Re: Re: Cyprus Bail Out

#116524
peterhun
Participant

@Rocker wrote:

A few years ago, he was one of the most popular guys in town.

The considerable trick with banking is to survive the regular crashes. I read a Nordic analyst opinions about Icelands bankers, he said they lived on an island with limited education facilities and tried to do business with much smarter people without understanding their limitations. He said the Icelanders bough every piece of crap they could and he help sell it to them.

Part of the problem was that they did understand a basic mathematical concept as none of them had ever been taught it at school and it never occurred to them that them were miss-informed (Mike never explained what it was). The education system was so limited that nobody spotted this basic mistake. And Icelandic banks only employed Icelanders, so Mike and his London banker mates merrily shafted them.

When things are booming banking is easy, when its not, the idiots lose everything.