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