Calgarypuck Forums - The Unofficial Calgary Flames Fan Community - View Single Post - The ongoing financial turmoil and financial discussion thread

HotHotHeat · 03-06-2009, 07:46 AM

It's not a recession, it's an economic downturn.

Anyways, I'd expect this article is a sample of something that happens all the time in the banking world...Few billion goes missing, meh...

Merrill Lynch may have lost hundreds of millions of dollars on currency trading and credit derivatives last year, the New York Times reported earlier today. The losses did not “spill into plain view” until after Bank of America investors had approved the $33 billion takeover in December and Merrill Lynch disbursed $3.6 billion in bonuses to bankers, the newspaper said. Bank of America later sought additional government funding.

http://www.bloomberg.com/apps/news?p...fzQ&refer=home

American bankers have become the slimiest grouping of businessmen on the face of this planet. Swiss bankers look like angels next to them now. I'd trust my money more with the Russian Mafia.

03-06-2009, 07:46 AM	#1008
HotHotHeat Franchise Player Join Date: Mar 2007 Location: Victoria, BC Exp:	It's not a recession, it's an economic downturn. Anyways, I'd expect this article is a sample of something that happens all the time in the banking world...Few billion goes missing, meh... Merrill Lynch may have lost hundreds of millions of dollars on currency trading and credit derivatives last year, the New York Times reported earlier today. The losses did not “spill into plain view” until after Bank of America investors had approved the $33 billion takeover in December and Merrill Lynch disbursed $3.6 billion in bonuses to bankers, the newspaper said. Bank of America later sought additional government funding. http://www.bloomberg.com/apps/news?p...fzQ&refer=home American bankers have become the slimiest grouping of businessmen on the face of this planet. Swiss bankers look like angels next to them now. I'd trust my money more with the Russian Mafia. Last edited by HotHotHeat; 03-06-2009 at 07:48 AM.