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10/26/08

When Paraguay teaches the world about banking you know it's pachakuti

Here's another dispatch from pachakuti, folks.

Paraguayan bank "Banco Regional", set up 17 years ago by its wealthy Ukranian immigrant Trociuk family, has announced it is buying the local branches of ABN Amro for a reported (but unconfirmed) 40 million Euros.

Y'see while the bankers up North have been rolling leverage into weird derivative papers and packaged subprime AAAs and all that stuff that finally ate itself this year, bankers in the "risky" world of Paraguay have been doing wild things like "lending money to businesses at competitive interest rates" and "selling personal loans" and all those boring, 20th century things that northern bankers must have laughed their socks off about....up to August 2007, that is.

So anyway, thanks for giving away another slice of profitable business at a knockdown price, northerners. Please call again.