Spanking the Europeans.
Of course us Europeans (and Canadians and Australians) feel uncomfortable at the Obama "it was us that did in Bin Laden" without admitting it was a team effort and that 10 years is a long time. And so with the sub prime crisis, the first bank to be sued by the US government is Deutsche Bank. (bloomberg)
Now we know that most of the US banks were up to their ears in subprime stuff and many were bailed out because their assets were toxic. So I am assuming we are going to see other banks being sued too and that they will be American.
Managers abandon equities (reuters)
King the Clown (telegraph)
Obama to find a cure for the common cold.