This and more is in the latest ContraryInvestor piece on SafeHaven. Almost all of the above is concentrated in a mere five banks.The tone is not doomster:
The world is not about to come to an end. Through adversity is born opportunity for those prepared both emotionally and financially.
As with Northern Rock, I expect that when calamity strikes, the bank directors and financial regulators will still have good payoffs and pensions. What a tolerant society we live in.
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