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Another shrewdy
Feb. 14th, 2008 08:11 amNo matter how good you think you are at gambling, the chances are that, eventually, negative EV or poor bankroll management will catch you out.
Statto was declared insolvent on February 4 at a Manchester court.
http://www.timesonline.co.uk/tol/news/uk/article3365685.ece
Hubris? A bad run? Denial?
++++++++++++
The auditors are all marching to the same drumbeat -- that beat being "remember Arthur Andersen". AIG had to write down $4bn. Bradford and Bingley has been hit for a much smaller amount, mainly because "optimistic" estimates of the value of certain illiquid synthetic financial products are being stomped on by the auditors; "and we don't care how important a client you are". If they are willing to do it to AIG, they can do it to anyone.
Look for several bank CEOs in the UK spitting feathers this month as they have to put huge losses onto the P&L account that they had blithely assumed they could hide away in appendix until everything settled down. After all, the auditors had always signed it off before, hadn't they?
Fun times.
___________________
Statto was declared insolvent on February 4 at a Manchester court.
http://www.timesonline.co.uk/tol/news/uk/article3365685.ece
Hubris? A bad run? Denial?
++++++++++++
The auditors are all marching to the same drumbeat -- that beat being "remember Arthur Andersen". AIG had to write down $4bn. Bradford and Bingley has been hit for a much smaller amount, mainly because "optimistic" estimates of the value of certain illiquid synthetic financial products are being stomped on by the auditors; "and we don't care how important a client you are". If they are willing to do it to AIG, they can do it to anyone.
Look for several bank CEOs in the UK spitting feathers this month as they have to put huge losses onto the P&L account that they had blithely assumed they could hide away in appendix until everything settled down. After all, the auditors had always signed it off before, hadn't they?
Fun times.
___________________
