It’s only when the tide goes out that you learn who’s been swimming naked. — Warren Buffett

 

Warren Buffett’s ominous quote sprang to mind when it was revealed that the Bank of Moscow received an unprecedented $14 billion state rescue package on Friday. For now at least, this fiasco seems to be regarded as a compartmentalized instance of fraud — in contrast, we suspect that this could be just the tip of the iceberg.

continue reading »