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BIG PIS: The CEO Of Europe's Most Troubled Bank, Dexia, Quits As Contagion Tsunami Sweeps Over Belgium
Just when we thought the world was running out of headlines, here come something that will send futures scurrying for even more safety. According to Belgian Nieuwsblad, the CEO of Belgium's biggest bank has just resigned. As a reminder, Dexia is the one European bank that in the 2008-2009 period borrowed more money from the Fed than anyone else, and which we have discussed on several occasions in the past few months as being rumored to be on the receiving end of a variety of liquidity "complications" and countreparty concerns. Typically rumors of that nature, coupled with the sudden departure of the CEO, end up being proven as fact shortly to quite shortly. In other news, we are happy to announce the expansion of the PIIGS to BIG PIS following the arrival of the latest country to join the sovereign and bank funding crisis.
Stefaan Decraene, the chief executive of Dexia Bank Belgium, leave the company. That tells the time and is confirmed by Dexia. He is succeeded by Jos Clijsters.
Dexia's departure Decraene tonight confirmed in a press release. The bank also announced that it Jos Clijsters by the board of directors was appointed new CEO of Dexia Bank Belgium. "The experience of Jos Clijsters in the financial sector and his knowledge of Dexia guarantee the continuity and development of the bank to serve its customers," it sounds.
The new vice chairman of the executive Marc Lauwers, the board member responsible for the Belgian retail bank.
According to Time, there are "strong indications" that Decraene (46) will switch to the French financial giant BNP Paribas, the parent of Dexia's rival Fortis. Confirmation has not yet.
Not the first
The departure comes at a time when Dexia's very difficult, and the financial markets to deal with a growing crisis of confidence in investors and creditors. The departure of Decraene may be the result of tensions between the Belgian and French arm within the group. It's no secret that it was difficult to find Decraene the Frenchman Pierre Mariani, Dexia's CEO of the entire group.
Earlier this year already got several other executives of Dexia, including Xavier de Walque, financial director of Dexia Bank Belgium, and Wim Vermeir, an asset to the ancien Dexia Asset Management.
h/t Sudden Debt
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GIPSY B- ???
Greece
Ireland
Portugal
Spain
ItalY
Belgium-
BIGPIGS, if you count Greece twice.
What a Big Pig might sound like:
http://www.youtube.com/watch?v=gBCcnazy88U
count scotish banks, and you got yourself a BIG PISS
Europe is going to R. kelly the world's financial system right on cue to justify QE3, then we are only one more dead cat bounce from QE4 which will have no effect, and the Great Depression 2 can finally get rolling.
You got that right. I'm getting a very very bad feeling that the when individuals in charge of large banks or institutions just up and leave like that, it usually means he's getting out while he can. The rats are leaving the ship and it's suddenly starting to look as if all of them are going out the door at the same time. Belgium has had issues for a few years now, what has happened is that the media has been focused on Greece then Ireland then Greece (remember Spain said there was nothing wrong and Italy was saying there was nothing wrong) then Spain and Italy. Now Belgium is coming out and as someone else said Scotlands banks are in just as bad of a shape.
So your correct, it should be called BIG PISS. And that is what they all will do to each other and the EU
In some countries such as Germany, banks have historically owned major stakes in industrial corporations while in other countries such as the United States banks are prohibited from owning non financial companies. In Japan, banks are usually the nexus of a cross share holding entity known as the keiretsu. Thanks a lot.
Regards,
small business factoring
Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. Non banks that provide payment services such as remittance companies are not normally considered an adequate substitute for having a bank account. Thanks for sharing.
Regards,
granite countertop toronto
no need for counting twice. germany is the other G
but the sheeple hardly notice.
they are more interested in the latest reality crap show: which "illegal" immigrant gets worthless fiat paper as he gets deported.
WEG VAN NEDERLAND:
http://www.youtube.com/watch?v=eF3xE8sqJbo
http://www.spiegel.de/international/europe/0,1518,783830,00.html
It would be nice to know what precisely the Netherlands have to do with Belgium (besides the fact that the Belgian kicked them out of their territory in 1830)?
What he's not saying is that it's actually far worse than 2008 (he is insinuating it, though):
European banks face collapse under debts, warns Deutsche Bank chief Josef ...Ackermann unplugged Europe crisis could destroy banks JOSEF ACKERMANN TO STEP DOWN AS IIF CEO IN 2012
http://www.youtube.com/watch?v=S-u9wMLGmk4
cue to 2:22
Rally time!
Rather than BIG PIS how about BIG SIP? That's what they get when they belly up to bar at Jean Claude & Bennie's.
That's good!
BIG SIP. A keeper.
Now how do we add the "A" for America?
BIG SIPA
"Please, have A BIG SIP."
Using an anagram generator?
http://wordsmith.org/anagram/
I love "Bi Pigs"
What are that? PIGS that swing both ways?
You should be on the move.. to Germany that is.
Bi Pigs = everybody's getting raped!
never fear bearing, so long as America has at least one aircraft carrier battle group still floating, we will never join the sovereign soup kitchen crowd.
one carrier and 100 admirals at the helm matey.......
BIG SIP?
PIG SIB? (sibling) (pig brother)
we might as well add Luxembourg(they'll bite the dust as well sooner or later) AND call them the BIG SLIP....no? yeah? maybe?........
GYPSY BINGS
GYPSY anything is appropriate but the best anagram for this is "Aw snap, aw snap. Come to my macaroni party and take a nap".
Clear?
PAGING SUDDEN DEBT
PAGING SUDDEN DEBT
Given that the problem comes from banks, I suggest we hearken back to Basel and go with
BIS PIG.
At least until France and Netherlands join in. Then DoctorMad's suggestion has to be the winner.
FIBBERS !
France
Italy
Belgium
Belarus
European Union
Republic of Ireland
Spain
No chance Ben realizes these losses.
Herman von Rumpoys home turf... EU spreading their fescies around...
Where's Sudden Debt when you need your resident Belgian ?
Bet he comes by soon!
That's one Belgian that doesn't waffle.
I'm always here :)
If I have any adiction, it's ZH, and silver collecting :)
Sure, you can stop reading ZH compulsively anytime you feel like it, BUT can you sit still for just one minute? That's what I thought.
SD
Good man! Not many other places worthy to spend your time and money on ! Close to the best show in town for a buck!
Still in shock.
Once he recovers, he may be booking a ticket, packing his stuff and rushing to an airport or train station?
Don't count on him just yet. He'll come back posting from Germany.
If I ever leave my country, it will be to somewhere HOT!
Don't think they'll like your kind in Texas....
I actually have some friends in Texas :) I love the food. To bad your flag kind of looks like it fell on it's back....
I'm half belgian, half Italian. My wife is japanese. Hard to find a place to escape... But wait... i've have some relatives in Canada !!! Canada... is a great place to start a new life , no ???
Yep... but you might want to check the weather first.....it is not to everyones liking.
Here in Belgium it rains 367 days a year. Just imagine how that's possible....
and if it doesn't rain we blame global warming.
SD if you don't like the rain then don't come to Scotland, the rain here makes Belgium look like a desert
Maybe not, but it keeps out the riff-raff.
As do I.... but Austin is not exactly typical of Texas. Once had pan-fried oysters with Habanero peppers in Tex-Mex Nouveau Cusine kind of bistro there... One of best meals I have ever had in the US
Don't cha' know.
- Ned
{271.8 square miles separated from reality in all directions}
FWIW, spent some time in College Station and the DFW area.... Can't say it was to my liking, but to each his own.
It's a little blue island in a sea of red.
We don't want Sudden. Let's face it: He is funny. We don't want funny people here. Too dangerous. With his help we might find the secret to the funniest joke in the world and that would change everything.
RuhRoh...
I agree Duuude...this does seem like a RuhRoh moment.
Yet another SJGR moment!
I guess he just wants to spend more time with his family.
extending his month long august vacation a bit...
So they borrowed from the Fed and not the ECB......Don't forget all the Fed primary dealers in EUROPE. Oh, and one of those high levered Canadian banks is a Fed primary dealer too.
Looks like a dollar problem to me, not a Euro problem.
@ spitzer - You mean the Canadian bank with the name of a popular brand of margarine in their name?
Disobey.
Got it. I prefer Becel, thanks.
http://www.imperialmargarine.ca/
never heard of Blue Bonnet Bank
you mean "Blue-Butter" Bank...
haha no. Royal is the primary dealer I believe.
TDAmeri-cow?
I can't believe it's not better
Glad to know you're buying lots of Euros Spitsy. Why is it that Spitzer is so clueless about the true (not 'ideal') structure of the ECB? Only 550 tons gold, massive debt on the balance sheet already and only dealt with 2% of the Euro zone so far, pulled every which way politically by the MEPs. Must have been that one FOFOA blog post he read.
It's a Euro problem, dip shit.
Then why did the Fed bail out Dexia you idiot ?
It is unreal that none of the gold bugs or even any of the prominant Austrians can see the huge diffrence between the ECB system and the Fed system.
I am not going to bother giving you an education on it here, I am too busy.
Have Printer, Will Travel.
Dexia's Midnight Runners
http://www.youtube.com/watch?v=oc-P8oDuS0Q
This is a good movie for ZH readers and fiits this headline.
The International, trailer-http://www.youtube.com/watch?v=ILj3HlaoOCg
aww I was hoping to see the trailer for the new baseball film with Brad Pitt (sarc).
EUR/USD seems untroubled by this news, which seems a little odd if there really is something big about to break in the Euro banking system.
No one was troubled by Madoff either. Until they were, when the Ponzi imploded within 48 hours.
How about "Mr. Big"? What was that guy's name in Live and Let Die? "Whisper":
http://www.youtube.com/watch?v=wqdX4Yv-E38&feature=player_detailpage
THERE GOES BELGIUM!
How big the Belgium's equity stake in Dexia is again after the first round of bail out bonanza? Good luck with that...
Of course Europe is screwed....their numbers are all wrong. That's what happens when your banks accountants have
D(ysl)exia
Which at this point due to mark-to-unicorn is rampant throughout the world.
...and if Switzerland, Syria, Hungary, Iran, and Turkey join...we'll have BIG PISS and SHIT
Go long Depends...no the adult diaper.
Glass-Steagall
California Oregon Chicago Kansas
See what I did there?
You forgot to finish it....:
Louisianna, East (st. louis), Sanfran, Seattle.
this is too hard for Barbie.
Yeah, and Obama leads in the polls in Cali. So many f morons. Earth needs a huge f war with lots of neutron bombs.
Right up your Atlanta Shreveport Savannah
From my Atlanta Shreveport Savannah directly to your Minnesosta Oakland Utah Tennessee Houston
In your Denver Richmond Erie Antietam Missouri Sacramento
How fitting... Belguim just upgraded from little whizzer to BIG PIS. Now they just need to upgrade the Manneken Pis statue.
https://secure.wikimedia.org/wikipedia/en/wiki/Manneken_Pis
That fits with Chicago's hockey team. if read quickly, well.. try it, and yell it in public.
Black Hawks
That joke doesn't go over well in hockey circles, however.
Speaking of dead bloated PIGMAN banks....
I've had a BOA for over a decade....used their billpay when it first came out....left a long time ago but never closed completely. Still used the debit card to drain over the past few years.
They tried to charge me a $12 monthly fee about a year ago....I bitched and they stopped.
I just got a statement.
My current balance is $666.84.
Seems appropriate so I'll leave it there.
Cheers Bitchez.
BankofA are scum!
*is, not are.
Han is not a native U.S. speaker of da English. - Ned
*was, not is.
Deutsche says Europe crisis could kill weak banks
FRANKFURT (Reuters) - Europe's sovereign debt crisis will stunt bank profit for years and could kill off the weakest, Deutsche Bank (DBKGn.DE) Chief Executive Josef Ackermann told industry bosses, amid intense scrutiny of the sector's finances.
"Prospects for the financial sector overall ... are rather limited," the CEO of Germany's top bank said on Monday. "The outlook for the future growth of revenues is limited by both the current situation and structurally."
Ackermann was speaking at Frankfurt's annual Banks in Transition conference against a backdrop of gloom in the capital markets, where fears some euro zone countries could default on their debts have sent investors scurrying for shelter.
Many European banks could go under if they had to accept a "haircut" at current market valuations on their entire sovereign debt holdings instead of the 21 percent writedown that has been proposed on Greek sovereign debt, Ackermann warned.
"It's stating the obvious that many European banks would not survive having to revalue sovereign debt held on the banking book at market levels," he said.
Fears about how the crisis will play out have struck the inter-bank lending market and made it difficult for banks to raise even long-term financing, said Ulrich Schroeder, head of German government-backed KFW KFW.UL.
"The situation for banks is more dramatic than it was in 2008," he said in a panel discussion at the conference. "In 2008, governments were still able to support their banks. Now this is simply no longer possible," Schroeder said, adding that he knows of no bank that is able to issue a seven- or eight-year bond in the current environment.
Bank shares tumbled further on Monday with the STOXX Europe 600 banking index .SX7P closing down 6 percent to its lowest level in 29 months, after tumbling by a third in value since the beginning of the year.
"The chances of a near-term recovery remain slim as eurozone debt concerns, structural reform and a lawsuit for allegedly mis-selling mortgage debt all weigh heavy on the sector," Manoj Ladwa, a senior trader at ETX Capital, said.
The chief executives of Commerzbank (CBKG.DE), Societe Generale and UniCredit (CRDI.MI) are also due to set out their visions for the way forward in difficult terrain. The CEO of JP Morgan's (JPM.N) investment bank, Jes Staley, will give the view from the other side of the Atlantic.
They are all due to speak at the conference on Tuesday.
http://ca.reuters.com/article/businessNews/idCATRE78426Y20110905?sp=true
Commerzbank is already trading 20% below its 2009 lows - and it is the most quiet amongst the troubled banks mentioned here. They definitly need to do something, to say something. What will they say? Probably beg for more help from EU/IMF/God/Martians. My bet: they have to scare the govts, so the conference is not going to be nice.
What he meant to say is "all banks could go under."
http://www.youtube.com/watch?v=E794rTPa4nA&feature=player_detailpage
looks like a street fight to me.
Gold gonna go thru the roof!
Good, I hope it gets worse.
I don't want to kill my China Pig....
http://www.youtube.com/watch?v=j5rGXgzvs44
PSI GIB
DEXIA is in a serious sack of shit. DEXIA just broke it's limit where pension funds and institutions like the cities are allowed to dump the stock.
Prepare for a serious crackdown on the stock this month. It'll take at least a month because there simply aren't enough buyers to take on all those stocks and every single one needs to sell the stock to maintain their minimum required step in level.
In a traditional trading world with real buyers and sellers. A lower bid would result in the stock price coming down. In the world of the snatch and grab and dump algo, does it really matter? Are we looking at a bidless rally this week?
I use to deal with RBC DEXIA here in Canada (Royal Bank of Canuckistan), gives me an idea to look into their exposure to this Belgian crap. I can say this because I'm certain we're not too far behind despite the fact that Canadians think their banks are superior to everybody else.
edit: according to Wiki its jointly owned with 2.4 trillion of custodial assets. If anybody has any insights they'd like to share...
Could you elaborate on the share structure or do you have a good link?
Thanks
Lord Wellington I think you're asking Sudden Debt for more intel, but if you're asking me Im scrambling to find out more. Like many Canadians I may have some assets with RBC and my family too. All I know is that RBC Dexia was custodian for a lot of funds...
From wiki ...
2006: Royal Bank of Canada created Institutional Investment Joint Venture with Dexia. It is a 50/50 Partnership called RBC Dexia Investor Services.
http://en.wikipedia.org/wiki/Dexia
http://www.dexia-investments.ie/
http://www.rbcdexia.com/aboutus/locations/p_CountryDetail.aspx?countryID=7
https://www.dexia.be/info/NL/Media/050411_dex_RA_n_DEF_tcm_11-19273.pdf
This is the annual report, it will be inside.
I know I have it somewhere because I looked it up about a year ago but can't find it immediatly.
Thanks
It's all Dutch to me.
:))
Looks like I have some reading tonight, thanks folks.
The successor is Jos Clijsters.
HAHA. Cool name for a bank exec. In German Clijster(s) sounds like Kleister which is glue for wall paper.
This is funny stuff.
The tennis playing Kim is not amused!
I don't know. "Glue" sounds like a good nick-name for a tennis pro. Then again maybe it translates into "cloisters"...as in "a monastic establishment." she probably wouldn't like that though.
This guy is still living the dream. Could someone please wake him up.
'...the Euro is extremely credible and solid'
So is rat shit.
Herman Strand-Schnecke
How about.... PIIGS FUK US ...Portugal Ireland Italy Greece Spain France UK UnitedStates..... It just sound right....
How about BIG F'N PIGS?
Belgium
Italy
Greece
France
Netherlands
Portugal
Ireland
Germany
Spain
The Dutch are hardly squeaky clean in this mess with their pension issues.
WOW!!! YOU NAILED IT!!! COOL!!!! BIG F'N PIGS IT IS FROM NOW ON!!!
PIG BIPS
Only here in Benelux though.
I don't like this show.. can I get a refund, Mister?
So will SocGen FINALLY go under this week? It seems like it's about that time. BIG PIS needs an F in there somewhere.
Heh, Heh, heh....
As part of the '08 shitshow I was given a package and the right to liquidate my Dexia Share Plan....Cashed out when the stock was at 27 or so...
----
This couldn't happen to a more incompentent bunch of guys...
is anyone here willing to
portugaL
greecE
spaiN
irelanD
a
irelanD
italY
belgiuM
?
Note to the party faithful here:
Belgium still doesn't have a 'proper' government. http://blogs.wsj.com/source/2011/08/18/belgium-thrives-despite-lack-of-g...
I guess we'll get to see what happens when an economy tanks without a government. History in the making.1
Spent a week in Brussels back in '95.... had a great time, awesome moules-frites as well. La Grand Place is also a great place to chill and have a few...
Having a Van Rompuy you don´t need a proper government to destroy a country´s economy. Not to say with more than 10.000 Eurocrats living there.
"Belgium still doesn't have a 'proper' government" This may be their saving grace. Without the nice government men to make things worse they may just go through the pain they need to go through then exit in better shape. Or the Germans could send tanks through once again. Time will tell but my guess is that no government is a plus at this point in history.
Brussels has NATO HQ as well. Is this a race between Gaddaffi and NATO?
Ottomans & Turks, that's where it is at...
Bernie Boney & Claude Clyde will solve the mess with marxist measures:
http://www.youtube.com/watch?v=UlVoZgM4fgI&feature=related
Its clear w/o Germany's full backing the ECB bond concept and $4 trillion in funding for the PIIGSB will result in the collaspe of the euro zone and a world wide depression. Its coming fast. Maybe the FED will underwrite the ECB bonds. When you owe $200 trillion WHAT diffference does an additional $4 trillion make?
Hey make it 6T and give everyone a holiday bonus!
can i ask a dumb question, if banks are possibly going to have to have a holiday in this country, would credit cards be honored or would they decline them at the point of sale terminals.
I know htis is not on subject. been wondering awhile
Turkey George..My advice is, If your card is declined try to sell it to a politician in a Bar for twenty bucks or more.
Yours, Auntie Herman.
Yes.
- Ned
There's an excellent reason why all major bank cards in the entire fucking world have Visa, Mastercard or Delta on them.
Reserve currency. Lack of liquidity freezing cards is basically endgame stuff, and there should be various gaurentees via Visa/Mastercard/Delta/American Express etc on credit protection [tied into governments insuring up to X,000 of said deposit for their nationally based banks.] Put it this way - unless your credit rating is insane, and you can put a $3,000,000 bill on your card, you should still be able to charge to it, in terms of small [sub $20,000] amounts.
ATMs running out of money? Entirely possible - however, Brussels really isn't a cash place, capice?
It is late, and I'm not doing due diligence - but that's my intuitive thoughts about it - I'm sure better minds can take me to the Alamo if I'm wrong.
You got it screwed up. It was the PFIIGS. Now I guess it's going to have to be BIG F'n PIS
Dexia Municipal Agency, major player in funding states, local governments, public sector entities etc. They issue covered bonds under the french obligation fonciere law. Have a peek at their exposures here:
http://www.dexia-ma.com/docs/en/actifs_30-06-2011.pdf
It's all good baby, all good.
Wow. That's quite a client list ain't it? The competition must've been green with envy.
BIG FUK PIGS?
Excellent indicator that France and the UK are next... bravo...
What about FUK US BIG PIGS... The super douche Obummer is no brighter than the European dim bulbs...
Did shit just get real?
Yes. Gold closed in NY at $1900.30
The Bernank says:
The Bernanke IS Correct...
Gold isn't money... Gold is like a thermometer...
It simply measures the devaluation or uselessness of dollars aka Bernanke Bucks... Therefore there is no Gold bubble, it is simply a shiny indicator of value...
The Bernank
What a maroon... what an ultra maroon...
Addictive http://www.youtube.com/watch?v=3Cs-zZ0Qu5Y
Pretty much hardcore. http://www.youtube.com/watch?v=IaNEK1suwiM&feature=related
The videos of the terminal hits aren't pretty however - I can imagine any uplift / cross winds will fuck you up big time.
Why do you hate the Canadian?
Is the crack of doom coming soon?
http://www.youtube.com/watch?v=5U319VzSqEU
You posted that just to cheer us all up didn't you. :)
:)
And this one works even better.
Who knew that ukrainians could make music :)
http://www.youtube.com/watch?v=eX_rNEPIgc8
That was like a Wizard-of-Oz-Tin-Man-Nazi-Lawrence-Welk-Gong-Show in a Vegas-Casino...
I almost threw up...
What happens when Britain joins??
B-BIG PIS...
What About Shark-oozy?
You know that Frank Weisner Jr. step son aka CIA tool Shark-oozy will jump the shark and run France into the ground...
Then what?? BF BIG PIS?
What About Obama Bin Lyin'?
Lord knows that bitch can't read the Teleprompter and steer the economic bus at the same time... That clueless bitch will steer the econ bus right into the ditch... Then what?
BF US BIG PIS or BF BIGUS PIS...
Tyler, so many acronyms, so little time...