Frontrunning: March 2

• Greece in no rush to sell bonds, debt chief says (Bloomberg)
• Greece puts bond sale on hold as it hopes bail out will let it borrow at sub-7% (Guardian)
• Banks raise pay as U.K. efforts to cut bonuses fail (Bloomberg)
• John Crudele: Hey Washington! Economy has us very worried (Post)
• Hedge funds move to euro after Greek CDS trading is the now the "old trade" (Reuters)
• Sovereign CDS trading to be probed by EU (Bloomberg) as shorting euro is now borderline illegal
• Man who broke the Bank of England, George Soros, "at center of hedge funds plot to cash in on fall of euro" (Daily Mail)
• Singapore, Abu Dhabi face $10 billion loss on UBS (Bloomberg)
• Bond yields, earnings yields and inflation (Hussman)
• Paul Farrell: 8 reasons why Wall Street loses another 20% this decade (MarketWatch)
• Cut pay for government workers (Forbes)
• Remembering the lessons of the last market bubble (WaPo)
• And more CDS "experts" chime in: time to outlaw naked CDS (nothing about "naked" selling or "naked" put buying yet) (FT)

graphic of the day via Richard

Comments

[jm]

If the powers that be eliminate CDs basis trading, then nobody will buy crap sov credits.  Simple as that.

They are going to guarantee default.

[Alexandra Hamilton]

Re. graphic:

China seems to be one step ahead here:

http://www.smh.com.au/world/children-of-the-revolution-20100212-nxjh.html

found via

http://chinesepolitics.blogspot.com/

[Going Down]

Iran Fuel Swap Is Back On

The stage is now set for a meaningful multilateral dialogue on Iran's nuclear program that may result in a mutually acceptable deal that would represent a modified version of the initial "fuel swap" agreement unveiled last October.

http://www.atimes.com/atimes/Middle_East/LC03Ak02.html

[hedgeless_horseman]

Greece in no rush to sell bonds, debt chief says

HAHAHAHAHAHAHAHAHAHA

Breath.

HAHAHAHAHAHAHAHAHAHA

[nedwardkelly]

"Banks raise pay as U.K. efforts to cut bonuses fail"

That's because legislators are trying to cure a symptom, instead of the disease. Create an environment where banks can make these ridiculous profits and their staff will receive ridiculous pay - it's not rocket science.

Change the rules so Goldman Sachs can't pillage at will and maybe their staff wont receive such crazy bonuses anymore.

[alphaninja]

Greece=California.  Sacramento is rushing to sell bonds before the next "budget update."

http://www.thealphaninja.com/2010/02/california-faces-trip-up-in-its-race-to.html

[Mr Lennon Hendrix]

Volcker Sees No Threat to Dollar as Reserve Currency.  Says, 'I do not mind being used as a puppet, if it furthers my Master's Plans for the New World Order.'

http://www.cnbc.com/id/35660310

[Mr Lennon Hendrix]

China still dumping doelarrs.

Lawrence Summers, director of the White House National Economic Council, said the paring back is not a concern, CNBC reported.

"The truth is that these numbers fluctuate and that there's a wide range of holders of Treasury debt. ... What's been very clear from the market responses over the last two years is that the United States is seen as a major source of quality and a place people run to when they're uncertain," he said.

uh......yeah.  and that is why no one wants you to be in charge, LAW Wrench!

[Tom123456]

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