These banks. What can be said with certainty? Not that much. It is emerging how little the directors of banks in general understood risk. In the words of Donald Rumsfeld (a man, incidentally, whom I admire, unlike the rest of the planet) there is the known known: US sub-prime mortgages. We are starting to get a grip on where we are with that one. Now there remains a known unknown: ordinary, regular or standard mortgages. We watch and wait. Another known unknown is the massive Irish housing bubble, rivalling that of the US but which has not yet been properly punctured. Recently there has appeared on the scene what, so far as I know, is an example of the most lethal member of the species: an unknown unknown: the Structured Investment Vehicle (SIV).The conclusion I draw is that I prefer cement. I have made two purchases of UK:ALBK but will not make the planned third, although I may make a purchase of UK:ANGL. It is simply that I do not like what I do not understand. I don't even really understand the definition of a structured investment vehicle, though it is explained today on TMF, nor its effect, if any, on our company.These banks.
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