonds.

        EUR         German 2-Year Schatz Auction     0.010%           0.060%     


  The GBP macro has also been shitty over the last 2 weeks and traders keep BTFD thinking Carney is going to raise rates. HAHAHA.

Wed, 07/09/2014 - 10:59 | 4939501 orangegeek
orangegeek's picture

S&P500 up again - sounds about right.

Wed, 07/09/2014 - 11:09 | 4939540 MASTER OF UNIVERSE

KPMG audited Iceland way back when and their involvement in the 2008 MELTDOWN was key to the entire mess. KPMG should be exposed for their abject global failures and sent the way of Arthur Anderson accounting IMHO. I was raised by a Chartered Accountant and KPMG is the worst disgrace in accounting I have _ever_ witnessed in my entire life. WHEN WILL PEOPLE TAKE A LOOK AT KPMG, for cryin' out loud?

p.s. I would not let KPMG sort my garbage let alone audit accounts.


Wed, 07/09/2014 - 12:11 | 4939800 Its_the_economy...
Its_the_economy_stupid's picture

Lest we forget what the US taxpayer is on the hook for....

Wed, 07/09/2014 - 12:44 | 4939995 Paracelsus
Paracelsus's picture

The Author Graham Greene once wrote a comedy called "Our Man in Havana".The plot summary is about a bumbling vacuum salesman in Cuba,who is recruited by MI5 to spy on the Cuban Gov't.Trying to put his daughter thru private school he fabricates a long string of imaginary agents and gets paid for it.

Greene had actually worked in military intelligence during WW2,and was based for a time in Portugal.

It was commonly known at the time that the German spies there would create imaginary strings of agents,send the rubbish off to Berlin,and get paid for it.

The Germans in Portugal got to spend the war in a neutral country,no shooting,sunny climate,friendly locals,lots of fresh fruit and vegies,decent wines.

Much nicer than the lads freezing in Stalingrad....

Thu, 07/10/2014 - 06:36 | 4942522 Ides of November
Ides of November's picture

Portugal might once again be a nice place to be before too long.

Do NOT follow this link or you will be banned from the site!