La Crise Financiere A Bon Dos

Iceland Prosecutes Former PM

For failing to keep the country out of harm's way. Indeed 3 banks borrowed the equivalent of 10 times Iceland's GDP before failing and dragging the country into a deep recession. Interesting. I thing we should have this kind of accountability codified in our laws. And they should apply to senior officials in a position to mess up Mauritius in a big way.

You mess up, you don't collect 200.

Former RBS Boss Stripped of Knighthood

He received for services to banking because he helped throw the UK into the biggest recession in six decades. Here's the chain of events: bank makes poor decisions; bank fails; helps create financial recession which causes major recession. You can start by reading the executive summary of the FSA report.

It should help you figure out that there must be an optimal size for the banking sector. More on this later.

On Dit Merci Qui?

Kozelidir Free Guide To Understanding The Infamous Stimulus Package

We did not need one in the first place as our banks were making record profits and did not have toxic assets on their balance sheets thanks to the relative primitiveness of their operations. Besides what was marketed as proof that the Sithanen/Mansoor reforms had been successful was merely a flash in the pan. The trouble we got into here was instead due to the work of a White Swan.

The ASP, for sure, could have been more transparent. But it didn't take long before it became redundant.

Claims of it saving as many as 4,700 jobs are easy to disprove while MPs now want hear from Mansoor.

And a lot of people want to hear from Cader.

Mauritian Banks Survived Financial Meltdown Because of Their Lack of Sophistication

Mortgages here unlike in the US are not securitized (banks selling them to intermediaries which repackage them into instruments of varying risks for institutional investors). And they are not securitized because our financial system is relatively primitive, a lot of players don't give two hoots about satisfying client needs and are instead busy abusing them in more ways than one. Our laws also need to be modified to allow this activity.

Hmm... Maybe not as long as political idiots keep on nominating incompetent people in positions of huge responsibility who don't even know that a government guarantee is the best loan you can get.