Too big to fail – the play

Find below “Act 1: Thanks for coming”, the first installment of Deep T’s new play “Too big to fail”. Acts 2 and 3 will be published tomorrow and Thursday. Enjoy (in a black sort of way!).

Comments

  1. nice one, brings out the subtleties such as it being a sort of cultural issue amongst the directors. It would be interesting to know whether the executive directors in the big banks who report to the market on a quarterly basis are just denialist about future risks to bank earnings or are fully aware and just blocking it out.

    No doubt if such reports as Deep T’s…:) are being filed then in hindsight they will be seen to be negligent. But if I was them the only tactic I can think of right now is pretend to be a real estate agent who can’t sell a property..and start working on the vendor to reduce their price expectations (for example they could start making press releases to the MSM each time they pay a record price for their short term offshore funding…). But then again if they have 90% of the residential loans market then public sentiment is irrelevant to their quarterly profits even with online lenders making some headway..Hence easier just to do nothing..:)

  2. Entertaining, informative…and stirring the possum!

    Megabank Chairman:

    “I have continuing close dialogue with the RBA Governor on these issues…and his retirement plans. There is nothing the Governor will do to harm Megabank”

    • Yep. There’s more to the RBA’s action than appears at mere face value. A deliberate decision with a view to ‘assisting’ the banks. (Plus the data (jobs) looked OK!)

      • The jobs data will be looking considerably worse in the months to come. Somewhere in Australia a medium-sized business is going to the wall every day.

  3. darklydrawlMEMBER

    Sir, Outstanding effort. Looking forward to the following installments.

    Very educational and amusing. Thanks!