Trevor Cook: On the day NAB blamed US subprime crisis for mortgage rate rise

04 January 2008

On the day NAB blamed US subprime crisis for mortgage rate rise

The Big Picture | Quote of the Day: How Banks Lose Money.

"I don't know why the banks had to find new ways to lose money when the old ones were working so well."

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-Wells Fargo CEO John Stumpf, as quoted by Warren Buffett

News.com.au - "A spokeswoman for NAB said the move was ordered to enable the bank to cover the higher costs it has faced since the sub-prime crisis broke in August".

Why did all those banks decide to lend money to people who clearly couldn't pay it back?

4 Jan 2008 20:29:18

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