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Awaiting RBS' Retort On The Most Recent Greek Bank Run Confirmation
A month ago Zero Hedge was ridiculed by RBS' Head of European Rates Harvinder Singh for daring to suggest that Greece was experiencing a bank run. Surely, RBS, with its stash of Greek bonds that it desperately needed to offload, did not need any additional bad news spooking the more timid elements. After all someone would need to buy the endless toxic assets that RBS had managed to accumulate over the years before it needed to be bailed out by its government. Alas, as so often happens when banks gets involved (we would say big, but RBS is a third tier toxic asset repository at best) and refute Zero Hedge, things don't quite work out their way, and yesterday none other than Greek newspaper Eletherotypiha confirmed that "there had been a rush to
withdraw funds from banks." Oops.
Let's recall Singh's vivid spanking of Zero Hedge:
The Greek rumour mill today centres on risks for the banking sector. The website Zero Hedge carries a rather hysterical story that “Greeks Scramble To Pull Out €8 Billion From Local Banks As Greece Responds With Money Control Measures”.
Once again with the whole hysteria thing. Fine, we'll take it.
We claimed back then that Mr. Singh may not have had the infrastructure to access Dow Jones news (RBS and Cost Cutting is like Salt and Pepper) which originated the story. Alas, the same excuse will not work when accessing Ambrose Evans-Pritchard's column in the Telegraph, for the simple reason that it's free. To wit:
The Greek newspaper Eletherotypiha said there had been a rush to
withdraw funds from banks after Mr Papandreou said the country had been "a
step away" from being unable to borrow on the capital markets. Critics say
the Greek leadership might do the country a favour by keeping quiet for a
while.
Mr. Singh can sleep soundly - our hysteria is there only to caution those stupid enough to listen to his advice that all is well. We doubt the hysterics of Greek bondholders who end up with a piece of paper yielding 20% (bought when it was just 3%) will be quite as pleasant, however .
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RBS = Really Bad Shit
Why even bother with acronyms anymore?
RBS = cumdumpster.
There you go again picking on poor third tier toxic asset repositories that can't afford squid quality analysts.
Just as CDS traders caused the credit downgrades, so too has Zero Hedge caused the bank runs... If you guys would all just go back to your day jobs, we wouldn't have any problems...!
If you wanna come out and play, then either play or get back up on the porch there RBS. My advice is don't fight the facts, use them to make yourself a 2d tier repository of toxic waste.
Facts are simple and facts are straight
Facts are lazy and facts are late
Facts all come with points of view
Facts don't do what I want them to...
cute...catchy...
David Byrne is a talented lyricist.
Who gotta match?
A "small" bank run, before the big one, the truth is.
Rumors about bankruptcy are all over Greece.
"As long as southern Europe is under fire and the euro is falling , they (the Germans) can win massive exports in the rest of the world," he said.
Under fire, or on fire?
As Barney Frank would say, "Oopth. Thuckth to be RB-eTH".
Haha!! And......
Geithner NEEDS to go to prison!
I wonder if Singh knows Deep Shah?
third tier toxic asset repository at best
This is up there with MT's Vampire Squid.
"(we would say big, but RBS is a third tier toxic asset repository at best)"
Daaaaaaaaaamn. You are meaner than my mother in law, and she is mean as hell, crazy mean!
I'm so glad people here at ZH have thick skins. Need it if you're gonna (repeatedly) point out that the Emperor isn't wearing any clothes...
There is always truth in what the other side wants to silence.
Holy shit! I markets closed negative today. It's a miracle!
Holy shit! I markets closed negative today. It's a miracle!
I have my (yield) rally cap on.
I guess even with central banks acting as their own holding companies able to print deposits at will when the complete bank run hits and everyone is suddenly awash in freshly produced cabbage things will look pretty silly.
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