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(LA Times)   Head of central bank of Lebanon bans investment in mortgage-backed securities by Lebanese banks, sparing Lebanon worst of financial crisis. In other news, something good happened in Lebanon   ( divider line
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344 clicks; posted to Business » on 07 Mar 2009 at 2:31 AM (10 years ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»

8 Comments     (+0 »)
2009-03-06 11:17:24 PM  
Those crazy Lebanese. Don't they realize that they've got it made already? I mean come on: a country full of lesbians....
2009-03-07 11:45:46 AM  
Just goes to prove that it WAS possible to foresee this mess. Banks that farked up should not receive government money and be allowed to fail so good banks, that foresaw all this crap, can be allowed to prosper.
2009-03-07 01:15:41 PM  
Define "banks that farked up." Goldman Sachs sold mortgage-backed securities left, right and center, but kept its own investments out of such securities for the most part. While certainly "farked up," one could certainly argue that they didn't "fark up." And it left them one of the strongest (very relative here) banks left standing.

I'd frankly prefer to see its managers boiled in canola oil for being a large "part of the problem", but it's all perspective.

And no, I didn't/don't have any real estate-based investments other than what may have been incidental portions of broad-based mutual funds, etc.
2009-03-07 03:41:59 PM  
This is the second time in 2 years that I have seen Lebanon kick the rest of the world's ass when it comes to banking. They totally have banking figured out. They don't cave to the pressure to invest that the US and Europe use in their negotiations with other countries. Lebanon is dangerous because it is proof that western leadership is bullshiat half the time for eastern nations. I can't wait to see some economic hitman confess about how they were beat by a Lebanese trade ambassador. That could be a wicked book.
2009-03-07 03:56:33 PM  
Good on them.

The rest of the world needs to follow suit in either:

A:) Making these securities illegal everywhere
B:) Regulating them just as heavily as you would a stock

Has anyone heard about regulations being reimplemented with this nonsense? I haven't heard a single person in charge bring it up lately. Must be too busy handing AIG another 100 billion.
2009-03-07 09:05:20 PM  
Lots of banks worldwide ban mortgage-backed securities, because mortgages are usurious and against Islamic Law. However, Muslim countries that do this are already so poor or so dependent on Western Nations thanks to plenty of other factors that this is pretty void and moot.

Now, did Lebanon due this based on Islam? The Lebanese people don't seem to reflect it, but it's possible.
2009-03-07 10:24:35 PM  

Nudge: Now, did Lebanon due this based on Islam? The Lebanese people don't seem to reflect it, but it's possible.

TFA's explanation: Mortgage-backed securities went against a major tradition in Lebanese and Middle Eastern banking: Know to whom you're fronting cash and who's going to pay you back.

Not everything that happens in the Middle East has anything to do with Islam as such. Lebanon's business class was historically mostly Christian.

FTA: Riad Toufic Salame was once short-listed as a potential candidate for Lebanon's presidency, a post that traditionally goes to members of his Christian Maronite community.

2009-03-08 11:13:47 PM  
+1 subber
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