Summary
PLUNGING profits, massive writedowns and still no resignations.
It's hard to escape the conclusion that there's one law for banks, currently in their reporting season, and another for the rest of business. Their PR is quite superb. Their bosses tell us how bad trading has become and mention in passing how they're writing off even more on their subprime folly. Then we're told how they're relishing the challenge of sorting out the mess and taking the bank forward.See the full content of this document
Extract
Why No Blood On the Floor?
The fact they've...
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