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What happens when a bank has to accept the collateral posted for loans? Well, in Russia, it's like the punchline to a bad Yakov Smirnoff joke. "In Russia, when a bank takes collateral, it has to set up a pigpen!"

Well, this is exactly what happened to Alexander Lebedev's OAO National Reserve Bank. It wound up with 40,450 of them. As Russian banks are coping with the financial crisis, they are finding themselves with a variety of hard goods that they never expected to receive.

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Pigs and panties: Russian banks stuck with unexpected collateral originally appeared on BloggingStocks on Tue, 27 Oct 2009 13:40:00 EST. Please see our terms for use of feeds.

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