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"Ten Days Later" - Bankia: The Supreme Irony
The May 19 issue of The Economist had the following truly prophetic ad among its pages for the now failed, and bailed out, Bankia: "Some are happy the way they are, others, like us, prefer to discover what we can become."
Ten days later the discovery process is complete: Bankia is now the biggest bank failure in Spanish history.
Our question: will The Economist invoice for advertising services rendered be paid out of bailout funds? Or, like Aurelio Izquierdo's €14 million termination payment, will this money come from "non-bailout money"?
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If they had any sense, they would have asked for payment up front.
Starting with a domino 5 milimeters tall and increasing the size of each successive domino by 150%, the 29th domino will be large enough to topple the Empire State Building!
Actually, that domino would be about as large as the sun: 2.5^28 * 0.005m = 6.938...x10^5 km vs. 6.955x10^5 km.
And it would still topple the Empire state building.
TO: DR. Acula - Double Check your math!
Big bank? Not too big to fail. Another Bailey savings and loan bites the big one while Potter rubs his sweaty hands together in delight!
His math is correct. It's how he interprets 'increase by 150%'
Is 100 increased by 150% equal to 150 OR 250 ?
150% of 100 is 150 and then if you increase 100 by 150 your result is 250
Thus he gets 6.9E+8m instead of 426m
The text says 50 percent but the man says 150 percent, so not sure, but here is the video:
http://www.youtube.com/watch?v=y97rBdSYbkg
I'm not so sure.
To maintain a domino shape, the domino would have to be made out of a rarified gas. Otherwise it would rapidly collapse owing to its immense mass.
well played sir
No.
The Economist is run by a load of blinkered europhiles with terminal normalcy bias. The thought would have never crossed their tiny minds.
Europhiles? Oh, and here I was just thinking they were probably pedophiles.
If they had any sense they would have used a bum on the cover.
That would have been way too obvious. The provided subtle pedo-pic requires more effort to decrypt...
Synonyms
Slightly OT, but still with Euro banks, can anyone assist in pointing to an electric interweb site where an EU citizen might be able to open a Greek bank account? I fancy borrowing shed loads of soon to be redominated cash. The google has so far been unhelpful.
Searching the web with goofle is sorta like looking to the NYT or Economist for an unbiased insight.
Go to a local branch of a Greek bank.
Take a vacation to Greece.
Take it Greek; that'll getcha a new deposit.
Cheers knuckles. I think that may be my only option.
No, it is controlled by the Rothschild's. Lady Rothschild sits on the board. They no exactly what they are doing .... shilling for the banks.
Vendors always get screwed in a bankruptcy. Probably more so than the shareholders.
...will this money come from "non-bailout money"?
Doubtful.
What is this "non-bailout money" you speak of? If there is any of that, it isn't circulating.
Surely he will have been given €14m of prime Spanish 10yr bonds.
He's in for many-a-frightful year reading his pension statement.
Destroying the Spanish economy, for bankers bonuses.
"That is our commitment."
The answer is no. Efforts to compartmentalize bailout money are pure fiction. If bailout money allows a bank to survive when it otherwise would have failed, and it then pays salaries and third party vendors that otherwise would not have been paid, bailout money is being used. Period.
Yes, and this is a classic feature of fascism.
And fascism is why Spain spent the better part of a century in hell. You would think that they would remember.
Funny how all those governments and banks functioned well before they were told they are fucked up.
It's almost as if everything was planned to fall apart.
The Economist is well regarded as satirical anyway, now this sort of just confirms what everyone already knew.
The Onion now has legit competition.
By the Keynesians, for the Keynesians.
The word "bailout" can be located on every 2nd page.
The Onion now has legit competition.
Word on the street is that the Onion is going straight.....they just couldn't take the competition anymore.
Perhaps Fox will now have some real competition.
... I think Bankia beats them both:
Bankia Without Commissions"Good news for all our customers. Discover how to get no fees service."
Economist advertisement revenue: the best spent bankster money ever?
No dear, saying 'ATM machine' is redundant. Now back in line.
Good.
Its even better here in the U.S. when a bank like JP Morgan can lose $3 billion in ultra risky trading no one can even understand, and when they lose theyre simply gifted with $25 billion.
Don't worry..........good times in the US are on the way too. This bullshit has gone way to far and they've pretty much destroyed the planet with it. I can't believe they haven't tried doing somthing like blowing up Iran and blaming it all on that yet. Something shitty is coming im sure of it.
Dam good thing the US doesnt have any exposure to spanish banks or government paper.... <Sarc off>....
These people have no shame !! Seriously , when do people start to wake up from their stupidity and ACT ??
The banks are a one trick pony.
They have to sell "trust".
It's worked for soooo long.
I'm good with Earhole's €14mil
Provided it comes out of future profits
Otherwise - hang him.
"That is our comittment"
Does that kind of horseshit ever work on people? The US banks do the same type of non-sense advertising with people proclaiming how much they 'love' their banks. Then the banks proclaim how 'dedicated' they are to their depositors.
Jesus...please take me. I'm ready.
LOL.... ah, mercy...
The sweet release that death brings. It must be wonderful.
You should read this:
http://www.amazon.com/The-Dedalus-Book-Russian-Decadence/dp/1903517605/r...
stop spreading the despondency plague, read mine its more optimistic, even if the blood and sex is full of crusader zeal! We need hope, faith in man and simple charity/solidarity in difficult times!
Pech Souleila: Sidi Kafir By Falakpema
Woody Allen: "...first you get sick and you're horribly nauseous, and then you die... and you're not nauseous anymore!"
is this spains "bear sterns moment"
Cramer says hold
Cram'er can cram it.
not yeat a crush but the train aka motorbike is one the wreck track
http://blogs-images.forbes.com/afontevecchia/files/2012/05/300x2063.jpg
I was happy the way I was until you guys came along.
I love the photo of the kid too. Even a two year old can see they're out or their minds.
You were unaware until ZH sobered you up?
"No no no, Bankia is fine. There's nothing wrong with Bankia!" - Jim Krammer
I used to track Cramer. Demo bought 100 shares of what he promoted on his show (BUYBUYBUY!!!!) at market, and shorted 100 shares of what he trashed (SELLSELLSELL!)
After one year (and enough of his voice ringing in my ears (this was years ago), his track record was;
171 stocks BUYBUYBUY - DOWN 37% aggregate
152 stocks SELLSELLSELL - DOWN 17% aggregate
It is a wonder why this buffoon has a job, let alone clients.
Now, he had some winners, but his losers were real stinkburgers.
I use him as a contrarian indicator...same with Bob Pisani giggling like a school girl at every market top.
So far so good ;-)
And our markets are up. Buy the failures of others. And does FB ever go up? Options available today. Gonna wait a day or two to see how it plays out. But I am lusting for them.
http://www.bloomberg.com/news/2012-05-29/rajoy-seeks-european-backing-as-spain-s-access-narrows.html
Spain backtracked on a plan to use government debt instead of cash to bail out Bankia
Farcebook is now down $10, to $32....surely they could buy this poster for $20 billion and bailout Bankia.
ps i demand fee for that sagely advice
Does the "Suckerburg" deserve some slack?
-B.D.
Cramer = Clown = Clown TV
You could also ask advice from Susie Orman from the Susie Orman Show with Susie Orman. Although our our Reggie Middleton is getting up there in the clown stakes.
As long as spain receives indian immigrants situation will become far worse
Time now for spain to launch a nuclear war on india
Well I hope you "Spaniards" stay out of my country too. We Brits don't want you Euro peasants on our island.
Bankia spoksperson, Awna Toppia: "We feel badly for everyone. We're looking into how we could have mistated Bankia's 2011 earnings by over 5 Billion."
Bankia investor, Arie Lief: "Could be worse."
Bankia depositor, Otto Gogh: "I'm want my money out now."
German woman on street, Bea Goldmiser: "Bankia and Spain's money -- NICHT!"
USA woman on street, Noda Kluheer: "Bankia did what-ia?"
GOT IT!!! LMAO!!!!
There are still a lot of dungeons in Spain..
Plenty of room to lock away bankers,
and throw away the key.
And just now on Bloomberg - Spain PM now says they may NOT bail out bankia cos of ‘financing’ concerns - he aint got no change
Spain backtracked on a plan to use government debt instead of cash to bail out Bankia, as Prime Minister Mariano Rajoy struggles to shore up the nation’s lenders without overburdening public finances.
http://www.bloomberg.com/news/2012-05-29/rajoy-seeks-european-backing-as-spain-s-access-narrows.html
Will he; won't he - ah indecision - the prime requirement for today’s LEADERS
http://www.southparkstudios.com/clips/248462/attack-of-the-change
Awesome!
but...think of the children!</sarc>