Banks--- Betting on the recovery Message Board

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Non-Tech : Banks--- Betting on the recovery

WFC 82.87

-2.6%

2:48 PM EST

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To: Road Walker who wrote (273)	3/17/2009 5:24:52 PM
From: tejek	Read Replies (2) of 1428

"It's going to blow up," said a senior Financial Products manager, who spoke on condition of anonymity because he was not authorized to speak for the company. "I have a horrible, horrible, horrible feeling that this is going to end badly." I really believe the CDS's are nuclear financial materials. I know they are toxic but what's worrying me is they may not be able to unwind them. That's what this guy sounds like he's saying. Plus, the CEO had to know there would be a huge uproar over the bonuses and he went ahead and handed them out. It sounds to me like he's afraid that the guys who have the ability to neutralize these assets [if that's even possible]will leave the company and it won't get done. You've go to to wonder how these companies are structured that allows people get their company into such messes. I read recently that Barclay's had a trader go rogue and run up all kinds of trading debt. How many times does that have to happen before these companies put controls in place that prevent these disasters?

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