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The Biggest Greek CDS Speculator Has Been Uncovered - Culprit Is... Greek State-Controlled Hellenic Post Bank!

Tyler Durden's picture


We have officially moved from a Greek tragedy to a Greek surreal comedy. After nearly a month-long scapegoating campaign in which Greek PM G-Pap said he would spit in the faces and skullf#@* all those who dared to buy Greek CDS (because as we have all been lied to by everyone who doesn't know the first thing about CDS, it is CDS buying not bond selling that drives spreads), with the stupidity reaching as far and wide as the Spanish and German secret services, which said they would spy on CDS traders in London and New York, Greek daily Kathimerini has just uncovered that the biggest speculator, holding 15%, or $1.2 billion of the total $8 billion in Greek notional CDS, has been a firm that operates about 2 blocks away from the parliament building in Athens - the state-owned Hellenic Post Bank (TT)! Luckily poetic justice is about to be served, as every single media outlet tomorrow will apply the same circus monkey treatment to G-Pap and his clownshoes henchmen, not to mention the chorus of obese idiots over at the European Commission who fell for the ruse (speaking of EU idiots, has anyone heard of Jenny Craig relapse patient Joaquin Almunia in the past 2 months, with his "Greece will never demand a bailout" arrogance). While there had been speculation that Greek banks were selling Greek CDS to hedge funds, it had never crossed anyone's mind that a Greek bank could be betting on the collapse of its own sovereign host (especially one which does not own Bernanke's printing press), and that in such size! Frankly this beats even our very own AIG fiasco by orders of magnitude in stupidity.

What an unbelievable joke the intersection of global capital markets and politics has become.

Kathimerini reports that Post Bank bought $1.2 billion of Greek CDS at 135 bps in August 2009 and sold them at 235 bps in December at 235 bps, making a profit of €35 million. 

More from Kathimerini:

State-controlled Hellenic Post Bank (TT) spent nearly 1 billion euros last year to secure its positions against the possible bankruptcy of the Greek government, according to documents seen by Kathimerini.

In August, the bank bought credit default swaps (CDS) – a form of insurance on financial instruments – worth 950 million euros when the spread on the Greek five-year bond over the German Bund was at 135 basis points.

CDS products allow investors to purchase protection against the default of debt issued by governments, hedging existing positions.

TT’s management, which changed after the Socialists took power in October, sold the CDS when the spread was at 235 basis points in December, earning a profit of some 35 million euros, the documents show.

Hopefully this will finally and forever force G-Pap to shut up in discussing not just the "speculative mania" whose only purpose is the destruction of Greece, but every other thing he does not understand, unless of course, he is referring to banks based in his very own country hell bent on suiciding the country...then again that would leave him with exactly zero things to discuss.

h/t Nick


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Mon, 03/22/2010 - 23:31 | 272896 jwo1908
jwo1908's picture

This proves the age-old adage:  Truth is stranger than fiction.  That pithy phrase and one other comes to mind:  circle jerk.  OMFG you can't make this stuff up.18

Tue, 03/23/2010 - 00:04 | 272929 Tethys
Tethys's picture

I was going to go with a more recent adage: comedy is tragedy plus time - C. Burnett


Tue, 03/23/2010 - 10:31 | 273146 asteroids
asteroids's picture

The Greek language has a slang term for this kind of behaviour. It's is "Malakia"

Wed, 05/18/2011 - 17:22 | 1288913 jibran
jibran's picture

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Sat, 05/21/2011 - 04:09 | 1297805 jibran
jibran's picture

Love is knowing that the person you want to spend your life with will give you the last of anything that they have. Love is just being able to smile at the thought Working Capital

Mon, 03/22/2010 - 23:37 | 272903 AR15AU
AR15AU's picture

You don't think the Federal Reserve is buying CDS on Treasury default....?  Why not, they play the S&P 500 ;)

Grayson should ask Ben in their next fireside chat...

Mon, 03/22/2010 - 23:47 | 272908 perchprism
perchprism's picture


Yeah, that's the trillion dollar question.  It's what I immediately suspected, too.



Tue, 03/23/2010 - 01:29 | 272969 WaterWings
WaterWings's picture


There is no way in hell I would have been the first to post the idea. It's pretty much "status quo" thought around here anyway - call it a Hellenic "pre-shock" to the shitstorm of all time. Eastern thought wins over West in the end? Is Jesus (deus ex machina) about to show up, or has the western world fatally enslaved itself for the next few centuries?

Tue, 03/23/2010 - 02:06 | 272992 Problem Is
Problem Is's picture

"Is Jesus (deus ex machina) about to show up..."


The Rapture Plot Thickens...

Hey, Pat Robertson or Palin McMILF can put up the anointed one in quasi luxury... Oh wait, Jesus was a Jewish Rabbi...

Maybe he should make reservations at the Blue Moon or the Avenue Plaza just to be on the safe side... Those fundi's don't exactly read that book they are always thumping around...

Mon, 03/22/2010 - 23:42 | 272907 MsCreant
MsCreant's picture


The prose is gettin' kinda edgy. I like it and all, but the style change is noticeable. This is your blog. Fuck these bastards. Hard. With a baseball bat and no astroglide. I'll keep reading, that's for sure.

Thanks for all you do.

Mon, 03/22/2010 - 23:55 | 272918 SilverIsKing
SilverIsKing's picture

Would that be wood or aluminum?

Tue, 03/23/2010 - 00:21 | 272938 MsCreant
MsCreant's picture

If you're gonna phuck someone (trying to clean up my act here) I think it would be best to sprout some wood. But if you're like, acting as caddy, what do you suggest on this hole?

Tue, 03/23/2010 - 01:15 | 272964 SilverIsKing
SilverIsKing's picture

Definitely a big wood with an extra long shaft.  I don't golf but getting it in the hole won't be a problem.

Tue, 03/23/2010 - 01:53 | 272987 Hephasteus
Hephasteus's picture

If you use aluminum and rip the colon wall and get enough aluminum in the blood stream they'll get ahlzeimers and then forget. So then you get stuck in a sysiphus loop having to redo it over and over. LOL

Tue, 03/23/2010 - 05:36 | 273036 aus_punter
aus_punter's picture

why don't you and your friends find a private chat room to remind each other how amusing you are .... for a lot of other people on here (who may be interested in the subject) it's actually pretty boring

Thu, 03/17/2011 - 07:49 | 1065876 rubsgen12
rubsgen12's picture

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Tue, 03/23/2010 - 00:43 | 272948 delacroix
delacroix's picture

Ms you're kind of edgy too, I like it.

Mon, 03/22/2010 - 23:50 | 272909 M.B. Drapier
M.B. Drapier's picture

it had never crossed anyone's mind that a Greek bank could be betting on the collapse of its own sovereign host

*khoff* *khoff*

What they *should* have done is followed the GS model and bought all their own CDS. Hey, maybe they did! It's like one of those ancient Greek comedies: you know the one, Aristophanes' /The Producers/.

I will admit that I may have thought I was joking.

Tue, 03/23/2010 - 00:11 | 272932 Dirtt
Dirtt's picture

It's because you put it in the context of a joke.  Humor is what is keeping us alive.

I walked right by a confirmation of a theory I held for about a couple years. The empirical data was munching on lunch literally on picnic benches. Yet it took 48 hours for the data to purge the revelation from my subconscious.

Keep the jokes coming.

Tue, 03/23/2010 - 02:03 | 272991 merehuman
merehuman's picture

i so wish the greeks would come , and teach that circular firing squad thingi to the fed. AH gee, maybe they did!

Mon, 03/22/2010 - 23:50 | 272910 three chord sloth
three chord sloth's picture


G-Pap press conference tomorrow: "Uhhh... ummm... hey look! Over there! A squirrel!" *runs away*

Mon, 03/22/2010 - 23:51 | 272911 jwo1908
jwo1908's picture

Well the Greek population should be "happy."  At least they know that their own bankers know that the fiscal situation is untenable, and it has to make money somehow. That said, they probably bought cds at the wides.  If they restructure, do they pay the counterparties the full mtm like AIG did?  Oh the can of worms is yummy indeed. 


Mon, 03/22/2010 - 23:57 | 272915 BlackBeard
BlackBeard's picture

HA HA! this just made my evening.  That was funnier than 30 Rock.

This old pirate knew it was the longs that were holding that stuff.  Now...if they ban CDS trading..enjoy the no bid action!

Mon, 03/22/2010 - 23:54 | 272916 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Someone grab the scooby snacks!

Tue, 03/23/2010 - 00:01 | 272924 Dirtt
Dirtt's picture

Edgy?  “Ambition must be made to counteract ambition. The interest of the man must be connected with the constitutional rights of the place.” Madison.

Just ambition.  It's merely a reflection of what is about to erupt in the USA. Those who are calling for cooler heads to prevail have the unfortunate position of being vested interests. There is one very fatal flaw to the progressive move towards enslaving the USA.  Said slaves are packing heat. And a lot of it.

So better to fight this fight with the sharp tongue of the mighty pen than the dry powder of Middle America. Once the USA gets whiff of that powder every and all bets are off.  And the perps better get their familes out sooner rather than later.

Tue, 03/23/2010 - 00:20 | 272935 B9K9
B9K9's picture

You don't think this eventuality hasn't been hedged? If events have played out so far pretty much according to script, then why would the opera just suddenly end in the middle of Act I? Wouldn't the power elite lose money covering their long positions in societal collapse if they failed to transpire, er, pay off?

No, threats of looming social chaos and perhaps civil war are merely events waiting to be queued up in order to launch Act II. Get out your guns and fire up the revolution; if these events didn't occur, I would imagine there might be some pretty disappointed actors. After all, why launch a global coup if there isn't any reward?

As for Act III, guess what it entails? Hint: all remaining assets captured & profits siphoned while the remaining culled slave population placidly begs for its survival.

Tue, 03/23/2010 - 04:17 | 273013 Grappa
Grappa's picture

...then we have closed the cycle of nations and have devolved back to bondage from which the cycle will start again.

"The history of nations shows that the cycle of the body politic slowly but surely undergoes change . . .

It progresses –
From bondage to spiritual faith
From spiritual faith to courage
From courage to freedom
From freedom to abundance
From abundance to selfishness
From selfishness to complacency
From complacency to apathy
From apathy to fear
From fear to dependency
From dependency to bondage"

This can also be described as a cycle of freedom:

"The Cycle of Freedom

      From freedom to abundance;
      From abundance to selfishness;
      From selfishness to complacency;
      From complacency to apathy;
      From apathy to fear;
      From fear to dependency;
      From dependency to bondage;
      From bondage to spiritual faith;
      From spiritual faith to courage;
      From courage to freedom."
  • People progress:

I think there are better sources for this,


Tue, 03/23/2010 - 00:02 | 272925 nope-1004
nope-1004's picture

I thought it was only US banks that had a greed problem?  Hmmm....  seems to be universal.


As for Geithner, well he needs to go to prison.

Tue, 03/23/2010 - 00:04 | 272928 Leo Kolivakis
Leo Kolivakis's picture


I wouldn't be so quick to read too much into this. No offense to you, and the experts here, but I know for a fact that some of the world's brightest derivatives traders work at NBG Securities. These guys aren't half as dumb as you all think and I doubt they were the ones selling Greek CDS to hedge funds. More grilled squid please!

Tue, 03/23/2010 - 04:35 | 273016 swamp
swamp's picture

Bright they may be but arrogance is blinding.

Tue, 03/23/2010 - 08:10 | 273068 Nihilarian
Nihilarian's picture


I'm curious, how else would you read into this? Do tell.

Tue, 03/23/2010 - 00:19 | 272936 Belrev
Belrev's picture

The financial markets have now been oficially mumified.

The populace is presented a semblance of real market, except it is holow inside and does not react to any of the news that should normally move it.

Health care bill passage - no reaction.

This CDS scandal - no reaction.


Is it because the only players left are the arms of the Central Banks that just toss the securities between each other for the sole purpose of publishing desired quotes as this is much cheaper than have to do another multi-trillion bailout?

Tue, 03/23/2010 - 04:45 | 273018 swamp
swamp's picture

Monday they pumped the DOW 15 points just before closing bell to get it over 1725 a technical area of importance (so I'm told I don't trade the DOW).

"They" levitated the DOW again Tuesday, in support of the hell control bill, when really the market should have tanked hard. By levitating the market Monday and Tuesday, in the appearance of mild action, they made the hell control bill appear to be insignificant. They are magicians and the world of flat superficial appearance is everything.

You no doubt remember how "they" tanked the DOW to 6,000 when Paulson was pleading for TARP. 


Tue, 03/23/2010 - 00:19 | 272937 RobotTrader
RobotTrader's picture

Betting on the collapse of their own central bank?

Heh, that is almost as stupid as the ongoing, "market meltdown" cheerleading by the so-called gold bugs like Bill Murphy at GATA.

Seems like by now, he would have figured out that by cheering and trumpeting a "systemic collapse" is the same as cheering for his own demise, as gold and gold stocks go down 300% faster than the S & P 500 when a "convulsion" hits...

One day these guys will learn, that the only way gold reaches "Armstrong's, Alf's, E.T.'s, and Buzz Lightyear's" targets will be when Bernanke gooses the money supply to get the Dow pushed up past 20,000+.

These guys should be rooting for more money, more printing, and higher stock prices.


Tue, 03/23/2010 - 01:18 | 272966 Frank Owen
Frank Owen's picture

Would love front row seats for when you and GG eventually go at it.

Tue, 03/23/2010 - 01:25 | 272974 AR15AU
AR15AU's picture

You seem confused...  A market meltdown is good in the sense that it stops our politicians from robbing the taxpayer of the future via the bond market.  It literally puts the pain on the current generation (who deserve it) and spares the future generation (who had no part in this mess).  

Also, your analysis on gold vs the S&P 500 makes no sense.  I mean, just throw up a basic 10 year chart gold vs the S&P 500.  S&P shares also carry significant counterparty risk (ever hear of Enron?) whereas bars of gold are not encumbered that way.

Tue, 03/23/2010 - 02:27 | 272985 Frank Owen
Frank Owen's picture

I've been in PMs for years but I think Robo's comment has some weight and would love a debate about whether a market crash (which should be on every ZHer's mind) in our current fuckedupenomics situation will cause gold to also tumble in at least the short term. This topic would be a pertinent open thread or forum discussion.

AR15AU: Here is a link to a 10 year gold/S&P 500 chart

Do you not see what Robo is talking about? Just look at when the market crash started... Gold and the S&P got slaughtered. What it did over 10 years doesn't matter as much as what happened during the crisis. I remember because I was buying miners on the way down and will never forget that beating.

Tue, 03/23/2010 - 04:53 | 273022 taraxias
taraxias's picture

Just go back and have a look what gold was doing when the S&P was in a free fall around the time Congress failed to pass the Paulson taxpayer rape plan (aka TARP) the first time.

Tue, 03/23/2010 - 05:49 | 273042 chindit13
chindit13's picture

We may not know for sure, but we can guess.  Who are the big gold longs right now?  What are their other positions?  Are they susceptible to an equity market plunge?  Are they highly levered?  If they are (John Paulson et al), will they dump their gold to cover losses in massive holdings of C, BAC, WFC, JPM, AAPL, and a host of moon shot retailers?

Tue, 03/23/2010 - 04:45 | 273019 taraxias
taraxias's picture

I love your daily recap posts (and the related exposed flesh) but you couldn't be more wrong on your statement "Seems like by now, he would have figured out that by cheering and trumpeting a "systemic collapse" is the same as cheering for his own demise, as gold and gold stocks go down 300% faster than the S & P 500 when a "convulsion" hits..."

I'd seriously re-think that one if I were you......

Tue, 03/23/2010 - 04:49 | 273021 swamp
swamp's picture

To my understanding, he has never cheerleaded the devestation the commoner will suffer. He has cheered at exposing the fraud and he has tirelessly worked toward that end and deserves the credit he takes.

Tue, 03/23/2010 - 00:29 | 272942 Number 156
Number 156's picture

You couldnt make this s**t up.

At least there will be something to watch on TV tomorrow.

Tue, 03/23/2010 - 01:04 | 272953 Get_to_the_choppa
Get_to_the_choppa's picture

Looks like the rock just rolled over Sisyphus on it's way back downhill.

Tue, 03/23/2010 - 01:14 | 272963 sweet ebony diamond
sweet ebony diamond's picture

time to bring in scully and mulder.

and what is with the difficult math questions in the capthcha.

Tue, 03/23/2010 - 01:20 | 272968 Rick64
Rick64's picture

Thank God! The culprit has been found. Just when I had given up on justice. Were saved.

Tue, 03/23/2010 - 01:26 | 272976 WaterWings
WaterWings's picture

US Weekly: Nancy and Rahm admit love-nest weekends!

Tue, 03/23/2010 - 02:25 | 273000 Problem Is
Problem Is's picture

That is just an ugly thought...

With Emanuel's ultra aggressive short man's complex, we would be safe to assume his winky is no bigger than the digit-less finger...

Therefore any attempted intercourse amongst the two is not likely to crack the only thing tight and taut on Pelosi...

Her face lift.


Tue, 03/23/2010 - 03:25 | 273008 sweet ebony diamond
sweet ebony diamond's picture

i hereby nominate you for the Presidential Medal of Freedom

Sat, 03/27/2010 - 01:31 | 277955 Problem Is
Problem Is's picture

Water Wings made me think that sick thought. He gets an assist...

Tue, 03/23/2010 - 01:24 | 272975 fUny1
fUny1's picture

Let me guess, the Federal Reserve(under the guise of the IMF) will initiate its own counter partied swap to bailout the Greeks using their Primary dealers in Goverment Sachs and JP Morgan to leverage short the Euro and Greek debt and derivatives using tax payer money so everybody(that caused the problem) can get back to work on creating more problems.

Tue, 03/23/2010 - 01:33 | 272979 Cookie
Cookie's picture

Isn't the foundation of democracy, as first established in England in the 14th century, 'no taxation without representation'?

Our representatives, on a global basis, have totally failed us.

They should be crucified.


Tue, 03/23/2010 - 01:38 | 272982 Ruth
Ruth's picture

wow, is that considered contained?  too too funny

Tue, 03/23/2010 - 02:11 | 272995 dumpster
dumpster's picture

beware of greeks bearing gifts , dropping from hidden trojan horse  banking  manure

Tue, 03/23/2010 - 04:46 | 273020 hidingfromhelis
hidingfromhelis's picture

7, 5, 7?

Beware of Greek Gifts

Hellenic manure does fall

From Trojan horses

Tue, 03/23/2010 - 02:37 | 273001 Alexandra Hamilton
Alexandra Hamilton's picture

Some time ago I asked why Greece wasn't insuring itself against its own default. Et voilà.

Seems a logical steep. Why shouldn't a government be able to rip the banks off this way. first you borrow from them like crazy and if they don't bail you out you default and they pay just as well.
Greece is just excercising its right to self defence.

Tue, 03/23/2010 - 03:50 | 273010 M.G. in Progress
M.G. in Progress's picture

After reading that State-controlled Hellenic Post Bank (TT) spent nearly 1 billion euros last year to secure its positions against the possible bankruptcy of the Greek government, the case for letting Greece default is much stronger (so to clear all positions in the financial markets and allocate proper haircuts to bond holders and CDS sellers). I then wonder if the fact that TT’s management, which changed after the Socialists took power in October, sold the CDS when the spread was at 235 basis points in December, earning a profit of some 35 million euros is a case of insider trading or simple conflict of interest. For sure, it means that CDS are a kind of gambling but that speculators could be other than foreign bankers

Tue, 03/23/2010 - 03:55 | 273011 sweet ebony diamond
sweet ebony diamond's picture

I think this statement needs to be investigated:

"of the total $8 billion in Greek notional CDS"

there are CDS on the actual bonds.

there are also CDS on imaginary bonds.

Tue, 03/23/2010 - 04:20 | 273014 swamp
swamp's picture

After that hell control reform, I needed a good laugh.

Tue, 03/23/2010 - 04:31 | 273017 hidingfromhelis
hidingfromhelis's picture

Kinda like angrily accusing your wife of flirting with the pool boy while you're banging the maid every chance you get.

And now, a little Rainbow:

Can't happen here.  Wanna bet?

Tue, 03/23/2010 - 04:59 | 273025 AnAnonymous
AnAnonymous's picture

One could wonder if the obese idiots for most of them did not know the piece of information before the greek press exposed it. Hey, one of them might be the leak source...

Tue, 03/23/2010 - 06:14 | 273044 gmak
gmak's picture

Poetci justice  Well, there is no justice anymore, so just poetic.

Tue, 03/23/2010 - 06:15 | 273045 gmak
gmak's picture

Poetic justice  Well, there is no justice anymore, so just poetic.

Tue, 03/23/2010 - 07:01 | 273053 jbc77
jbc77's picture

It always amazes me. Zerohedge does a better job reporting financial news & stories than anything on TV.

To the drive by media: your getting your a$$ kicked daily by Zerohedge. Why report the truth and stories that affect our lives.


Welcome to the Twillight Zone.


Tue, 03/23/2010 - 07:20 | 273056 chindit13
chindit13's picture

I was beginning to get afraid that we were all going to run out of things to talk about on this site.  I mean, how many times can we have the same deflation-inflation debate, or discuss in an ungentlemanly way the relative merits or lack thereof of the barbarous relic/only real money, or how many bankers' scalps can one fit on the head of a sharp spike?

Instead, we're saved by Greece yet again (just like the market that applauds each and every Greek bailout rumor).

As Twain said, "Fiction is harder;  it has to be believable".

Tue, 03/23/2010 - 10:07 | 273120 Hulk
Hulk's picture

  I mean, how many times can we have the same deflation-inflation debate, or discuss in an ungentlemanly way the relative merits or lack thereof of the barbarous relic/only real money, or how many bankers' scalps can one fit on the head of a sharp spike?

The obvious answer to that question is infinitely many times.


Tue, 03/23/2010 - 07:28 | 273058 taxicab
taxicab's picture

Declassified White House Document on The Crisis of Capitalism, with Kissinger, Ford, Greenspan, Burns, Hormats, Rumsfelt, et al.

Tue, 03/23/2010 - 07:33 | 273059 LoneStarHog
LoneStarHog's picture

Ah!  What we have here is a new self-performed Pap Smear, with malignant results.

Tue, 03/23/2010 - 08:16 | 273070 nopat
nopat's picture

Man, if there were only a word to describe a situation where the curtains are pulled back, and reality is a complete 180* from what it originally seemed...Greek something...whatever it is, it's tragic.

I can't wait until we get to the part where Papandreou jabs sharp sticks in his eyes after learning Merkel is really his mother.

Tue, 03/23/2010 - 08:27 | 273072 Missing_Link
Missing_Link's picture

Greeks are raping each other in the a**?

Is this supposed to be news?  They practically invented that sort of thing.

Tue, 03/23/2010 - 09:07 | 273095 nopat
nopat's picture

Practically?  Dude, we named it after them!

Tue, 03/23/2010 - 08:35 | 273074 Arm
Arm's picture


It's actually very smart.  It is insider trading at its best.  Greek gov knows it will default, so it buys CDS's to have some cash on hand when it happens.  If they buy enough notional they could run the country for several months just on that.

And top it all off, there is no real legal provision to stop that type of market abuse.

Brilliant actually.  


Tue, 03/23/2010 - 08:35 | 273075 Dehrow
Dehrow's picture


Sat, 03/27/2010 - 01:45 | 277959 Problem Is
Problem Is's picture


This is absolutely the funniest website I have seen in sometime.

Fed Jackass(es) The Movie is CLASSIC!

It is my new desktop background (Okay with you I hope?). I have received many compliments and requests to forward the link.

Creative genius award!

Tue, 03/23/2010 - 09:43 | 273108 PulpCutter
PulpCutter's picture

Isn't the Greek government one of the parties that might legitimately want to hedge against default of Greek sov debt (along with those who hold that debt)? 

Not saying they might not be profiteering as well, or that the story isn't humorous given P's statements.  But this is different from speculators, who don't hold the underlying debt, betting against that debt with swaps against multiples of the underlying instrument's values. 

Tue, 03/23/2010 - 13:05 | 273353 Miles Kendig
Miles Kendig's picture

Perhaps this explains all of the vacationers showing up in Athens from Spain & Germany wearing trench coats and sun glasses, sporting British passports.

Tue, 03/23/2010 - 13:05 | 273356 ignorant
ignorant's picture

Too much venom and an article with distorting facts

you write

more from kathimerini ....

" TT’s management, which changed after the Socialists took power in October "


Have the article of kathimerini in front of me and nowhere write such a thing whc wud hv bn a clear flat and fat lie as TT management changed on 12 December 2009 , immy after the yearly report of previous CEO (mr A.Filipides) where he reported (first time) tht TT is holding CDS as protection to the country fm forthcoming speculator attacks (to his mind acting prudently) .

Ustand someone distorting facts trying to downgrade G-Pap whom also myself don't like much, but this is different . All your article and venom based on the fact tht he was aware and part of this plot whc is not true.

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mark456's picture

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Tue, 11/02/2010 - 15:49 | 694134 smwatson
smwatson's picture

A state-owned bank? That is just a terrible idea. The problem is that for centuries, governments were there to "run" the country. But after the concept of human rights was put into practice, the role of the government was meant to change to that of "protector of rights". However, the idea of the government "running" the country never fully died...and it seems like it is growing stronger in many respects, unfortunately.

Mark @ Waterproof Socks

Mon, 07/18/2011 - 08:52 | 1465886 Piccaso1
Piccaso1's picture

state owned Bank never serve better than privates. Lowell

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kenny56's picture

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Thu, 07/21/2011 - 07:28 | 1476403 Piccaso1
Piccaso1's picture

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Thu, 07/28/2011 - 02:33 | 1500432 Piccaso1
Piccaso1's picture

Not saying they might not be profiteering as well, or that the story isn't humorous given P's statements.  But this is different from speculators, who don't hold the underlying debt, betting against that debt with swaps against multiples of the underlying instrument's values. Melodi

Sun, 08/07/2011 - 06:37 | 1532423 Piccaso1
Piccaso1's picture

Poetic justice is about to be served, as every single media outlet tomorrow will apply the same circus monkey treatment to G-Pap and his clownshoes henchmen, not to mention the chorus of obese idiots over at the European Commission who fell for the ruse (speaking of EU idiots, has anyone heard of Jenny Craig relapse patient Joaquin Almunia in the past 2 months, with his "Greece will never demand a bailout" arrogance).

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