One of the questions that’s hovered in the Spanish atmosphere for years is how solid is the acquisitive and apparently very successful Banco Santander. I have no idea but was interested to read this article (Anglo, of course) which suggests that, for macro reasons, a careful eye needs to be kept on the institution. “Banks which build themselves up to be the biggest and most diversified have always come unstuck in the end — Bank of America in the late 1980s, Citigroup and RBS in the recent crisis — partly because the challenge of risk control across such a vast portfolio of businesses becomes impossible, and partly because they become complacent believers in their own propaganda.” We will see, I guess. Possibly after Sr Botín (now 75) finally retires.
For a number of reasons, I’ve been affected by a touch of melancholia over the past few days but nothing cheers one up more than one’s team beating a big-spending aspirant for the Premiership crown, at its home ground. As Everton did to
last night. Preventing them, it seems, going to the top of the league for more than eighty years. There must have been some disappointed Mancunians trudging home in the snow last night. But joy uncontrained in Liverpool. Or part of it anyway. Manchester City