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Strategies & Market Trends : Asia Forum -- Ignore unavailable to you. Want to Upgrade?

To: tom who wrote (924)	1/16/1998 9:14:00 AM
From: Thomas Haegin	Respond to of 9980

Tom, on your two stories which I believe to be completely true: Nice posts, I really like to hear any anecdotal evidence - positive also if there is - for this is the world we live in. Mark Twain said: "A banker is a person that lends you his umbrella when the sun shines and wants it back the moment it starts to rain." or so. Guess your stories fall under the "lending when the sun shines" practice. We all get more relaxed when the sun is out <g>. For stupid lending practices in Europe, witness what happend in Germany with the once real estate mogul Wolfgang Schneider: He partially forged his presentation documents when he asked for the loans, but the banks never bothered to verify his projections independently (there were big amounts involved), etc. Of course, the revs. from the real estates (mainly commercial) never lived up to projections, Schneider busted and this cost the banks, including Deutsche Bank which had the biggest loss, hundreds of millions (maybe more, don't quite remember now). This was as recently as last year or 1996. Herd mentality renders bad advice, JMHO, Thomas