Bank Failures Hither and Yon
By Doug French, LewRockwell.com, June 9 2017
Grant’s Almost Daily reports that despite the seemingly calm economic winds, “Banco Popular has managed to run the ship aground. In order to shore up their sickly balance sheet, the acquiring [Banco] Santander will issue a €7 billion rights offering to shareholders. Banco Popular’s equity and junior debt are wiped out, to the tune of €3.3 billion.”
While America breathlessly waited for former FBI Director Comey to boast daytime TV ratings, the “announcement that Banco Popular Espanol SA will be absorbed by the sounder Banco Santander under the auspices of the European Central Bank for considerations of €1 harkens back to March 2008, Bear Stearns and J.P. Morgan,” writes Philip Grant. Have the world’s financial dominoes started falling on that side of the pond?
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