Can anyone offer a simple explanation why all these Big Guys run to foreigners first in case of distress? Why can’t they try a domestic equity or convertible debt offering first before giving up. My guess is they don’t want to open their books far too widely (to SEC/SarbOx etc.,). I can only conclude that the skeleton in the cupboard is far too rotten; these big money center banks are all probably insolvent. These games are just to postpone the funeral.
