Sunday, 7 October 2007

Mark my kangaroo down, pa


Surely banks' robust mark verification processes and extensive financial controls would not let this happen would they?

"If you're a smart CEO, you're going to write off everything and then some, maybe even to below-market prices, because you're going to be hidden in the woodshed with everybody else," says Daniel Genter, chief executive and chief investment officer of RNC Genter Capital Management [...]

"They'll make it look a lot worse than it is, but that's the smart move, because you've got little to lose and you might get some of it back in a quarter or two."

Of course they wouldn't do that. You just stand there and tell the tide not to come in.

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