Monday, October 1, 2012

American Banks are not Safe because of their Derivative Portfolios

Marc Faber : "Now I happen to believe if you have money on deposit in Thai banks, it's much safer than if you have deposits with Citigroup, UBS, Royal Bank of Scotland and so on, because Thai banks don't have huge derivative portfolios. JPMorgan, they have trillions of dollars in derivatives. Nobody knows how to value this 'garbage'." - in The Nation a Thai Newspaper


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