Comments on: Kuwait to guarantee deposits after Gulf Bank losses

By: Peter Banerji

Peter Banerji — Tue, 28 Oct 2008 05:14:58 +0000

Gulf Bank has never been a strong favourite of mine but about 10 years ago, I decided to put some money in Danah Certificates with Al Fanar Branch in the hope of being a Millionaire some day !!!!

Last evening I went to withdraw my money and was mentally prepared to wait in a mile long queue for at least a couple of hours.

I was pleasantly surprised that from the time I arrived at the bank till I walked out with my money, it took less than 20 minutes.

The stafff were extremely courteous and most helpful especially the lady who served me, Ms Dalal Ghazi Aloun, who was ever so willing to help. She indeed is an asset to the Bank.

One thing is for sure that if all issues are resolved, which I hope it will and the bank gets back into operation, I will open an account with them.

Hats off to Gulf Bank and the Central Bank.

By: Dj Hams

Dj Hams — Mon, 27 Oct 2008 01:07:33 +0000

All hail croco rock, for he knows all. From your comments, we all know how much you know :) Maybe you should go out there and help Gulf Bank and the KSE instead of hiding behind a computer screen. :)

By: bu ziyad

bu ziyad — Sun, 26 Oct 2008 18:42:19 +0000

im keeping my $$$ safe and sound under the mattress at this point!

By: mina

mina — Sun, 26 Oct 2008 17:51:08 +0000

scary! too much information. i heard so many rumors outside and when i get on site, its more worse :(

By: TanGo

TanGo — Sun, 26 Oct 2008 17:45:16 +0000

@32 croco rock
For my last purchase of 45sm apprtment in Dubai Sports City, developer refused ANY sort of financing arrangement; and term_of_sale was 100% pre_payment.. to the tune of US$ 185,000.00

By: croco rock

croco rock — Sun, 26 Oct 2008 15:35:14 +0000

Dj Hams: Explain what this has to do with the Global Economy?

Please, let’s here this…..

Be careful, cause you’re going to look like a complete cretin if you write about things you obviously have ZERO understanding of.

By: Anon

Anon — Sun, 26 Oct 2008 15:15:59 +0000

Actually if it wasnt for the economic collapse the euro wouldn’t have gone south..If the speculative position was lets say midway thru the drop then and depending on ur view if the situation u could have gone long or short…if ur a tech analyst and expected a rebound and the level u placed ur (for arguements sake) long position was a strong support…guess what supports are broken and they become even stronger resistences so ur screwed bothways..croco nothing is “just a speculative” position if thats ur trading sense in a market it would be (in my view) a rather shite one and a poor trade in my books.

What happened to stop losses and take profits..i just think this was either a marginal trade or a poorly structered option gone bad

By: Bin 3amo

Bin 3amo — Sun, 26 Oct 2008 15:03:43 +0000

While the official line is that the fall down of Gulf Bank was due to a an overleveraged currency trade; it is well known that GB has exposures to hedge funds and other speculative trading vehicles. I doubt the banks are as well governed as we think they are. there lots of mickey mouse business here in Kuwait (maybe as much as out there in the U.S and Europe.) Furthermore, the Sons of Yousef Alghanem, have also a large exposure to General Motors, as shareholders. A company that has recently cut its stock dividend w/ a stock price tanking to a 50 years low! I wonder if GB has a direct or indirect exposure to their investment in GM through a loan or bonds.
In conclusion, it was not the best managed bank at all w/ now so obvious loose internal controls and a fishy CEO that just few days back announced yet another excellent quarterly results!!!!!

By: Hellraiser

Hellraiser — Sun, 26 Oct 2008 15:01:37 +0000

يروى ان خبيرا ماليا على مستوى عالي طلب منه ان يبسط للناس اسباب الكارثه الحاصلة في اسواق البورصه العالميه فقبل ذلك وابتدأالشرح فقال للناس :

ان رجلا ذهب الى قرية نائيه وعرض على سكانها شراء كل حمار لديهم بعشرة دولارات . فقبل قسم كبير منهم هذا الاتفاق وباعوا حميرهم للرجل . وبعدها بمده قصيره رفع سعر الحمار الى خمسة عشر دولار للحمار الواحد فباع قسم من الباقيين حميرهم ثم رفع السعر ثانية الى خمس وعشرين دولار للحمار الواحد فباع الباقيين حميرهم ثم قال لأهل القريه سأدفع خمسين دولار لكل حمار تأتون به ثم ذهب لمدة اسبوع لتمضية الاجازه في هذه الاثناء اتى مساعد الرجل الى اهل القريه وقال لهم بانه سيبعهم الحمير الموجوده عند معلمه باربعين دولار للحمار الواحد وهم يبيعوها مجددا لمعلمه بخمسين دولار وافق ابناء القريه على هذا الاقتراح وتكالبوا على شراء الحمير ومنهم من باع كل مايملك للحصول على اكبر عدد من الحمير ومنهم من صرف كل مدخراته وهكذا عادوا واشتروا حميرهم من جديد

ومن يومها لم يروا لا الرجل الشاري ولا مساعده ابدا
Hehe great analogy.

By: Dj Hams

Dj Hams — Sun, 26 Oct 2008 14:49:50 +0000

Well, this is a global economy, and the global economy played a part in it as well. Investors who invest in kuwait also run business in foreign countries. When they make losses in foreign countries, they dont have the money to pay for loans in places like Kuwait as well. I hope you get where I am coming from croco rock. And try to stop the name calling. Talk like an adult.

By: croco rock

croco rock — Sun, 26 Oct 2008 14:39:57 +0000

OMG….HOW THICK ARE THESE COMMENTS?

THIS IS A CURRENCY TRADE THAT WENT AGAINST THE SPECULATOR.

IT HAS NOTHING TO DO WITH THE FINANCIAL MARKET CHAOS IN THE US AND EUROPE.

THIS LOSS… COULD HAVE HAPPENED ONE YEAR AGO – WHEN THE WORLD WAS STILL ENJOYING ECONOMIC GROWTH AND THE KSE WAS AT 15,000.

IT WAS A SHIT SPECULATIVE TRADE BY AN IDIOT WHO BET THE HOUSE.

SO MANY IDIOTIC COMMENTS. ENOUGH ALREADY.

By: Dj Hams

Dj Hams — Sun, 26 Oct 2008 14:21:37 +0000

So it finally affects kuwait! Two of my banks in the US were bought over by other firms. I think the worldwide turmoil has just started…

But who cares…we can all grab a Big Mac! ..maybe for cheaper! ;)