"EXPOSURE"
A long list of big names in European banking have had to admit they suffered huges losses from the collapse of a Ponzi scheme perpetrated by ex-Wall Street tycoon Bernard Madoff. All told, losses aroung the world from banks affected by the scam number in the hundreds of billions.
Read about it at Yahoo News [link]
All throughout the above article, spokespeople for these companies continually referred to their losses as "exposure."
"Shares in Santander Bank [of Spain] plunged after the lender said it had an 'exposure' of more than three billion dollars to Madoff Investment Securities..."
Here's something that I find interesting. When large European blue-blood banks loose multiple billions of dollars because of some hot-shot phony on Wall Street, the proper word for such a debacle is not "exposure." The proper description for that kind of disaster should be more like "We walked out of the office, pulled our pants all the way down, displayed our assets to women on the sidewalk, and completely humiliated ourselves."
Heh. "Exposure." What a laugh.
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