Saturday, June 6, 2009

Sweeden punishes A$$ Wrangling Bankers, We give them Bonuses

From Business Wire
"If the banks approach us with large credit losses after making a lot of money on lending, their shareholders will have to pay the consequences," Anders Borg said in an interview, Reuters reports. "We will be very clear with banks which are not solvent and cannot live up to what the law stipulates, that they can count on (government) funding to be in the form of state ownership."

Swedish banks fear mounting loan losses as the economy in the Baltic States, where Swedish banks are the largest lenders, are heading for breakdown. This puts the Swedish economy at considerable risk, Sweden's Finance Minister Anders Borg said to Swedish state television, SVT.

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