Friday, 1 August 2008

Ooooh quick - jump out the window dag NAB it.

From the International Herald Tribune ...

National Australia Bank, the top lender in that nation, booked another 830 million Australian dollars in losses from its exposure to U.S. mortgages, sending its stock plunging on Friday to its biggest single-day percentage drop in nearly 21 years. ... more ...

Yes, because an interim half yearly profit in excess of $2 billion, just isn't good enough, is it?

Maybe I'm cynical, or just been around long enough to have "been there seen that", but honestly, all this angst over the US sub prime and global "credit crisis" from supposed experts, would be laughable if it wasn't so potentially serious. (Bolting horses and all that.)

Anyone reading this old enough to remember when companies used to announce a half year or annual loss, with barely a ripple in the markets?

Ah yes, the good old days, when people used a thing called perspective (wiki).

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