What Do Wayne Swan And The Bank Of Cyprus Have In Common?

6 Apr

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Australian Treasurer Wayne Swan and the Bank of Cyprus were both lauded as the “best” in their class by Euromoney magazine:

Bank of Cyprus has been named as the Best Bank for Private Banking in Cyprus, by the internationally acclaimed magazine EUROMONEY

Bank of Cyprus Private Banking ranked first among Cypriot, Greek and other international financial institutions operating in Cyprus in the Private Banking sector. This accolade classifies the Bank among the leading financial institutions offering Private Banking services and is yet another important international distinction for the Bank of Cyprus Group…

This recognition by EUROMONEY is ever more important in today’s macroeconomic environment as it reaffirms the Bank’s ability to safely and successfully respond to its clients’ financial needs and emphasizes its clients’ loyalty and trust.

It now appears that Bank of Cyprus customers will lose up to 60%and possibly all – of their savings.

Like Wayne Swan, Finance Minister of the Year 2011, and the Bank of Cyprus, Euromoney magazine has a history of picking other winners too:

2006 to 2008 were indeed magic years for Euromoney’s awards selectors with “Best Investment Bank” 2006 going to Lehman Brothers who went broke in 2008. They’re blamed for much of the Global Financial Crisis. “Best at Risk Management” went to Bear Stearns who went bust in 2007. “Best Equity House” 2006 named Morgan Stanley and “Best Investor Services” favoured Citigroup. Both were bailed out in 2008.

What is the secret behind Euromoney’s superb record of success?

The [Finance Minister of the Year] award is judged by leading European banking and finance magazine Euromoney on advice from global bankers and investors.

(h/t MacroBusiness reader ‘innocent bystander’)

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3 Responses to “What Do Wayne Swan And The Bank Of Cyprus Have In Common?”

  1. Canberra Observer April 7, 2013 at 11:28 am #

    Just a thought, If this very questionable, Gillard led, ALP government was to be returned later this year; if this obscene offshore borrowing was to continue; could it “raid” Australian ‘s bank accounts to help out??? Just a thought but I don’t trust this government or the Party generally.

  2. Kevin Moore April 8, 2013 at 5:50 am #

    Michael Hoffman on Usury and Why Christians Must Avoid It.

    • The Blissful Ignoramus April 8, 2013 at 7:40 am #

      Thanks Kevin! I’ve read one excellent book by Hoffman; have now ordered a copy of this one, thanks to your tip. Much appreciated.

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