Thursday 17 March 2011

Banking crisis as bust-out

As the old saying goes, if you owe the bank a thousand and you can't pay you're in trouble. If you owe them a million and you can't, or won't, pay, the bank's in trouble.

More interesting news from Private Eye.

Following their revelations about money owed to RBS by Lebedev and others, and the looting of Irish banks by their own executives, they've now revealed internal shenanigans at Kaupthing in Iceland. Not surprisingly for anyone following bank scandals from the Texas rent-a-bank scandal through S&L and BCCI to the present day, it's all theft. Not just incompetence as the MSM might have led you to believe.

It's the best way to rob a bank: own it, "lend" all the money to yourself, don't pay it back. Maybe collect a nice big bail-out too.

In the case of the Icelanders, Stamford (a billionaire already, retail magnate), the Tchenguiz brothers, the Gokal family and the Qatari royal family were all involved in the looting.

The Eye links it all to BCCI, the Bank of Cocaine and Crooks International as they call it.

A little fact they mention: the bank formerly known as Kaupthing Luxembourg is now owned by one Mr Rowland, a big Tory financier, and was ceremonially opened by Prince Andrew, but let's not go down that road.

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