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BIG PIS: The CEO Of Europe's Most Troubled Bank, Dexia, Quits As Contagion Tsunami Sweeps Over Belgium

Tyler Durden's picture


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.

Google Translated

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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Mon, 09/05/2011 - 14:48 | 1635327 speconomist
speconomist's picture

GIPSY B- ???








Mon, 09/05/2011 - 14:50 | 1635344 WoodMizer
WoodMizer's picture

BIGPIGS, if you count Greece twice.

Mon, 09/05/2011 - 14:59 | 1635386 Spastica Rex
Spastica Rex's picture

What a Big Pig might sound like:

Mon, 09/05/2011 - 20:43 | 1636528 eisley79
eisley79's picture

count scotish banks, and you got yourself a BIG PISS

Mon, 09/05/2011 - 20:45 | 1636532 eisley79
eisley79's picture

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.

Mon, 09/05/2011 - 23:49 | 1637072 Buck Johnson
Buck Johnson's picture

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

Sat, 12/10/2011 - 06:46 | 1965717 jaffa
jaffa's picture

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.
small business factoring

Thu, 03/29/2012 - 02:31 | 2299779 jaffa
jaffa's picture

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.
granite countertop toronto

Mon, 09/05/2011 - 15:11 | 1635432 Ahmeexnal
Ahmeexnal's picture

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:,1518,783830,00.html

Mon, 09/05/2011 - 16:21 | 1635713 Perotinus
Perotinus's picture

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)?

Mon, 09/05/2011 - 17:41 | 1635877 TruthInSunshine
TruthInSunshine's picture



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 ... - Louise Armitstead - ‎3 hours ago‎ Josef Ackermann, the chief executive of Deutsche Bank, Germany's biggest bank, has warned that "numerous" European lenders would collapse if they were forced to book their losses on stricken sovereign bonds. By Louise Armitstead Mr Ackermann said that ...

Ackermann unplugged
FT Alphaville (blog) - Neil Hume - ‎11 hours ago‎ RTRS – SOME BANKS WOULD NOT SURVIVE HAVING TO REVALUE ALL SOVEREIGN DEBT AT MARKET LEVELS – SPEECH TEXT. A statement of the obvious you might think. But what makes the above interesting is the source: outgoing Deutsche Bank chief executive, ...
Europe crisis could destroy banks - ‎55 minutes ago‎
Europe's sovereign debt crisis will stunt bank profit for years and could kill off the weakest, Deutsche Bank Chief Executive Josef Ackermann told industry bosses, amid intense scrutiny of the sector's finances. "Prospects for the financial sector ...
Agenzia Giornalistica Italia - ‎10 hours ago‎ (AGI) Frankfurt- Josef Ackermann, Deutsche Bank CEO, has announced he will step down as chairman of the IIF in 2012. He stated, "In the new year I will leave my post" at the Institute of International Finance; in 2012 he will step down as CEO of ...
Mon, 09/05/2011 - 17:13 | 1635872 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

Pitkinville, Montana -- the little town with big heart and BIGPIGS!!!

cue to 2:22

Mon, 09/05/2011 - 18:39 | 1636087 JethroBodien
JethroBodien's picture

Rally time!

Mon, 09/05/2011 - 14:54 | 1635356's picture

Rather than BIG PIS how about BIG SIP? That's what they get when they belly up to bar at Jean Claude & Bennie's.

Mon, 09/05/2011 - 14:55 | 1635369 DoChenRollingBearing
DoChenRollingBearing's picture

That's good!

BIG SIP.  A keeper.

Now how do we add the "A" for America?

Mon, 09/05/2011 - 15:08 | 1635434 Topher
Topher's picture


Mon, 09/05/2011 - 15:07 | 1635438 cossack55
cossack55's picture

"Please, have A BIG SIP."

Mon, 09/05/2011 - 15:08 | 1635442 Stumpy
Stumpy's picture

Using an anagram generator?

Mon, 09/05/2011 - 15:09 | 1635450 Stumpy
Stumpy's picture

I love "Bi Pigs"

Mon, 09/05/2011 - 15:15 | 1635480 Sudden Debt
Sudden Debt's picture

What are that? PIGS that swing both ways?


Mon, 09/05/2011 - 15:22 | 1635506 walküre
walküre's picture

You should be on the move.. to Germany that is.

Mon, 09/05/2011 - 16:32 | 1635750 ParaZite
ParaZite's picture

Bi Pigs = everybody's getting raped!

Mon, 09/05/2011 - 21:23 | 1636697 robobbob
robobbob's picture

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.

Mon, 09/05/2011 - 21:33 | 1636726 sgorem
sgorem's picture

one carrier and 100 admirals at the helm matey.......

Mon, 09/05/2011 - 14:58 | 1635384 Roger Knights
Roger Knights's picture


PIG SIB? (sibling) (pig brother)

Mon, 09/05/2011 - 21:36 | 1636734 sgorem
sgorem's picture

we might as well add Luxembourg(they'll bite the dust as well sooner or later) AND call them the BIG yeah? maybe?........

Mon, 09/05/2011 - 15:13 | 1635469 Mec-sick-o
Mec-sick-o's picture


Mon, 09/05/2011 - 17:01 | 1635845 Cash-NonCash
Cash-NonCash's picture

GYPSY anything is appropriate but the best anagram for this is "Aw snap, aw snap. Come to my macaroni party and take a nap".


Mon, 09/05/2011 - 15:16 | 1635484 walküre
walküre's picture



Mon, 09/05/2011 - 16:25 | 1635720 Anonymouse
Anonymouse's picture

Given that the problem comes from banks, I suggest we hearken back to Basel and go with


At least until France and Netherlands join in.  Then DoctorMad's suggestion has to be the winner.

Mon, 09/05/2011 - 17:09 | 1635863 Al Gorerhythm
Al Gorerhythm's picture






European Union

Republic of Ireland


Mon, 09/05/2011 - 19:14 | 1636213 HistorySquared
HistorySquared's picture

No chance Ben realizes these losses.

Mon, 09/05/2011 - 14:47 | 1635329 Mongo
Mongo's picture

Herman von Rumpoys home turf... EU spreading their fescies around...

Mon, 09/05/2011 - 14:48 | 1635331 Dismal Scientist
Dismal Scientist's picture

Where's Sudden Debt when you need your resident Belgian ?

Mon, 09/05/2011 - 14:54 | 1635360 DoChenRollingBearing
DoChenRollingBearing's picture

Bet he comes by soon!

Mon, 09/05/2011 - 15:02 | 1635402's picture

That's one Belgian that doesn't waffle.

Mon, 09/05/2011 - 15:20 | 1635497 Sudden Debt
Sudden Debt's picture

I'm always here :)

If I have any adiction, it's ZH, and silver collecting :)

Mon, 09/05/2011 - 17:16 | 1635878 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture

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.

Mon, 09/05/2011 - 23:35 | 1637044 Rome is burining
Rome is burining's picture

Good man! Not many other places worthy to spend your time and money on ! Close to the best show in town for a buck!

Mon, 09/05/2011 - 15:21 | 1635503 walküre
walküre's picture

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.

Mon, 09/05/2011 - 15:23 | 1635509 Sudden Debt
Sudden Debt's picture

If I ever leave my country, it will be to somewhere HOT!


Mon, 09/05/2011 - 15:30 | 1635533 Flakmeister
Flakmeister's picture

Don't think they'll like your kind in Texas....

Mon, 09/05/2011 - 15:51 | 1635604 Sudden Debt
Sudden Debt's picture

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....


Mon, 09/05/2011 - 16:06 | 1635665 Kuri
Kuri's picture

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 ???

Mon, 09/05/2011 - 16:07 | 1635668 Flakmeister
Flakmeister's picture

Yep... but you might want to check the weather is not to everyones liking.

Mon, 09/05/2011 - 16:32 | 1635744 Sudden Debt
Sudden Debt's picture

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.


Mon, 09/05/2011 - 17:49 | 1635974 Ag1761
Ag1761's picture

SD if you don't like the rain then don't come to Scotland, the rain here makes Belgium look like a desert

Mon, 09/05/2011 - 16:34 | 1635753 lance_manion
lance_manion's picture

Maybe not, but it keeps out the riff-raff. 

Mon, 09/05/2011 - 16:06 | 1635666 Flakmeister
Flakmeister's picture

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

Mon, 09/05/2011 - 16:39 | 1635774 New_Meat
New_Meat's picture

"... but Austin is not exactly typical of Texas."

Don't cha' know.

- Ned

{271.8 square miles separated from reality in all directions}

Mon, 09/05/2011 - 16:44 | 1635795 Flakmeister
Flakmeister's picture

FWIW, spent some time in College Station and the DFW area.... Can't say it was to my liking, but to each his own.

Mon, 09/05/2011 - 18:50 | 1636119 Hot Apple Pie
Hot Apple Pie's picture

It's a little blue island in a sea of red.

Mon, 09/05/2011 - 16:21 | 1635709 PY-129-20
PY-129-20's picture

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.


Mon, 09/05/2011 - 14:48 | 1635333 Duuude
Duuude's picture



Mon, 09/05/2011 - 14:49 | 1635338 IAmNotMark
IAmNotMark's picture

I agree Duuude...this does seem like a RuhRoh moment.

Mon, 09/05/2011 - 14:53 | 1635358 DoChenRollingBearing
DoChenRollingBearing's picture

Yet another SJGR moment!

Mon, 09/05/2011 - 14:49 | 1635336 Instant Wealth
Instant Wealth's picture

I guess he just wants to spend more time with his family.

Mon, 09/05/2011 - 14:52 | 1635351 brew
brew's picture

extending his month long august vacation a bit...

Mon, 09/05/2011 - 14:50 | 1635339 Spitzer
Spitzer's picture

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.

Mon, 09/05/2011 - 15:09 | 1635429 Loose Caboose
Loose Caboose's picture

@ spitzer - You mean the Canadian bank with the name of a popular brand of margarine in their name? 


Mon, 09/05/2011 - 15:11 | 1635458 Stumpy
Stumpy's picture

Got it. I prefer Becel, thanks.

Mon, 09/05/2011 - 15:13 | 1635466 mr. mirbach
mr. mirbach's picture

never heard of Blue Bonnet Bank

Mon, 09/05/2011 - 16:08 | 1635671 phraseshifter
phraseshifter's picture

you mean "Blue-Butter" Bank...

Mon, 09/05/2011 - 16:55 | 1635833 Spitzer
Spitzer's picture

haha no. Royal is the primary dealer I believe.

Mon, 09/05/2011 - 17:20 | 1635889 MayIMommaDogFac...
MayIMommaDogFace2theBananaPatch's picture


Mon, 09/05/2011 - 15:34 | 1635550 disabledvet
disabledvet's picture


Mon, 09/05/2011 - 16:17 | 1635701 Herman Strandsc...
Herman Strandschnecke's picture

I can't believe it's not better

Mon, 09/05/2011 - 15:32 | 1635544 DaBernank
DaBernank's picture

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.

Mon, 09/05/2011 - 16:53 | 1635825 Spitzer
Spitzer's picture

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.

Mon, 09/05/2011 - 19:40 | 1636305 CompassionateFascist
CompassionateFascist's picture

Have Printer, Will Travel.

Mon, 09/05/2011 - 14:50 | 1635343's picture



Dexia's Midnight Runners

Mon, 09/05/2011 - 14:54 | 1635363 Spitzer
Spitzer's picture

This is a good movie for ZH readers and fiits this headline. 

The International, trailer-

Mon, 09/05/2011 - 15:08 | 1635444 Global Hunter
Global Hunter's picture

aww I was hoping to see the trailer for the new baseball film with Brad Pitt (sarc).

Mon, 09/05/2011 - 14:54 | 1635364 Quintus
Quintus's picture

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.

Mon, 09/05/2011 - 17:15 | 1635443 Sequitur
Sequitur's picture

No one was troubled by Madoff either. Until they were, when the Ponzi imploded within 48 hours.

Mon, 09/05/2011 - 14:57 | 1635376 disabledvet
disabledvet's picture

How about "Mr. Big"? What was that guy's name in Live and Let Die? "Whisper":

Mon, 09/05/2011 - 14:57 | 1635379 Dick Darlington
Dick Darlington's picture

How big the Belgium's equity stake in Dexia is again after the first round of bail out bonanza? Good luck with that...

Mon, 09/05/2011 - 15:06 | 1635409 jmc8888
jmc8888's picture

Of course Europe is screwed....their numbers are all wrong.  That's what happens when your banks accountants have



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 the adult diaper.



Mon, 09/05/2011 - 15:04 | 1635413 bob_dabolina
bob_dabolina's picture

California Oregon Chicago Kansas

See what I did there? 

Mon, 09/05/2011 - 15:14 | 1635472 cossack55
cossack55's picture

You forgot to finish it....:

Louisianna, East (st. louis), Sanfran, Seattle.

this is too hard for Barbie.

Mon, 09/05/2011 - 15:23 | 1635511 Religion Explained
Religion Explained's picture

Yeah, and Obama leads in the polls in Cali. So many f morons. Earth needs a huge f war with lots of neutron bombs.

Mon, 09/05/2011 - 15:23 | 1635512 snowball777
snowball777's picture

Right up your Atlanta Shreveport Savannah

Mon, 09/05/2011 - 15:27 | 1635521 bob_dabolina
bob_dabolina's picture

From my Atlanta Shreveport Savannah directly to your Minnesosta Oakland Utah Tennessee Houston

Mon, 09/05/2011 - 19:56 | 1636348 snowball777
snowball777's picture

In your Denver Richmond Erie Antietam Missouri Sacramento

Mon, 09/05/2011 - 15:09 | 1635452 Fed_Printstone
Fed_Printstone's picture

How fitting... Belguim just upgraded from little whizzer to BIG PIS. Now they just need to upgrade the Manneken Pis statue.

Mon, 09/05/2011 - 15:14 | 1635473 fiddy pence haf...
fiddy pence haff pound's picture


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.

Mon, 09/05/2011 - 15:15 | 1635478 Shirley Wilfahrt
Shirley Wilfahrt's picture

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.


Mon, 09/05/2011 - 15:29 | 1635526 Hannibal
Hannibal's picture

BankofA are scum!

Mon, 09/05/2011 - 15:45 | 1635590 Bob Paulson
Bob Paulson's picture

*is, not are.

Mon, 09/05/2011 - 16:44 | 1635794 New_Meat
New_Meat's picture

Han is not a native U.S. speaker of da English. - Ned

Mon, 09/05/2011 - 19:57 | 1636350 snowball777
snowball777's picture

*was, not is.

Mon, 09/05/2011 - 15:16 | 1635483 Sequitur
Sequitur's picture

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.



Mon, 09/05/2011 - 15:31 | 1635540 ded_moroz
ded_moroz's picture

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.

Mon, 09/05/2011 - 15:46 | 1635595 disabledvet
disabledvet's picture

What he meant to say is "all banks could go under."
looks like a street fight to me.

Mon, 09/05/2011 - 15:17 | 1635488 rambler6421
rambler6421's picture

Gold gonna go thru the roof!

Mon, 09/05/2011 - 15:19 | 1635496 Apeman
Apeman's picture

Good, I hope it gets worse.

Mon, 09/05/2011 - 15:20 | 1635498 Shirley Wilfahrt
Shirley Wilfahrt's picture

I don't want to kill my China Pig....

Mon, 09/05/2011 - 15:21 | 1635502 snowball777
snowball777's picture


Mon, 09/05/2011 - 15:26 | 1635519 Sudden Debt
Sudden Debt's picture

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.


Mon, 09/05/2011 - 15:35 | 1635556 LawsofPhysics
LawsofPhysics's picture

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?

Mon, 09/05/2011 - 15:41 | 1635561 Global Hunter
Global Hunter's picture

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...

Mon, 09/05/2011 - 15:43 | 1635582 Lord Welligton
Lord Welligton's picture

Could you elaborate on the share structure or do you have a good link?


Mon, 09/05/2011 - 15:55 | 1635625 Global Hunter
Global Hunter's picture

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...

Mon, 09/05/2011 - 16:04 | 1635657 Lord Welligton
Lord Welligton's picture

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.


Mon, 09/05/2011 - 16:09 | 1635675 Sudden Debt
Sudden Debt's picture

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.


Mon, 09/05/2011 - 16:15 | 1635693 Lord Welligton
Lord Welligton's picture


Mon, 09/05/2011 - 16:21 | 1635712 Lord Welligton
Lord Welligton's picture

It's all Dutch to me.


Mon, 09/05/2011 - 16:37 | 1635766 Global Hunter
Global Hunter's picture

Looks like I have some reading tonight, thanks folks.

Mon, 09/05/2011 - 15:28 | 1635525 walküre
walküre's picture

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.

Mon, 09/05/2011 - 15:37 | 1635565 Global Hunter
Global Hunter's picture

The tennis playing Kim is not amused!

Mon, 09/05/2011 - 15:52 | 1635605 disabledvet
disabledvet's picture

I don't know. "Glue" sounds like a good nick-name for a tennis pro. Then again maybe it translates into "cloisters" in "a monastic establishment." she probably wouldn't like that though.

Mon, 09/05/2011 - 15:30 | 1635532 Dick Darlington
Dick Darlington's picture

This guy is still living the dream. Could someone please wake him up.

Mon, 09/05/2011 - 16:27 | 1635727 Herman Strandsc...
Herman Strandschnecke's picture

'...the Euro is extremely credible and solid'

So is rat shit.

Herman Strand-Schnecke

Mon, 09/05/2011 - 15:31 | 1635534 MauiDog
MauiDog's picture

How about.... PIIGS FUK US ...Portugal Ireland Italy Greece Spain France UK UnitedStates..... It just sound right....

Mon, 09/05/2011 - 15:32 | 1635546 DoctorMad
DoctorMad's picture

How about BIG F'N PIGS?










The Dutch are hardly squeaky clean in this mess with their pension issues.


Mon, 09/05/2011 - 15:54 | 1635617 Sudden Debt
Sudden Debt's picture



Mon, 09/05/2011 - 17:49 | 1635971 Byte Me
Byte Me's picture


Only here in Benelux though.

Mon, 09/05/2011 - 15:33 | 1635547 jules from aus
jules from aus's picture

I don't like this show.. can I get a refund, Mister?

Mon, 09/05/2011 - 15:35 | 1635554 tennisdude
tennisdude's picture

So will SocGen FINALLY go under this week? It seems like it's about that time. BIG PIS needs an F in there somewhere.

Mon, 09/05/2011 - 15:35 | 1635557 Flakmeister
Flakmeister's picture

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...

Mon, 09/05/2011 - 15:36 | 1635559 TheLooza
TheLooza's picture




is anyone here willing to










Mon, 09/05/2011 - 15:42 | 1635575 Use of Weapons
Use of Weapons's picture

Note to the party faithful here:

Belgium still doesn't have a 'proper' government.


I guess we'll get to see what happens when an economy tanks without a government. History in the making.1

  • 1. Non-European readers - warning, large snark ahoy. Brussels is the centre of the EU. And very pretty canals & good beer
Mon, 09/05/2011 - 15:50 | 1635603 Flakmeister
Flakmeister's picture

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...

Mon, 09/05/2011 - 15:58 | 1635634 Alvaro de Esteban
Alvaro de Esteban's picture

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.

Mon, 09/05/2011 - 16:17 | 1635699 DeadFred
DeadFred's picture

"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.

Mon, 09/05/2011 - 16:48 | 1635813 New_Meat
New_Meat's picture

Brussels has NATO HQ as well.  Is this a race between Gaddaffi and NATO?

Mon, 09/05/2011 - 17:08 | 1635861 Use of Weapons
Use of Weapons's picture

Ottomans & Turks, that's where it is at...


Mon, 09/05/2011 - 15:45 | 1635592 Alvaro de Esteban
Alvaro de Esteban's picture

Bernie Boney & Claude Clyde will solve the mess with marxist measures:

Mon, 09/05/2011 - 16:02 | 1635652 tempo
tempo's picture

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?

Mon, 09/05/2011 - 16:19 | 1635703 DeadFred
DeadFred's picture

Hey make it 6T and give everyone a holiday bonus!

Mon, 09/05/2011 - 16:25 | 1635722 turkey george palmer
turkey george palmer's picture

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


Mon, 09/05/2011 - 16:35 | 1635759 Herman Strandsc...
Herman Strandschnecke's picture

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.

Mon, 09/05/2011 - 16:49 | 1635815 New_Meat
New_Meat's picture

"can i ask a dumb question, ..."


- Ned

Mon, 09/05/2011 - 17:16 | 1635870 Use of Weapons
Use of Weapons's picture

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.

Mon, 09/05/2011 - 16:38 | 1635770 viator
viator's picture

You got it screwed up. It was the PFIIGS. Now I guess it's going to have to be BIG F'n PIS

Mon, 09/05/2011 - 16:50 | 1635819 Dick Darlington
Dick Darlington's picture

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:

It's all good baby, all good.

Mon, 09/05/2011 - 17:27 | 1635911 Herman Strandsc...
Herman Strandschnecke's picture

Wow. That's quite a client list ain't it? The competition must've been green with envy.

Mon, 09/05/2011 - 17:02 | 1635848 sheeple2012
sheeple2012's picture


Mon, 09/05/2011 - 19:52 | 1636334 Problem Is
Problem Is's picture

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...

Mon, 09/05/2011 - 17:09 | 1635862 ZeroPoint
ZeroPoint's picture

Did shit just get real?

Mon, 09/05/2011 - 17:21 | 1635887 Moe Howard
Moe Howard's picture

Yes. Gold closed in NY at $1900.30

Mon, 09/05/2011 - 19:49 | 1636331 Problem Is
Problem Is's picture

The Bernank says:

"Gold isn't money."

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...

Mon, 09/05/2011 - 17:39 | 1635936 Use of Weapons
Use of Weapons's picture

Pretty much hardcore.


The videos of the terminal hits aren't pretty however - I can imagine any uplift / cross winds will fuck you up big time.

Mon, 09/05/2011 - 17:29 | 1635914 robertocarlos
robertocarlos's picture

Why do you hate the Canadian?

Mon, 09/05/2011 - 17:30 | 1635917 pallen
pallen's picture

Is the crack of doom coming soon?

Mon, 09/05/2011 - 17:58 | 1635997 Lord Welligton
Lord Welligton's picture

You posted that just to cheer us all up didn't you.  :)

Mon, 09/05/2011 - 19:10 | 1636202 pallen
pallen's picture


And this one works even better.

Who knew that ukrainians could make music :)

Mon, 09/05/2011 - 19:59 | 1636355 Problem Is
Problem Is's picture

That was like a Wizard-of-Oz-Tin-Man-Nazi-Lawrence-Welk-Gong-Show in a Vegas-Casino...

I almost threw up...

Mon, 09/05/2011 - 19:43 | 1636304 Problem Is
Problem Is's picture

What happens when Britain joins??


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?


Tyler, so many acronyms, so little time...

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