Ireland and default again
Yves Smith has a thought provoking article on her Naked Capitalism blog that I’ve only just got around to reading. It includes a useful, if cyncial, analysis of the raison d’être of the current stress tests / banking investigation being undertaken by BlackRock. Earth to base, this is a garbage in, garbage out exercise You can’t value loans against illiquid real estate by sitting around playing with models. Our Swedish Lex, who worked on the Swedish bad debt liquidation exercise, …