As a child I collected stamps. Thought they maybe worth something in the future but no. Worthless. I blame Stanley Gibbons for pumping up my expectations.
You see I believed them. They were the "authority". Of course as a cynical adult it is clear stamp collecting was pumped to keep them in business.
My stamps were like CDOs or call options on the S&P 500. When I realised my stamps were worthless I looked for someone to blame. So I blamed Stanley Gibbons. They were my Bank.
Nobody regulates stamps but if they did I would blame them too. But I would be barking up the wrong tree. Stanley Gibbons is an organisation. One of many in the UK. And who looks after all these companies? Politicians.
During the boom, governments force fed the banks their debt. Banks liked the yield, liked it being tier 1 capital and could sell it easily. The politicians liked being able to say "more pensions", "more child care", "more silicon implants" and so on.
Banks were not the cause. They were just doing their jobs.
So it is with sadness that a bunch of elected morons in Europe cannot face up to their imbecilic behaviour over the past few years and just continue to bash the finance sector whenever they want deflect criticism away from them.
But that is dull.
Just read Michael Lewis's book, Boomerang. Looks like he read fintag during 2008. Anyway, he never mentions the Russians who funded Iceland. And Cyprus. And Ireland. Why would this be? He talks about the Icelandic banks rising from fishing boats. If it was that easy why doesn't Europe just create a fictitious bank?
Oops, they have already done that and not a Russian bean in sight (much better to buy out London where capital gains is zero and money laundering is a Camden pub band).
King brainstorms with himself (telegraph)
Italy austerity programme stolen from Greece (reuters)
BP pushed up the FTSE (reuters)
Europe to demerge and Goldman Sachs to help it do so.