Failed Bond Auction Bug Goes Viral: Romania Rejects All Bids In 600 Million Lei Auction

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Thu, 06/03/2010 - 13:27 | 392187 Dr. Richard Head
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I wonder what was the average yield of bids that were rejected?

Thu, 06/03/2010 - 13:49 | 392272 Assetman
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I don't know, Dick... but there has to be a vampire joke in here somewhere. ;)

Thu, 06/03/2010 - 14:09 | 392331 Dr. Richard Head
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I vant to suck your bond.

Thu, 06/03/2010 - 14:35 | 392394 Assetman
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"Twilight III - Return of the Failed Bond Auctions"

... it will either suck the life out of you... or be at least twice as worst as the sequel.


Thu, 06/03/2010 - 14:20 | 392356 Zombie Investor
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Looks like it's hard for the Romanians to get Lei-d.

Thu, 06/03/2010 - 13:27 | 392189 rrbluefin
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Coming to a Treasury auction near you!

Thu, 06/03/2010 - 13:28 | 392191 MsCreant
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Default Bitchez!!!!! Show us how it's done.

Thu, 06/03/2010 - 13:28 | 392192 Double down
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Ohhhh!! and gulp

Thu, 06/03/2010 - 13:28 | 392193 Bam_Man
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Can't make this stuff up.

Now it's PIG SHIRT?


Thu, 06/03/2010 - 13:29 | 392199 papaswamp
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Thu, 06/03/2010 - 13:32 | 392210 rrbluefin
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Thu, 06/03/2010 - 13:39 | 392230 Bam_Man
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(pointing "you know where")

Thu, 06/03/2010 - 13:42 | 392240 papaswamp
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Damn it man!...good one.

Thu, 06/03/2010 - 13:41 | 392236 nonclaim
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How long until "The quick brown fox jumps over the lazy dog"?

Thu, 06/03/2010 - 14:06 | 392323 ZeroPower
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Too many 'O's

Thu, 06/03/2010 - 14:07 | 392325 papaswamp
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Is there such a thing?

Thu, 06/03/2010 - 16:48 | 392652 Ragnar D
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Ottoman Empire

Plenty of Os can default.

Thu, 06/03/2010 - 13:28 | 392194 papaswamp
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Didn't Brazil do the same yesterday?...not just a Euro contagen?

Thu, 06/03/2010 - 13:29 | 392198 Mitchman
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It's getting harder and harder for Ben and Timmay to hold it together.

Thu, 06/03/2010 - 13:30 | 392203 LeBalance
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When does Katla fire? /analogy sarcasm OFF/

Thu, 06/03/2010 - 13:32 | 392213 papaswamp
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Timmay's (or is it Timmah?) head may blow before Katla

Thu, 06/03/2010 - 13:36 | 392223 jesusfreakinco
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Hold the line... hold the line... Oh crap... Retreat, retreat, retreat...

Thu, 06/03/2010 - 19:29 | 393021 StychoKiller
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"Once more dear Meanies, into the breech!  You're advancing the wrong way -- retreat, backwards!"

Thu, 06/03/2010 - 19:29 | 393022 StychoKiller
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Yo guys, there's something wrong with your website software.

Thu, 06/03/2010 - 13:38 | 392227 Zina
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Could someone make a survey of how much was offered in government securities in May alone, by all the governments of the world? In dollars, please ...

All the governments are issuing lots of securities. Who will buy all this crap?

Someone is gonna have to default...

Thu, 06/03/2010 - 14:27 | 392372 Canucklehead
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Could your request wait until next week?  I'm kind of busy...

Thu, 06/03/2010 - 14:34 | 392391 MsCreant
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TBTF  B=Busy?

Thu, 06/03/2010 - 13:55 | 392283 poorold
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"Does anyone know if there is an iPad app that magically makes direct bidders appear whenever and whereever needed, leading to a 10x Bid To Cover at 0.00% for any bond auction?"



too late, the Fed already has the patent on this device, although it is available for licensing.

Thu, 06/03/2010 - 15:14 | 392471 jimijon
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Looking for partners in a gold based iPhone app!

I am a developer of such apps.

Thu, 06/03/2010 - 13:56 | 392288 jkruffin
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Just like a said a few weeks ago, these European countries are automatically assuming a guaranteed bailout as are businesses. Just like Geithner keeps running his mouth about in his interviews.  Just yesterday Geithner talked about processes for future bailouts. When you say this stupid stuff out in the public, what do you think people are going to do?  We already know Geithner is a moron, along with Benny boy, but you have to be just a nincompoop to tell the world you are planning for bailouts.   Last I checked, didn't we pass a bill that said no more bailouts?  Its probably still sitting in the Congress as usual.


These Euro nations see one get bailed and then they say, okay its our turn.  Refuse to accept any auction bids at any price, and call the IMF(Bernanke) and Geithner and say, Where is our bailout money?   Geithner and Bernanke have opened pandora's box, and if Congress does close this door immediately,  there are going to be very very bad things happening in the future.  The very near future.  This Congress must reel in this FED and TRSY and start laying down the laws.  The CONSTITUTION.  They are breaking these laws at will, while our leaders sit back with their fingers in their asses.

Thu, 06/03/2010 - 13:58 | 392296 dabullify
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FYI      One New Lei = $.29    USF


Thu, 06/03/2010 - 13:59 | 392298 dabullify
dabullify's picture

So auction was essentially $175 mill USF

Thu, 06/03/2010 - 13:59 | 392299 Postal
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As someone else said, so much for a boring day today.

Tangent: You have a concrete bunker?

Thu, 06/03/2010 - 14:09 | 392330 papaswamp
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Unfortunately I don't due to my proximity to sea level. I do plan on pirating a tri-hulled cat several scantily clad females and as much rum as possible and seek out an uninhabited island.

Thu, 06/03/2010 - 15:22 | 392481 Miss Expectations
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Headed to the Gulf are ya?  Tar babies?

Thu, 06/03/2010 - 17:10 | 392722 Postal
Postal's picture

Hmm... hot oil wrestling. XD

Thu, 06/03/2010 - 14:03 | 392315 bugs_
bugs_'s picture

Time for another episode of "Romanian Term Limits"?

Thu, 06/03/2010 - 14:12 | 392335 AnAnonymous
AnAnonymous's picture

Wasnt a guy sleepless at night at the idea of a failed auction?  It was reported on this site.


I wonder if this guy sleeps better now because this is proving to be innocuous?

Thu, 06/03/2010 - 14:29 | 392378 Paul Bogdanich
Paul Bogdanich's picture

You know you can do things like reject abusive bids when your leaders are not a bunch of prostitutes afraid of being exposed for what they truly are.  Slavs are tough.  That leader will go tell the people we couldn't borrow the money reasonably so here is what we have to do and the people will go along.  Not like here where every problem has to be hidden and covered up with PR and bogus statistics. 

Thu, 06/03/2010 - 17:06 | 392716 acordeon
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some slavs might be tough, but who's slav here?

Thu, 06/03/2010 - 17:12 | 392726 zloty owadow
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...slavs are tough...


So are Romanians!


Thu, 06/03/2010 - 14:30 | 392382 idle muesli
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Not good news, but (at this point) it may merely be that want to market their securities more widely.

Thu, 06/03/2010 - 14:42 | 392413 What_Me_Worry
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Why pay 7% now when you can just pay 3% to the IMF later?

Defaulting is the new austerity.

Thu, 06/03/2010 - 15:05 | 392451 ldotf
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both HUF and RON getting slammed against the dollar. RON still supported by Central Bank's interventions but not going to hold... 

Thu, 06/03/2010 - 15:29 | 392508 ZackAttack
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Imagine! The utter audacity of anyone who would stand in the way of a nation's God-given right to roll over its debt in perpetuity at multi-decade low yields!

Plainly the work of a vast international cabal of speculators.

Money must not be allowed to find a price commensurate with its risk.

Thu, 06/03/2010 - 15:33 | 392520 BlackSea
BlackSea's picture


I am BlackSea in the h/t at the end of the article. Some more clarification on Romania.

They will adopt a draconian program of 25% cuts in government worker pay and 15% in all pensions ( . This is done so they don't have to increase taxes on business for now. The IMF will continue to lend to them if they are under 6% in their deficit spending this year.

They know they're screwed, they just don't want to be PIIGS-screwed.

IMF was closing it's eyes and leting them get away with tricks like reducing the current definit by postponing payments to vendors from 30 days to 120 days. However, this March/April the IMF changed its tune and looks to save the center of Europe and sacrifice the periphery. That's why the huge austerity program is there.

Fun times...


Thu, 06/03/2010 - 15:58 | 392585 ldotf
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I agree with your clarification. As a matter of fact, we speak the same language ;-)

Thu, 06/03/2010 - 16:12 | 392614 BlackSea
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Glad to hear it. "O seara placuta"

Thu, 06/03/2010 - 16:37 | 392671 acordeon
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o seara placuta la toti

placerea e de partea mea

garlic makes the world turn round

my 2c

Thu, 06/03/2010 - 16:20 | 392633 ColonelCooper
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I'd like to see us take some of those "draconian" measures in the U.S..  I know they're a little over the top.  Hard to imagine cutting government to protect business.....

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