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Politics : The Obama - Clinton Disaster -- Ignore unavailable to you. Want to Upgrade?

To: Wayners who wrote (32438)	6/27/2010 10:20:26 AM
From: SGJ	Read Replies (2) \| Respond to of 103300

The court’s decision, based on a 2001 law designed to protect borrowers whose incomes are in kronur, leaves the banks to pick up the tab created by the krona’s slump. Iceland’s currency has lost 30 percent against the Swiss franc and 40 percent against the Japanese yen, which featured prominently in foreign borrowing, since September 15, 2008. My sense is the banks should have been aware of the 2001 law already on the books and bought currency exchange rate protection to insure their large interest rate arbitration gains. Banks involved deserve the loss. Here's a more factual report of the situation instead of Buddy's typical editorial version of the news. businessweek.com