Full story here from ZeroHedge. Remember when this was $4bn for Greece (about a month ago)? Trying to transfuse the corpse big time. The financial Maginot Line has been constructed. That worked out well–oh wait…
From The Daily Capitalist
“The message has gotten through: the euro zone will defend its money,” French Finance Minister Christine Lagarde told reporters [...]
Full story here from ZeroHedge. It’s like picture day–at the local morgue.
BNP, Commerzbank, HSBC, SocGen, Natixis, BNP, CA, AXA, ING and Rabobank all identified as banks with massive Greek repo exposure. The next question: will writedowns on these now illiquid and, as the Greek bond market is effectively shut down for a second day running, [...]
Full story here from ZeroHedge. OK, I think this is the appropriate music for this…”going down, down, draggin’ me down”
Portugal… Spain…Greece…these are all last week’s news based on CDS trading patterns. Indeed, this week saw the biggest trade unwinds of all top 1000 CDS entities (including all corporates) precisely in these three [...]
Full story here from Business Insider.
Cities are the last place to recover from a recession.
Unlike national governments, town halls have a slim margin for debt. Most cities are required to pass a balanced budget for FY2011, which begins in October. A few cities must close a deficit for the current year.
The only option is total [...]
Full story here from Reggie Middleton via ZeroHedge.
I have warned my readers about following myths and legends versus reality and facts several times in the past, particularly as it applies to Goldman Sachs and what I have coined “Name Brand Investing”. Very recent developments from Senator Kaufman of Delaware will be putting the spit-shined patina [...]
Full story here from Business Insider. Notice that the termination fees on these swaps are HUGE. This is not unlike the first Alien movie, and these municipalities are like John Hurt.
Is this man Wall Street’s #1 threat?
Meet LA Councilman Richard Alarcón.
He’s the one leading the city’s charge to repudiate a pre-crisis interest rate swap agreement [...]
Full story here from Janet Tavakoli. Like a hand grenade in a barrel of oatmeal…
Congress should act immediately to abolish credit default swaps on the United States, because these derivatives will foment distortions in global currencies and gold. Failure to act now will only mean the U.S. will be forced to act after these “financial [...]
Full story here from The International Forecaster. Don’t know what an albatross is? Check here.
“Sovereign debt hangs like an albatross around the necks of too many countries. There are 17 medium-size to large countries that are close to, or are bankrupt. Many are being kept solvent by using two sets of books and by marking [...]
Full story here from Zero Hedge.
“I’ve read countless news headlines recently about how economists are “surprised” over an “unexpectedly bad” economic indicator.
But it’s not surprising at all. It’s no mystery.
The government hasn’t taken the necessary actions, and has instead been doing all of the wrong things.
Let’s recap.
Full rumor here from ZeroHedge. Oh, for the day we can watch banksters get slapped around like some tart in a Marcello Mastroianni movie: “You stupid beeeetch!!!”
“As of last night, a variety of financial firms have received subpoenas seeking information on collusion to short the euro. We are currently pursuing more information and will post [...]