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Sunday, February 17, 2008

i dearly hope it is true that the crock will be nationalised. making an analogy with berkshire hathaway's equitas deal, putting profitable but illiquid assets onto a sold balance sheet is an established and profitable business model and might well yield some relief for the poor old taxpayer in these times of high psbr and impending economic doom. actually, quite exciting next two weeks if you are a keen spectator of bank accounting - it is annual results time. what are the odds of crock II emerging as and when the full extent of write downs for bad debt, supreme lending and other cheery "exceptional" items are announced? not too long, i would guess....


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