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Holding Company Of Portugal's 2nd Largest Bank Just Filed For Bankruptcy Protection

Tyler Durden's picture


Following this morning's farce of huge investor demand and then Bank of Portugal's Costa 'hoping' for demand from investors willing to pile more money on losing money into Espirito Santo, it appears things have escalated rapidly...


The "controlled management" application is the equivalent of declaring a breakup or controlled bankruptcy process (as we explained here). ESI is the ultimate HoldCo in the Banco Espirito Santo family.



As Bloomberg reports,

Espirito Santo International, a holding company that’s part of Grupo Espirito Santo, requested to be placed under “controlled management” under Luxembourg law, co. says in statement.


ESI says can’t meet obligations, “due to a significant part of its debt maturing”: statement


“Once under this regime, all judicial actions by creditors are suspended to allow the implementation of an asset management and liquidation plan under a court’s control”: statement


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Fri, 07/18/2014 - 15:02 | 4974774 NoIdea
NoIdea's picture

Buy stocks, it's Friday!

Fri, 07/18/2014 - 15:03 | 4974788 DoChenRollingBearing
DoChenRollingBearing's picture

Tick, tock, tick, tock...

Tick, tock, tick, tock...

Fri, 07/18/2014 - 15:07 | 4974807 edotabin
edotabin's picture

tax--> print-->bailout-->bullish!!

Fri, 07/18/2014 - 15:10 | 4974822 blu
blu's picture

You would think the Portugese -- having watched the US do it for 6 years running -- would have figured it out by now.

Don't those guys watch Fox News? What's up over there?

Fri, 07/18/2014 - 15:14 | 4974849 Keyser
Keyser's picture

Don't imagine this will effect the US markets on feel-good friday after the mh-17 crash yesterday... 


Fri, 07/18/2014 - 15:16 | 4974861 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

Unfortunately for the Portugese, the printing press sits in Belgium out of their control.

Fri, 07/18/2014 - 15:21 | 4974875 edotabin
edotabin's picture

Very well then....



Fri, 07/18/2014 - 15:26 | 4974916 blu
blu's picture

Like I've said before, piss always finds a way to run down hill. They just need to think creatively that's all.

Fri, 07/18/2014 - 15:55 | 4975059 magpie
magpie's picture

Your BS failed even in Galicia. Now their mentally ill cretins can outsmart your gifted genetically enhanced minions. My bad.

Fri, 07/18/2014 - 16:42 | 4975274 blu
blu's picture

Don't sweat it. No blood no foul, right? Galicia always went its own way. The minions should have learned that during the Napoleonic Wars.

Fri, 07/18/2014 - 15:13 | 4974837 Perfecthedge
Perfecthedge's picture

You have just published the Best Economic Handbook of the 21st century!  Good Sir you should receive the Peace Nobel Prize in Economics.

Sad enough, the masses will still not understand your simple explanation...

Fri, 07/18/2014 - 15:12 | 4974832 _ConanTheLibert...
_ConanTheLibertarian_'s picture

Just bought some more silver.

Fri, 07/18/2014 - 15:34 | 4974962 Kaiser Sousa
Kaiser Sousa's picture

me 2.

Fri, 07/18/2014 - 15:37 | 4974972 Kaiser Sousa
Kaiser Sousa's picture

me 2.

Fri, 07/18/2014 - 15:38 | 4974983 DoChenRollingBearing
DoChenRollingBearing's picture

If I have time this afternoon (not much left!) I will try to do my bit and pick up a small gold coin.

Fri, 07/18/2014 - 15:30 | 4974944 williambanzai7
williambanzai7's picture

Fri, 07/18/2014 - 15:39 | 4974982 Proofreder
Proofreder's picture

Look, the canary is still tweeting ...

or maybe it's just stuffed and I'm hearing things.

Is that a Ka-ching or chirp-chirp - |/-_

Fri, 07/18/2014 - 18:21 | 4975577 silverserfer
silverserfer's picture

its Peetey! Pretty bird.. Pretty bird.

Fri, 07/18/2014 - 15:01 | 4974775 Pheonyte
Pheonyte's picture

After the markets close on a Friday, perfect timing.

Fri, 07/18/2014 - 15:17 | 4974856 IANAE
IANAE's picture

...when all the best high visibility BK are filed...

Fri, 07/18/2014 - 15:11 | 4974780 Dr. Engali
Dr. Engali's picture

They better hurry up with that war with Eastasia. This shits getting difficult to contain.

Fri, 07/18/2014 - 15:26 | 4974921 Thought Processor
Thought Processor's picture



My thoughts exactly.   


They're gonna need to ramp it up to 11 in order to sell a larger war to the public.  The propaganda shit show should turn epic now (not that it already wasn't).

Fri, 07/18/2014 - 15:42 | 4975004 Winston Churchill
Winston Churchill's picture

Nothing short of a false flag on the US mainland will do it, and

very soon to keep the momo going.

Fri, 07/18/2014 - 15:56 | 4975070 dracos_ghost
dracos_ghost's picture

Geez, was just talking about this with people at lunch. Wasn't Obammy worried about a nuclear attack on NYC recently? Foreshadow.

Fri, 07/18/2014 - 15:45 | 4975010 HardlyZero
HardlyZero's picture

Every sovereign will now rush to exit before Monday to beat Argentina.

The first will get favorable treatment.

Fri, 07/18/2014 - 15:32 | 4974927 Thought Processor
Thought Processor's picture




Fri, 07/18/2014 - 15:03 | 4974789 F0ster
F0ster's picture

3--2--1-- contagion

Fri, 07/18/2014 - 15:05 | 4974797 NOTaREALmerican
NOTaREALmerican's picture

Uh oh,  not Bank Failure Friday again!!   

Fri, 07/18/2014 - 15:05 | 4974798 orangegeek
orangegeek's picture

This is no problem.


Depositers will hand over what they have in their accounts for the bank to recover.


Problem solved.  Everyone is happy.


LMFAO!!!!!!   Fucking banksters!!!!!!!!!

Fri, 07/18/2014 - 15:09 | 4974804 yogibear
yogibear's picture

The PIIGS are coming apart again.

Greece Seen Needing Third Bailout as Bonds Insufficient

Of course we knew the problems were never fixed, just hidden. Not fixed until they are ousted from the Euro.

Fri, 07/18/2014 - 15:10 | 4974824 NOTaREALmerican
NOTaREALmerican's picture

Well, third times a charm.   I bet this next loan will propel them into "Keynsian" escape velocity for sure.

Fri, 07/18/2014 - 15:07 | 4974805 taraxias
taraxias's picture


Another reason to hold through the weekend. 

Fri, 07/18/2014 - 15:08 | 4974813 blu
blu's picture

Well that didn't take long.

I like how they handled it. Wham-bam-thank-you-madam. Not like here in the US where it takes at least 6 years and counting before anyone will fess up to being broke. Meaning, nobody here has actually managed it over that time.

We ought to send Jamie Dimon over there as part of a fact-finding mission to come back with a report of how they did it so quickly.

Fri, 07/18/2014 - 15:14 | 4974839 magpie
magpie's picture

How's the energy flow to "Horus" or was it Mauritius...those fuckers from the Netherlands all look and sound the same.

Fri, 07/18/2014 - 15:19 | 4974869 blu
blu's picture

They look and sound the same because they have all been genetic clones since before WW2, fact. Look it up.

And don't talk about Horus around me. We're still not settled with what happened at Ibiza last summer. I'm going to kick his ass next time I see him, don't care what kind of godling he thinks he is. The pervert.

Fri, 07/18/2014 - 15:23 | 4974890 magpie
magpie's picture

I don't care. You set up a leyline to kill me. I ley back and enjoy.

Fri, 07/18/2014 - 15:24 | 4974905 Pheonyte
Pheonyte's picture

Am I the only one who has no idea what these two are talking about?

Fri, 07/18/2014 - 15:27 | 4974924 magpie
magpie's picture

Elite d'elite d'elite d'elite

just don't listen to the media

don't diddle with kids

no to racism

no to slavery

no to cannibalism

no satan worship

no gay marriage

if people claim to be aliens throw them into a pond

Fri, 07/18/2014 - 15:39 | 4974988 blu
blu's picture

Wait. What have got against cannibalism? I mean apart from the obvious. I used to have that argument all the time with my sister, I finally gave it up. She made some really good points -- mostly with an axe. You have to weigh everything carefully once the axes come out.

But yeah don't diddle with kids. I have strict limits there.

Fri, 07/18/2014 - 15:43 | 4974997 magpie
magpie's picture

Yeah do that in your solar you still have one ?

Eating less people does you a favour, perhaps one less AIDS specialist who rapes you.

My name is know the play.

Fri, 07/18/2014 - 16:01 | 4975093 blu
blu's picture

You can call me Ray. Or you can call me Jay. Or you can call me RJ. Or you can call me Jay Jay. Or you can call me Ray Johnston. Or you can call me Jay Johnston. But you doesn't have to call me Johnston.

I think that's how it went.

Had to sub-let my system last year. The maintenance was breaking me, you know how it is. I'm enjoying fucking with things here, these apes are a bunch of chumps.

Fri, 07/18/2014 - 16:07 | 4975119 magpie
magpie's picture

Aw, how nice that you blame computers's the weather on might be raining Starship Troopers if it were up to me...but it is not.

My brother visited Ron's mausoleum. Not really worth it.

Fri, 07/18/2014 - 16:19 | 4975190 blu
blu's picture

Listen. It's been about the computers since before Galileo. Who btw was like a total skinny nerd, nothing like that painting of him they trot out on the History Channel. In fact I think that was his dad. Not a bad guy, his dad.

But yeah, computers.

I bet you didn't know this, but I can do matrix algebra in reverse. The results arrive at the same time I start the calculations, sometimes a day ahead. Sister says it's because I'm a nightmare, which the first time she said it really pissed me off. How does she get away calling anyone else a nightmare? That's fucked up. So I called her a stupid cunt which got me tossed off a rooftop, which was fine, because that was a mean thing to say. And besides I am a nightmare, otherwise I couldn't do crazy shit in reverse, as she correctly pointed out.

Yeah I went there. Not worth the 25 cents to get in. But I liked the grounds and that old iron gate next to the fountain. I sat there for a while looking at the water and worked on some algebra I had the solution to from the day before.

So that was nice.

Fri, 07/18/2014 - 15:16 | 4974850 Perfecthedge
Perfecthedge's picture your comment!

Living here in Portugal and this is how we serve our bankruptcies - quick and hot! Under 30 min. or money back guarantee!

Fri, 07/18/2014 - 15:22 | 4974884 blu
blu's picture

30 minutes or my money back? That's what I call civilized.

Fri, 07/18/2014 - 15:25 | 4974908 magpie
magpie's picture

Your money has already been spent.

If you die, BES has nothing to redistribute.


Fri, 07/18/2014 - 15:33 | 4974959 blu
blu's picture

Ha! I'm immortal, nearly. Sucks to be them.

Fri, 07/18/2014 - 15:40 | 4974965 magpie
magpie's picture

nom nom is this place getting carcinogenic or what lol

Better get Obama to set up a credit line to Amsterdam before you know what

I really don't understand your peoples problem...just retreat your folks from Gaza and have someone else walk the dog in America

Fri, 07/18/2014 - 15:43 | 4975002 blu
blu's picture

Let them take their time about it. I love the you know what part best. In fact we could stand a little more you know what in general around here. It is Friday, and I've geen good, and I want my you know what or else someone is going to have to deal with me being that way I get.

Fri, 07/18/2014 - 15:45 | 4975011 magpie
magpie's picture

Iceland...Volkstum of the Reptilians...Netherlands...Volkstum of the Greys. Was it the other way around lol

Fri, 07/18/2014 - 15:55 | 4975061 blu
blu's picture

Just throw them all in the pond and let the Illuminati sort them out, is what I've recommended be done.

You can only finesse this crap so much, know what I mean? The problem is nobody will just do the needful. Which in the end means nobody who needs to goes into the fucking pond. It's really simple, people.

Fri, 07/18/2014 - 15:57 | 4975083 magpie
magpie's picture

You do...Blu. The Dutch took the land from the sea.

Fri, 07/18/2014 - 16:07 | 4975130 blu
blu's picture

And the sea wants it back, magpie. That chick is insane, I'm telling you from first-hand experience. She wants it back and I hear she's coming to take it. Those genetic clones had better have their shit wire up tight because the sea won't be satisfied restructuring her 401K I don't think.

And on the subject; how the foosh did all that sea salt end up in the tops of the Himalaya? The fuck is wrong with that chick? She has no actual standards is the problem. One weekend in Amsterdam tweeking with the kids, and the next thing you know she's left her salt all over the place. The slut.

Fri, 07/18/2014 - 16:10 | 4975144 magpie
magpie's picture

Well, since you can't take Obama places

Fri, 07/18/2014 - 16:23 | 4975202 blu
blu's picture

Yeah that's right! Isn't that a hoot? You just can't do it, all kinds of things always go wrong. It's like the guy is the physical manifestation of fail.

I actually knew someone like that. It was mathematically proven. Damned freak of nature when you think about it.

Fri, 07/18/2014 - 15:37 | 4974977 DoChenRollingBearing
DoChenRollingBearing's picture




I read (years ago) that anyone could buy codeine and even DHC over-the-counter there in Portugal.  If that is true, Portugal's tourism authorities could publicize that, HORDES of tourists would boost your economy!

Fri, 07/18/2014 - 16:03 | 4975110 Perfecthedge
Perfecthedge's picture

Hahahaha...good idea.  Yes, you can buy almost anything you want prescription free.  I have done it myself (not codeine though), but it works like a charm.  With most farmacies in a squeeze (because government social security is not paying them) it is quite easy to get whatever you like as long as you pay cash. 

Pretty laid back here.  I love it.


Fri, 07/18/2014 - 15:08 | 4974814 JRobby
JRobby's picture



(that can has holes wearing through it from being kiked down the road so many times)


Fri, 07/18/2014 - 15:16 | 4974855 Pheonyte
Pheonyte's picture

(I see what you did there.)

Fri, 07/18/2014 - 15:19 | 4974873 HardlyZero
HardlyZero's picture

What road ?

I see only cliff next.

Fri, 07/18/2014 - 15:08 | 4974816 NoWayJose
NoWayJose's picture

When faced with global economic collapse, Gaza invasions, WWIII starting in the Ukrain, and loan failure contagion - sell gold!  /sarc off

Fri, 07/18/2014 - 15:10 | 4974827 crazybob369
crazybob369's picture

Never thought poor little Portugal was going to be ground zero for the end of the modern financial world.

Fri, 07/18/2014 - 15:12 | 4974836 Dr. Engali
Dr. Engali's picture

We thought that about Greece too, several times over...... Yet here we are.

Fri, 07/18/2014 - 15:20 | 4974874 fuu
fuu's picture

And Cyprus.

Fri, 07/18/2014 - 15:25 | 4974907 crazybob369
crazybob369's picture

Cyprus was the appetizer. Portugal the soup and salad. Spain and Italy are going to be the main course. Bon appetit.

Fri, 07/18/2014 - 15:36 | 4974969 Thought Processor
Thought Processor's picture



And Japan?


Mega Sushi Side Dish gone bad.

Fri, 07/18/2014 - 15:25 | 4974910 DoChenRollingBearing
DoChenRollingBearing's picture

Yes, yes and yes.

One of these days it is going to matter.

Fri, 07/18/2014 - 15:20 | 4974877 valley chick
valley chick's picture

So does that mean that we are back to meetings,more meetings, plans to plan for yet more meetings once again???

Fri, 07/18/2014 - 15:13 | 4974838 Grande Tetons
Grande Tetons's picture

Somebody had to the fuck the monkey. 

Fri, 07/18/2014 - 15:52 | 4975046 blu
blu's picture

I thought sending Chris Columbus the wrong way to India was fucking the monkey, at the time. In fact I still do; just look at all the bullshit came of that in the end.

I was right, but do I get any credit for that? None, is what I get. Nada. Nothing. Bagel.

Fri, 07/18/2014 - 15:52 | 4975048 magpie
magpie's picture

You went to America, got kicked out again. End of story...can't blame Columbus, Bush or Joo Jamaicans.

Fri, 07/18/2014 - 15:21 | 4974883 Perfecthedge
Perfecthedge's picture

You can also thank us for the creation of the Jewish diamond cartels (Amsterdam)!  Your welcome.


Fri, 07/18/2014 - 15:11 | 4974829 Amish Hacker
Amish Hacker's picture

Considered rationally, bankruptcy should be welcomed as an orderly way to clear away the dead wood in the system. But if you start with the premise that the current system cannot be allowed to fail under any circumstances (even blatant insolvency), then your goal-seeking "solution" will be to stick the taxpayer with the tab.

Fri, 07/18/2014 - 15:19 | 4974867 yogibear
yogibear's picture

"then your goal-seeking "solution" will be to stick the taxpayer with the tab."

The bankers like Yellen will ask the government to confiscate funds from accounts to bail them out. 

People need to rise up and say it's enough, otherwise the robbery gets even bolder.

Fri, 07/18/2014 - 16:15 | 4975167 Amish Hacker
Amish Hacker's picture

Quite right, Yogi. The first go-round (TARP, etc.) targeted the taxpayer, but the next banker bailout will be funded by "bailing in" the depositors, along the lines of the Cyprus trial run. 

Fri, 07/18/2014 - 15:12 | 4974831 magpie
magpie's picture

When will they does nothing to the voodoo market...or to the real one.

Fri, 07/18/2014 - 15:25 | 4974843 HardlyZero
HardlyZero's picture

My alphabetical crises list...but Argentina is the tipping point and going forward the next few weeks...


2014 Sovereign/State/City Debt Crises:

Argentina, Austria, Bulgaria, China ???, Crimea/Ukraine, Cyprus, Detroit, Greece, Italy, Portugal, Spain

Fri, 07/18/2014 - 15:43 | 4974998 DoChenRollingBearing
DoChenRollingBearing's picture

My guess (guess!) is that France is the tipping point.  PIIGS go, France goes.  France goes, Germany goes.  Then the tsunami hits US shoreas in 48 hours, max.


Fri, 07/18/2014 - 15:56 | 4975039 HardlyZero
HardlyZero's picture

DCRB, the tipping point is the smallest 'thing' that causes the Major Collapse.  These are small things, after Italy (3rd largest EU economy), the rest will follow.   The smallest "trivial" atom in the wrong direction is the tipping point.  Monday may be busy.

Fri, 07/18/2014 - 16:03 | 4975098 DoChenRollingBearing
DoChenRollingBearing's picture

Point taken.  OK, let's call Italy the first visible "domino".  And France the first "big domino".

Fri, 07/18/2014 - 16:16 | 4975170 oudinot
oudinot's picture

Germany is not going to 'go'; it enjoys the most efficient economy in the world.

Fri, 07/18/2014 - 15:43 | 4974999 DoChenRollingBearing
DoChenRollingBearing's picture

dupe, lotsa of weird stuff happening here at ZH over the last 24 hrs...

Fri, 07/18/2014 - 15:14 | 4974846 buzzsaw99
buzzsaw99's picture

what a bunch of drama queens

Fri, 07/18/2014 - 15:15 | 4974853 jubber
jubber's picture

markets continue to reaction at all

Fri, 07/18/2014 - 15:18 | 4974865 Dr. Engali
Dr. Engali's picture

'Markets'........ Lol

Fri, 07/18/2014 - 15:18 | 4974870 magpie
magpie's picture

It would be simpler if the BOE would schedule a press conference with Obama and Putin...Putin walks on the NYSE places a gold buy order...Obama says "Good night"...

Fri, 07/18/2014 - 15:17 | 4974863 falak pema
falak pema's picture

Esperito Santo, as its name implies, is held by the remnants of the Hapsburg family in Portugal living under false beards.

The saintly spirit loves "indulgences".  

Fri, 07/18/2014 - 15:20 | 4974879 magpie
magpie's picture

It's a economic value...can't blame the collapse on it...ow ah the Habsburgs did it. Let's wait for Psaki to confirm in in a presser trololol

Fri, 07/18/2014 - 15:24 | 4974901 Perfecthedge
Perfecthedge's picture


Fri, 07/18/2014 - 15:30 | 4974943 magpie
magpie's picture

It's BS to bring Lagarde's lips apart...i could write Lady's Coven of England expects ten less kids to be eaten next quarter on ZH...and the effect is negated.

Fri, 07/18/2014 - 15:21 | 4974882 jubber
jubber's picture

Even European futures ignoring this news as their futures also hit HOD

Fri, 07/18/2014 - 15:52 | 4974900 HardlyZero
HardlyZero's picture

LUXEMBOURG LAW, so now "BES" becomes a BIS holding.

One letter change, fixed. /sarc

Fri, 07/18/2014 - 15:28 | 4974925 alexdg
alexdg's picture

So finally we get to understand how deep are their loses. 

Fri, 07/18/2014 - 15:33 | 4974955 pashley1411
pashley1411's picture

I'm waiting for the weekend announcement that Obama will offer US aid to Portugal's banks, and will be right over there for a fund raiser (and round of golf).

Fri, 07/18/2014 - 15:33 | 4974958 Baby Eating Dingo22
Baby Eating Dingo22's picture

Last time Portugese bank news hit, market took a hit

This time, not a flinch

Fri, 07/18/2014 - 15:43 | 4975005 gcjohns1971
gcjohns1971's picture

Just wait for the shock to wear off.

They must have hit a market circuit breaker that replaces all the panic with elevator music.

Fri, 07/18/2014 - 15:41 | 4974990 kchrisc
kchrisc's picture

Planes and black swans falling from the sky.

Fri, 07/18/2014 - 15:41 | 4974994 gcjohns1971
gcjohns1971's picture



Their latest bond payment was on a plane for the banking center in Kuala Lumpur yesterday?

Fri, 07/18/2014 - 15:47 | 4975021 blu
blu's picture

Nice. I especially enjoyed the utter lack of taste and sympathy for human misery.

Have you thought about making it a series?

Fri, 07/18/2014 - 15:50 | 4975043 Proofreder
Proofreder's picture

Series already exists -

Faux Evening News

Fri, 07/18/2014 - 15:51 | 4975047 magpie
magpie's picture

Do you even get to be evacuated ?

You know, some English Typhoons might show up and see that thing on the radar if you ate too many children while visiting lovely Holland...not that i care.

Fri, 07/18/2014 - 15:44 | 4975009 pashley1411
pashley1411's picture

I'm waiting for the weekend announcement that Obama will offer US aid to Portugal's banks, and will be right over there for a fund raiser (and round of golf).

Fri, 07/18/2014 - 15:48 | 4975029 Fix It Again Timmy
Fix It Again Timmy's picture

My bank went RRRRRRUUUUUUUUUPTTTTTTTTTTTTT.................Oops, better ruck next time.......

Fri, 07/18/2014 - 15:48 | 4975031 Proofreder
Proofreder's picture

Portugal's # 2 Bank Goes Under ...

Well, it's a start.

Any ideas which counterparties are at most risk ?  Can't be any firms listed on the NYSE or NASDAQ or the averages would have taken a hit. Right?  Everything OK, Carry on.

Don't Panic.

Fri, 07/18/2014 - 15:58 | 4975087 jubber
jubber's picture

"Any ideas which counterparties are at most risk ?" The 1st and 3rd largest I would have thought for a start...and all the other European Banks both big and small are hiding the same shit...don't forget Oilver Sakozy, the ex Presidents brother estimated the European Banks needed 30 TRILLION Euros to cover their hidden debts !!!! 30 FUCKING TRILLION !

Fri, 07/18/2014 - 16:29 | 4975101 HardlyZero
HardlyZero's picture

Panama...the farthest reach-around.


The regulator said ES Bank had operated in Panama with a foreign license since 2001, and its situation has no impact on the country's banking system. According to ES Bank's website, it had assets of more than $790 million, liabilities of about $710 million and $30 million in capital as of December 2013. ES Bank couldn't be reached for comment.

Fri, 07/18/2014 - 16:33 | 4975242 Fix-ItSilly
Fix-ItSilly's picture

Place yer bets.  What percent of those Panamanian "assets" are from lending to Espirito Santos units? Derivative counterparty? Dubious collateral ownership?

Of less ES concern, but of possible legal concern, which owners of ES units received loans from Panama?  Angola?  Dubai?

Fri, 07/18/2014 - 16:24 | 4975088 HardlyZero
HardlyZero's picture

Towel size: Super-size Extra Large, Earth Girdle.  1-day delivery before Mad Monday.

Fri, 07/18/2014 - 16:12 | 4975158 Perfecthedge
Perfecthedge's picture

I've read how the modern Espirito Santo family got back into Banking again.  Your toe nails would cringe!  They have been like the Portuguese version of the Medicis (well, the original founder started 1869 selling lottery tickets! I am not shitting you!  From there he took it into Banking).

After the Revolution 4 family members where jailed and the Bank was nationalized in 1975.  They all went abroad (exile, after getting released from prison due to their Buddies).

One of them went to London and opened up a new Bank branch with only 20.000 US$ in his pocket and help from his Banking buddies (again) - mostly French and British Banks.  Even Rockefeller.

Another family member opened up a branch in Brazil with ZERO down payment, not even paying the 2 million US$ fee for a Banking licence.  Just with buddy-buddy help he got himself a Bank.

The rest is history.  They all came back, filthy rich and bought their Family bank back (for pennies on the Dollar, trough their new Buddies sitting in Government).

Life lesson: Get better Buddies.  Nothing else matters.

Fri, 07/18/2014 - 16:37 | 4975253 HardlyZero
HardlyZero's picture

PH, Thank you.   I'm adding these to my crises list to help explain what is 'going down'.

Fri, 07/18/2014 - 16:43 | 4975287 Clycntct
Clycntct's picture

"Life lesson" And here I thought you were gonna offer get out before the second bust.

Sat, 07/19/2014 - 08:37 | 4976502 All is chosen
All is chosen's picture

Double post. Crap connection.

Sat, 07/19/2014 - 02:55 | 4976506 All is chosen
All is chosen's picture

Do you have a link for that info please?

It is the great tragedy of the Carnation Revolution that after the risks and sacrifices of those who knew the country needed cleansing, they didn't complete a total purge. Good guys tend not to do that, and so the mendacious ones are let loose again. Maybe next time good will triumph for longer. It has a far better chance of happening in Portugal than ever it has in Britain or the U.S. :(

Sat, 07/19/2014 - 06:54 | 4976610 Perfecthedge
Perfecthedge's picture

Well it's not a link.  It's a book that just came out called

O Último Banqueiro

Describes the family history and how they got into this mess.

Sat, 07/19/2014 - 08:41 | 4976657 All is chosen
All is chosen's picture

Many thxs Ph.

Fri, 07/18/2014 - 16:19 | 4975178 bluskyes
bluskyes's picture

When bad news is good news - an investor couldn't ask for more.


Fri, 07/18/2014 - 16:21 | 4975197 Quinvarius
Quinvarius's picture

LOL.  And just this morning they announced some African central bank had their back. 

Fri, 07/18/2014 - 16:24 | 4975207 Ewtman
Ewtman's picture

It was evident this was going to happen over a week ago. Counter-party ripple effects could bounce around the world. A lot of other European banks are in the same situation... the just haven't admitted it yet.

Fri, 07/18/2014 - 17:25 | 4975410 TrustWho
TrustWho's picture

Will Draghi do whatever it takes? Will EU Central Bank take the net losses?

Fri, 07/18/2014 - 17:26 | 4975413 TrustWho
TrustWho's picture

You can bet no one will go to jail for the fraud!

Fri, 07/18/2014 - 17:39 | 4975450 Sirius Wonderblast
Sirius Wonderblast's picture

This'l be why Europe has been so quiet about Ukraine then - not a pot to piss in and all going to ratchet again, plus need that gas.

Fri, 07/18/2014 - 17:45 | 4975468 yogibear
yogibear's picture

And Greece needing bailout #3 in the infinite PIIGS bailout cycle.

Why worry, keep coming back for more bailouts.

Fri, 07/18/2014 - 17:45 | 4975470 Bluz
Bluz's picture

I guess this means they won't be submitting a stress test.

Sat, 07/19/2014 - 04:44 | 4976548 Magooo
Magooo's picture

The Fed will be piling into buying this stock

Sat, 07/19/2014 - 10:50 | 4976860 zippy_uk
zippy_uk's picture

"The Euro IS fixed and we need more Europe to improve it further.

The Euro IS fixed and we need more Europe to improve it further.

The Euro IS fixed and we need more Europe to improve it further..."





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