Also, UK banks do not operate under a subsidised funding model with minimal recourse to government funding. In terms of exposures to the PIIGS, sovereign debt exposures are small and banking book exposures to property and construction in Spain and Ireland are highly impaired and well provisioned the worst is in the past.
It is almost as if every major government agency has gone rogue and Obama has no idea what the heck they are doing. According to Obama, he often doesn't learn what those i need a loan shark under his authority are up to until he sits down and turns on the news.
Jack calls a spade a spade, which is why hes quoted coast to coast and writes a regular column for the Sarasota paper as recently: The answer was yes, when we connected by phone.
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He thinks its a very good report and regards it as an important step in reforming our banks so that we dont repeat the terrible i need a loan shark mistakes of the last few years.