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Banco Espirito Santo Plunges: Shareholder Meeting Cancelled Due To "Unexpected Facts"
With all other operating holdcos having already declared bankruptcy, the anxiety over Banco Espirito Santo is growing (despite DE Shaw and Goldman Sachs recommending investors buy the shares). Despite Bank of Portugal reassurance last night that "BES is able to raise capital), the stock is plunging on news of "unexpected facts" this morning...
- *BANCO ESPIRITO SANTO SAYS SHAREHOLDER MEETING WAS CANCELLED DUE TO "UNEXPECTED FACTS''
- *BANCO ESPIRITO SANTO FALLS MORE THAN 13% IN LISBON TRADING
Remember, this is systemic (as the Portugues President has warned), and the contagion is potentially global... not "contained."
3 down, 1 to go?
But The Bank of Portugal reassured everyone last night...
- *BANCO ESPIRITO SANTO IS ABLE TO RAISE CAPITAL: BANK OF PORTUGAL
- *BANK OF PORTUGAL SAYS BES SOLVENCY IS ASSURED
But now this...
- *BANCO ESPIRITO SANTO SAYS SHAREHOLDER MEETING WAS CANCELLED
- *BES SAYS MEETING CANCELLED DUE TO ``UNEXPECTED FACTS''
- *BES SAYS `UNEXPECTED FACTS' INCLUDE ESFG FILING FOR PROTECTION
- *BES SAYS ESFG AND CREDIT AGRICOLE WITHDRAW PROPOSALS
And the result...
- *BANCO ESPIRITO SANTO FALLS MORE THAN 13% IN LISBON TRADING
and this could go global...
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Nobody expects the Spanish Inquisition Portuguese facts!
When in doubt, cancel the meeting.
...because our chief weapon is surprise!
Unexpected facts!
A phrase for the age!
Let it crash and burn!
Meeting Cancelled Due To "Unexpected Facts"
Oh geez I'm laughing my ass off.
Tyler owes me a quarter cup of coffee....and one computer monitor.
Factually speaking, they're toast. Let the dominos fall where they may.
That's the fact Jack!
h/t Bill Murray
That's absolutely right. They are toast.
(p.s.- I still wouldn't short it. Too dangerous.)
This default should be good for another 30 points upside on the S&P.
Wonder if it's like taking a unexpected shit ?
Goldman says "buy."
You can be absolutely sure they are cleaning out their portfolio by selling everything that even remotely touches this banking group.
Muppets - you've been warned.
-30-
"Unexpected Fact"?
THE CHECK BOUNCED! lmfao
The family business. Portuguese mafia?
You know, I hate it when unexpected facts like gravity and inertia interfere with my ability to do insane X-Treme stunts or leap tall buildings in a single bound.
Definition of a surprise: "A fart with a lump in it!"
Unexpected Facts, Shitgums, BTFD, Red Lines...thanks to all these losers ZHers will soon have their very own language bitchez.
And the ever present tongue-punch!
pods
since when do facts matter?
I read in a very old history book that, once upon a time, facts did matter.
Unicorns next?
Was it written by the brothers Grimm?
Indeed! +10
"When it becomes serious, you have to lie." #unexpectedfacts
When they are unexpected, don't you know?
Notice will be given of the new date and time once we find some more better facts.
"UNEXPECTED FACTS"
-- Guess the pregnancy test came back positive!
because our chief weapon is surprise!
surprise and fear !
There is no surprise here. Banco Espirito Santo has deposits that are approximately 20% of GDP for Portugal. Are the Portuguese authorities and the ECB surprised? Doubtful. This sucker is going down and could take Portugal with it.
But you're correct that the surprise will be the bail-in of feckless depositors, foreign bond holders and the total destruction of equity holders.
The ES family should be behind bars, or at least on their way to exile in Mozambique.
Mozambique is too nice for them. Angola would be more fitting. Closer to E B O L A Perfect death for bankers.
Arrgh, you beat me to it!
Thank you, HH ... Monty Python references have been dropping off at an alarming rate for the past year here on ZeroHedge.
No need to worry unless this canceled meeting was an ALL HANDS meeting. In that case, "hasta la vista, baby!"
LOL, thought the PIIGS were fixed? Lies not working out too well.
Obviously, it's just a liquidity problem. I'm sure the ECB will swap them some in return for all of their shit (regardless of how many times it's been pledged already.
I have a garage full of shit I'd like to sell them - save me a garage sale. It's probably worth more than the paper they're holding about now.
Well shit, if I expected this I am certain someone at the squid was sqeezing this PIIG to get the last drop of blood out of it before they float it down the river.
pods
Ah, so this is what caused gold to just waterfall. Interestingly, silver did not.
-.24% is not a waterfall.
Silver headed down too.
I imagine there's gonna be a lot of "unexpected facts" coming down the pike in the not so distant future.
"Bear Stearns is fine" so pop that ipod back in your ears, crank up the Bieber, and park it in front of another Kardashians episode motherfuckers!
The SEC leader came out and said everything was fine.
Keep the sheeple in the game until your buddies exit.
Don't be silly, you silly goose.
Bullish, buy the fukk outa tech!
unexpected facts.....you have to love that explanation...lol
Yeah, like, "Ah, we're broke - it's a fact we were previously unaware of, so meeting cancelled so we can regroup and find something to erase that fact."
OK, which smartass nailed that parrot to its perch? It's deceased, no more, gone to the big graveyard in Brussels.
"It is an EX-parrot!"
It's just tired and shagged out after a long squawk.
but they'll still try to sell it to a blind boy
Nothing that a few spiderman towels can't fix.
I won't deposit all my money in your bank for anything less than a toaster...
sorry dude... hard times, hard negotiations...
I'd hold out for a Maserati!
"Unexpected Facts" That is my favorite reason ever.
So why are Gold and Silver tanking again today...???
Because it's hot today and there's a chance that it might rain gold and silver bullion coins just like that donut shower we had last week.
Some moar of those "Unexpected Facts" getting in way.
They weren't tanking. They tanked when the COMEX opened.
Another unexpected fact.
Sounds good to me.
Cluster!
Ha - cluster facted!
Unexpected facts =
"We can no longer hide the truth."
"unexpected facts"...
Like the fact that they are bankrupt.... again.
Yes, you can be bankrupter or bankruptest.
Never let Facts get in the way ,especially unexpected ones.........
How can this be?! They all passed a rigorous stress test!
rigorous is very similar to ridiculous
No problem. I'm sure they've hedged their risks already. :)
Unexpected facts are almost as bad as unknown unknowns.
I guess "UNEXPECTED FACTS" could be added to Rumsfelds quote as:
There's also unknown knowns. That is to say, things we deliberetly want you not to know about.
Sucks when the Expected Lies aren't supported by those pesky facts, eh?
Get me some popcorn and a 64 oz. I look forward to watching the bank's newest investors (deposit holders) bang at the front door trying to get "their" currency back. LOL
64 oz? Somebody call Bloomberg's healthy-eating police and arrest this unruly bass-turd!
But I'm really thirsty.
Actually, Michelle is all in to healthy eating also. Send her and the two girls over to my place. Would love to show 'em a good time. Barrack's always on the golf course they probably lonely.
"Michelle ...and the two girls"
Ew. Guess I'll just skip lunch today.
consumer confidence just printed at 90.9..
no words.
Movies are way down..so are music sales...normal retail is not very good...so where is all this confidence....it must be all the illegals that just crossed the border and now have three hots and a cot....free goodies makes one feel fine...
Unexpected Facts, or
Inconvenient Truths?
They fucking love their government over there. Free shit army on steroids. LOL too funny...
Unexpected facts?
Do they mean painful truths?
Weren't facts outlawed (via executive order) some time ago?
Yes, by the Presidential Office of Operative Propaganda (POOP for those who like letter agencies).
Outlawed were fact facts. They still allow "facts".
LMFAO! Best. Excuse. EVER.
Well explains the pop higher in stocks.
The 'global banks\derivatives\bond market nuclear implosion' alarm just went to 11.
and this could go global...
yellen? krugman? comments?
KRUGMANNNNNNN!!!!!!!!!!!!!!!!!!!!!!!!!
"unexpected facts" is political speak for inconvenient leakage of truth
Do they mean, "Facts which were unexpected, came to light"?
Or do they mean, "Facts were not expected to come to light"?
"unexpected facts" = unknown knowns
Which means, a thing thought to be known which is actually incorrect?
That would imply honest error.
How quaint!
It is more like they know it but just don't know they know it.
Yeah but ... only last week someone very high up in Portugal assured depositors that BES was safe and nobody needed to worry. Doubtless his neck size is now being sought.
Obviously, ES does not have a line of credit set up with Janet.
That's the real difference betweeen those who survive, and those who die.
-30-
Take some satisfaction in knowing that the banker(s) who decided to name and operate this usurious, criminal institution after the Holy Spirit has blasphemed in a fashion that will not be forgiven.
And now, for the earthly justice....
and why should different customs and naming conventions be blasphemous?
the bank is called after the founder's family name, for criminy. and this kind of names often originate from babies "found" in front of churches, and getting the church's denomination/saint as family name. in this case a church dedicated to the Holy Spirit
in the same way you would find blasphemous if a Spaniard or Latin-American is called Jesus? or... Mary?
The Family Name is known but irrelevant to the point made. You insist that that point escapes you, so it will.
Also, other blasphemy may be forgiven. That one will not.
so if I'm called John Tatcher I may found a Tatcher Bank, but if I'm called José Maria Espirito Santo da Silva and I found a bank called Banco Espirito Santo... (in the 1880s in the very religious hyper-catholic Portugal full of priests, monks and nuns, mind you) then I'm a blasphemer? then tell me how it comes that nobody complained, then and there. because blasphemy was, as far I remember, a crime in 19th Portugal
what if I found the Holy Trinity College? is it because it's a bank? originally of the retail and loans-to-farmers kind, the same kind of bank that has been founded by all kind of religious people in the world?
btw, do you really think that a family where a guy is christened "Joseph & Mary" is hell bent on blasphemy? different cultural conventions
Drill down into the hows and wherefores all you want in search of distractions and wishfully exculpating cultural rationals.
Massive criminality has been perpetrated by and on innumerable individuals in His holy name, something which will, explicitly, not be forgiven. Your willful insistence on missing that easily grasped and irrefutable point is embarrassing.
More cynical than blasphemy, no ?
Very "weird" bank name, "Espirito Santo", the "Holy Ghost".
There is a single branch in the US located in Miami FL on Brickell Avenue.
I've driven by it, many times.
Sorry, but the name just sounded so ... weird. Without doing any research, I thought that it was a bank owned by some "reformed" Catholic drug dealers.
Litttle did I know that it was the largest bank in Portugal!
"Unexpected Facts" also known as "Stuff We Didn't Know to Lie About".
What fool banks there? Keeps money in any bank? Other than just enough to pay bills....
Unexpected farts
Today's meeting has been cancelled due to the truth. Because the LAST thing shareholders need is to be presented with a bunch of FACTS getting them all confused... Thats just crazy talk right there...
Bank clerk: "Mister, you have to pay your mortgage like TODAY."
Home owner: "I can't. I can't come to the Bank today, due to unexpected facts I can't meet my payment. Sorry. Have a good day."
How's that for unexpected facts? Fact: I don't have money. Unexpected: Fuck! I didn't knew that this green stuff is so hard to get by! Fuck. Fuck. Fuck.