REUTERS - Dateline Tokyo: Following the problems in the US sub-prime lending market and the run on Lehman's in the US and HBOS in the UK, uncertainty has now hit Japan.
Reports indicate the Japanese banking crisis shows no signs of improving. If anything, it's getting worse. Following last week's news that Origami Bank had folded, it was today learned that Sumo Bank has gone belly up. Bonsai Bank plans to cut back some of its branches. Karaoke Bank is up for sale and its employees are having to sing for their supper. Shares in Kamikaze Bank have nose-dived and 500 jobs at Karate Bank will be chopped. Analysts report that there is something fishy going on at Sushi Bank and staff there fear they may get a raw deal.
UPI - Dateline Edinburgh: BANKING CRISIS SPREADS TO IRELAND & SCOTLAND. Financial experts in Ireland report that another consequence of the US sub-prime mortgage crisis is that the debt load for Dublin Bank is triplin'. In related news, Limerick Savings & Loan director Peter Nan was indicted yesterday, charged with removing a whole bucket of money from the vault. Prosecutors say, "Nantucket!" A disappointing third quarter earnings report for Clancy Brothers Ltd. is expected to be released tomorrow. The firm has set high earnings goals, but experts believe they won't "Makem". Officials at Riverdance Mortgage & Trust stated Flately - "We've been stomped!"
On the other side of the Irish Sea, bank examiners report this week that the Bank of Scotland has indeed lost their shorts.
AP News Flash:
Caracas - The Venezuelan Petroleum Group is in the tank.
Denver - The Cripple Creek Savings Bank is now up the creek - some authorities say without a paddle in a chicken wire canoe.
Ontario, Canada - The Bank of Nantucket has kicked the bucket.
London - The London Market, recently characterized by market watchers in Britain as a "little piggie" stumbled today and ran all the way home. Market chairman T.L. Pigg, could not be reached for comment, but in a written statement from his home in Luton, stated "Wee, wee, wee!"
Edinburgh, Scotland - McDonald Medical & Pharmaceutical Industries today announced that it has "bought the farm". McDonald senior partners claimed the problem was "Here a quack, there a quack, Everywhere a quack, quack."
Looking for the "Big Win" - Progressives vs. Conservatives - *However beautiful the strategy,you should occasionally look atthe result - Winston Churchill**TRIGGER WARNING* *I posted the Churchill quote the other d...
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