He says his bank, like all European banks, are being told by the wacko regulators they have to put more money in reserve TO COVER LOSSES DUE TO BAD LOANS they've made. (This means they need to put a pot of money off to the side to cover the stupid high risk/high profit potential loans they've made that didn't pan out, money that now won't be available to loan out to customers.)
So it's the banking regulator's fault business loans will now be harder to get?
Ummm....try this Mr. Greedy Banker: Only make loans to quality, credit worthy customers. Then you wouldn't have all those horrible losses. Greece is/was NOT a quality, credit worthy customer. Nor was Ireland, or Italy, or Portugal. (Of course then you wouldn't have your whopping big bonus either. Ohhhh....now I get it!)
As for my own investment strategy, I'm playing it safe. I've put everything I have into Gallagher's Sledge-O-Matic, becoming the exclusive North American distributor for his fantastic "slicing / dicing / cuts Julianne fries but you gotta hit that sum bitch juuuuust right" miracle kitchen device.
Cha-ching!
S
