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It's Deja vu all over again.
It is hardly fair to put Slovenia up on the same chart as Italy. Much like Canada, Slovenia isn't even a real country.
This time it's different...
That's the short selling ban plan B!
must punish those naked longs....
That trick always does wonder.
But for one reason or the other, those stocks always drop another 20% when trading resumes the next day...
THANK GOD FOR THE PPT CREW! where are those guys anyway?
Funny how they don't realize that a short ban makes about as much sense as coming home from work and vehemently denying that you had sex with your secretary today before you're even asked.
No one is allowed to sell anything, got that? Stop your panicking now. Ratings don't matter. Creditworthiness doesn't matter, just stop that selling or the value of the asset will go down, okay?
Interesting how the masters of the universe loved the rating agencies when the Ponzi was in full swing. Now that it's coming apart at the seams, those dirty rotten rating agencies should be hung from the highest pole.
I love the smell of hypocrisy in the morning.
And I love the smell of cognitive dissonance in the afternoon (CET)
If you can smell CD from CET in any part of the day, CD needs a bath.
I over slept and I was late so.......
Zillow was a good idea on the way up,
Bad idea on the way down...
Keep giving us your money and don't ever think about selling anything... got that?
this is the real contagion....all the greek stuff was just a warm up....italian banks might be ground zero for the real european blow up
We can but hope. The death of that patched-together frankenstein's monster of a currency and the megalomaniacal proto-dictatorship that spawned it will be an event to celebrate across the continent.
....all the greek stuff was just a warm up....
....all the greek stuff was just a warm up....
Actually I like my Greek goat's milk warm and direct from the udder.
You pork the goat then you eat him
You can post pictures! You can pork goat.
That's awsome. It's a troll under the bridge. It's nice to see a picture like this, to let us know that all this debt crap is just that, a load of free trade crapo wapo. Thanks
I think the 'troll' reference was a REPLY function
I'll spin artwork anyway I damm well please!
Funny how theres no 'limit up' however.
Good idea. It worked so well last time.
Meanwhile in Germany - check out the insurance companies. Rumors flying about CDS trading, almost AIG redux.
thanks...and that actually makes sense about who has been writing the cds
AXA down almost 8%, Dexia nearly 9% as well....
All the idiots in a line, all doing things because everyone else is...
It's not even worth to short Dexia anymore.
When that baby goes down, the euro is gone.
No reason to panic. What time is today's POMO?
Hmmm. That's funny. The NYU intern must have forgot to post the new schedule.
I regret to inform you that there is no formal POMO today. However, we are offering assistance to stem the losses with a continuing re-investment of interest income derived from (further deteriorating) MBS and other (toxic) assets.
While these amounts are approximately 10% to 15% of the amounts (stolen from taxpayers) used during formal POMO treasury purchasing (RICO Operations) that ended July 30th, we hope they are of some consolation.
bcc: Timmay Jeetner
Where Italy goes, so goes France. Check out French 5Y CDS up 5%+ and BNP equity down 7%...
How do the CDS work? Do they pay the whole nominal value of what they insure (ie $100k in US debt) or just the amount that is impaired (like restructured to 0.6 on the dollar would pay 0.4) or something else?
CDS issuers don't have money to pay. They go also default and got bail outed by government that is all time default by definition.
Bankers are already making offers for the Circus Maximus and the state-owned pasta factories.
UNICREDIT, UNICREDIT....Now where have I heard that name before....
forgot who it was, he said Unicredit is 'too big to mention'.
They also sell popcorn that you can prepare in your microwave.
You buy it and when they feel the heat, THEY POP!
I actually don't understand all the fuss...unicredit has exposure to Euro debt for about 60 big ones, while assetts of about 910 big ones...where is the danger again?
Well 60 big ones outside the US is real money where inside the US 60 big ones is now only a few hours worth of Bernanke printing pumping and monetizing.
and it starts with 60 but turn out to be 6000 after 1 month...
but wait, it was the CEO who said there was nothing to worry...might he been lying, naaaaaah
who cares about their other assets, it is their equity/leverage and how much short term debt they need to roll that is important.
How about this from a blogger who used to work for Unicredit
"As the ex Risk Manager of UniCredit Ireland, a subsidiary of Italy's biggest bank, I can confidently say that we are only beginning to see the TIP of the iceberg. I resigned in 2007 because we were breaking the law by 1,900% of the limit (yes, one thousand and nine hundred percent!). Although the matter was raised in the Irish senate, the Irish parliament, and more recently - the Austrian parliament (UniCredit owns Bank Austria - Austria's biggest bank), silence prevails. My recent meeting with the Irish Central Bank was another exercise in official window dressing.
UniCredit's shares were suspended from trading last Friday after taking a major hit. But fear not, the current governor of Italy's central bank is about to become the next president of the ECB...
To read more, please visit my blog at:http://whistleblowerirl.blogspot.com/ "
Based on what this guy says, it appears that the Italians are every bit as good as the Greeks at lying about their financial position. You might want to take those Asset and Exposure figures you quote with a pinch of salt.
Take it from me, the Italians are far more experienced and creative than the Greeks...
Beware of Italy imminently announcing that they are going to sell some of there Gold to shore up there books. Gold just did a back test of the failed uptrend line from January.
No Central bank will sell Gold IMHO. They will be left cold when the new financial system comes up.
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