Bank bail outs put in perspective

Meltdown due Monday, originally uploaded by renaissancechambara.

I loved this quote from my friend Lawrence who is a managing director of a London based hedge fund on the recent bank bailouts: “Also, be careful about some of the Govt guarantees being given. Iceland’s government took over Glitnir at the weekend, but Iceland has a population of only 300,000 people – those taxpayers are the guarantee. It’s a bit like being guaranteed by Wakefield.”

It puts things in perspective (though Wakefield actually has a population closer to 76,000.)