One blog reader - a Sovereign customers - sends me the following:
Across the top of my Sovereign home equity statement for June, I read:
"The Safety of Santander—Benefit from the security of one of the world's
safest banks."
Hence why I love mgmt teams under suspicion of fraud saying something along the lines of: "There is no wrong-doing...there are no inaccuracies in our filings"
Last weeks paper economist had a nice big ad for Santander which just happened to point out that it was a global bank and made only 12% of its profits in Spain...
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4 comments:
Hence why I love mgmt teams under suspicion of fraud saying something along the lines of: "There is no wrong-doing...there are no inaccuracies in our filings"
blah blah blah
- longshorttrader
Last weeks paper economist had a nice big ad for Santander which just happened to point out that it was a global bank and made only 12% of its profits in Spain...
As a matter of interest, hw did u construct the short? otc? As there presumbly isnt a cfd mkt on preferred?
Another bad omen? How sustainable is it to be funding yourself with $19B of commercial paper aimed primarily at "retail clients"?
http://www.reuters.com/article/2012/05/30/santander-debt-idUSL5E8GUIEK20120530?feedType=RSS&feedName=financialsSector&rpc=43
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