David Roberts over at the GulfBlog has made a major contribution to analyzing (or in his case, would that be analysing?) the Dubacle with the Dubai Ridiculous Rating or "DRR".
One wonders (well, at least AA does) just how "sober" "bankers" and "investors" were persuaded to finance some of these schemes.
I guess the implicit guarantee can cover a lot of financial sins of omission as well as commission.
The chap at my local market (one that sells whole foods or so the sign says) offered to wrap a piece of fish for me in an implicit guarantee. I declined as I wanted some sort of paper around the fish for the transport home.
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