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In Justifying Hedge Fund Groupthink, Goldman Butchers The Greeks (Again)

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Sun, 01/16/2011 - 14:54 | 880167 Temporalist
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Hu Highlights Need for U.S.-China Cooperation, Questions Dollar

"Chinese President Hu Jintao emphasized the need for cooperation with the U.S. in areas from new energy to space ahead of his visit to Washington this week, but he called the present U.S. dollar-dominated currency system a "product of the past" and highlighted moves to turn the yuan into a global currency."


Sun, 01/16/2011 - 15:47 | 880230 More Critical T...
More Critical Thinking Wanted's picture

Hedge funds are crowding into more of the same trades these days, amplifying market swings during crises and unnerving investors. [...]

So it's not those newfangled HFT algos that cause the various volatile moves after all, but good old-fashioned human stupidity?

Who would have thought! :-)


Sun, 01/16/2011 - 14:56 | 880171 hooligan2009
hooligan2009's picture

imitation is the sincerest form of flattery OR if you dont know what you are doing follow someone who might be better! hey am i first on this? heh

Sun, 01/16/2011 - 14:56 | 880172 hooligan2009
hooligan2009's picture

damn..nope second!


Sun, 01/16/2011 - 15:00 | 880180 The Talmud Kid
The Talmud Kid's picture

A smart man would start selling Mein Kampf in Athens.

Sun, 01/16/2011 - 15:01 | 880183 williambanzai7
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Oh man, this guy Kostin is a AAA dim wit, and you don't have to be a professional trader to see it.

Sun, 01/16/2011 - 15:06 | 880187 Motorhead
Motorhead's picture

Isn't that Greek president/prime minister a proud member of the Bilderberg Group?  Or, at least he got an invite to the last meeting.


Sun, 01/16/2011 - 15:12 | 880194 apberusdisvet
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I am beginning to see the end for all this crap market euphoria.  The first of the extreme tipping points will be the Irish election.  If it doesn't go for the banksters, watch out below.  The 2nd will be the US debt ceiling debate.  Some deep shit behind the scenes is going on; arm twisting, maybe even blackmail.  It's obvious what TPTB want; an infinite amount.  If they get that with no real "cuts", then the Chinese will lower our rating with their own "in your face" agency.

April Fool's Day could be very interesting.

Sun, 01/16/2011 - 15:14 | 880196 Jerry Maguire
Jerry Maguire's picture

A jubilee would essentially wipe out Goldman Sachs, all derivatives, and the entire financial class, who could then go to work at something useful, while the rest of the country could financially breathe and move forward:






Sun, 01/16/2011 - 15:54 | 880242 Misean
Misean's picture

A jubillee would legitimize the theft by the banksters and leave them in control of titanic pools of capital. All plebes would need to go beggin to borrow from the thieves, enriching them more. Who cares if the entity Goldman Sucks no longer exists.

Sun, 01/16/2011 - 17:05 | 880331 Jerry Maguire
Jerry Maguire's picture

You're 100% wrong, of course.  But you are entitled to your opinion.

If you have any explanation for your opinion I'd be happy to hear it.


Sun, 01/16/2011 - 15:15 | 880199 Spalding_Smailes
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The Packers will get blowtorched by the beloved Bears ' .... 31 - 21

Sun, 01/16/2011 - 15:15 | 880201 JLee2027
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What's their problem? Why a bailout? Can't the Greeks just print their own money like Ireland? 

Sun, 01/16/2011 - 15:30 | 880216 Spalding_Smailes
Spalding_Smailes's picture

Austrailian Mastermind - The EU Explained


They can't print they are under " one exchange rate - euro " a cluster fuck -they ( Greeks ) wish they could follow in Ben's footsteps, you bet. Slam the rates down and print but nope the Germans set the rates for all.


Sun, 01/16/2011 - 15:23 | 880215 afekz
afekz's picture

Not trying to be a spoilsport here, but those Goldman Greece swaps were public knowledge circa 2003:


Not sure who the "we" are that only learned about it last year - it seemed to be something that all supposedly responsible parties knew was simply a gaming of the rules, accepted with a nudge and a wink. Let's at least blame *all* the parties, especially those who are supposed to be the European taxpayers' watchdogs, and not just the Vampire Squid.

Sun, 01/16/2011 - 16:00 | 880250 A Man without Q...
A Man without Qualities's picture

Taking it even further back, when the rules were created, the debt calculation methodology would not follow IRFS rules, which require derivatives positions to be marked to market, unless they conform to strict hedging rules. This carve out for public entities opened a world of pain, as bankers sold derivative based structures that hid debts off the public accounts, and has been used to excess by especially local governments/ authorities. The true state of the finances of many around Europe is horrific.

Sun, 01/16/2011 - 16:22 | 880283 Tyler Durden
Tyler Durden's picture

You are absolutely correct that there was a Risk article on the topic... And then nothing. Until February of 2010 when everyone "remembered" about it leading to the first flash crash.

Sun, 01/16/2011 - 15:49 | 880238 Yits and the Yimrum
Yits and the Yimrum's picture

the Gold(short) pirate ships in London and lower Manhattan don't take any prisoners, including any sovereigns such as the US treasury

they offer a plethora of Deals, none that can be refused

Sun, 01/16/2011 - 15:56 | 880249 topcallingtroll
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The 47.......Coming soon to a theater near you!

Sun, 01/16/2011 - 16:00 | 880252 PulauHantu29
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"Why Steal a Little, when you can Steal Alot?"

Wall Street's Motto

Sun, 01/16/2011 - 16:42 | 880299 edotabin
edotabin's picture

The most interesting fact about this is that the person that played a role in pushing the various products has now been assigned to oversee Greece's return to the markets. On one hand you have Iceland jailing the people involved and on the other you have this.

Sun, 01/16/2011 - 17:18 | 880352 bugs_
bugs_'s picture

Iceland does keep looking better and better.

Mon, 01/17/2011 - 11:37 | 881660 topcallingtroll
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Any entity who owns three percent or more of a stock or is officially designated an insider must disclose their trades in real time. Actually they should have to give a thirty second warning. We would need no other rules. No rules on insider trading, bear raids, or pump and dump. No rules on position limits. None would be necessary and no expensive complicated enforcement and bureaucratic regimes would have to be supported by the taxpayer.

Do NOT follow this link or you will be banned from the site!