What fun!!! Bankers turning on each other over bad loans.

[dixiegrrrrl]

Just found this, it is dated 2 days ago, but very worth the glance.

Trade minister flies to Saudi Arabia to persuade defaulters to treat creditors equally.
Bankers are furious that two defaulting Saudi conglomerates that owe $20 billion (£12.2 billion) appear to be favouring local banks over foreign creditors. State-owned Royal Bank of Scotland, HSBC and Standard Chartered are all understood to have exposure to Saad Group and Ahmad Hamad Algosaibi & Bros (Ahab). Dozens of other Western banks are also owed money, including Citigroup and BHP Paribas.
Bankers suspect that the two family-owned businesses, which defaulted over the summer, have privately reached agreement with local Saudi banks over restructuring their loans while leaving foreign banks in the cold. One senior banker told The Times yesterday: “Local banks appear to have been given preference.”

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article6946728.ece

Oh my, god forbid the Saudis screw over the WEST like BOA and Wells Fargo screwed over Lehman and
the other banks.
God forbid the colonies are turning on their former masters.
the Horror!!!!!!!!!!!!

[midnight]

1. Interesting development.....

[corpseratemedia]

2. rofl!

...the audacity!

[chill_wind]

3. It is to weep. K & R.. n/t

[Mira]

4. I see them arriving, holding their gruel bowls, and saying: "More please". And

that just makes me sadly laugh out loud.

K&R

[pscot]

5. Why am I not surprised by this

n/t

[westerebus]

6. Small problem.

Next time they might want to read the fine print. The 21st cousin of the King's brother's fifth wife is always paid first. She has her degree in finance from UC Berkley and writes all the contracts in Arabic.

Absolutely charming woman.

[sendero]

7. You are going to see more and more of this..

... we will not get bankster justice from our own government, but foreign banks and governments have long memories.

They all understand full well what an outright flagrant SCAM Mortgage Backed Securities were. And once you've been cheated the compulsion to act with integrity is gone - if they are crooks why should you play fair.

Ripples of this (MBS/CDS) scam will reverberate throughout the banking system for decades.