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Meet The Ex-Goldman Banker Who Is In Charge Of Greece's Debt Issuance Strategy
The guy who may have crushed Greece's hopes for a slow and steady bond issuance strategy by rushing head over heels to raise as much as his underwriters promised him could be done, with the result being getting hit on just 39% of the €1 billion in the recent 12 year reopening, is former Goldman banker Petros Christodoulou, director of the Greek Public Debt Management office. Here he is an a Bloomberg TV interview conducted earlier, during which he answers such questions as:
1. How much debt do you need to raise in May (now that April is allegedly done)?
P.C. $11.6 billion needed in May (and April is contingent on several sucessful T-Bill auctions which one should most certainly not take for granted).
2. Will you raise dollar denominated debt?
P.C. Roadshow for global dollar denominate debt deal will take place in end of April, early May.
3. What do you consider a reasonable spread for Greek debt?
P.C. I would expect toward the end of the summer to see the current spread of 300 down to 250, and later to 200. [If even with full EU and IMF backing this has not happened yet... good luck]
4. Are you disappointed by the 7 year trading below the break price?
P.C. The 7 year is not a popular sector (let's blame it on the investors). This is the best we could do. We need to give it time and things will stabilize. And, presto, it is the holiday week [yes, yes, Easter' fault]
5. So why did you decide to go ahead with the 12 year auction the next day?
P.C. The auction was not intended. It was a technical operation to take care of an abnormality in the market. Continuous fails at -10, -20 on the repo caused Primary Dealers to force us to issue it. [Good to know who calls the shots in Greece.]
6. What are total funding cost needs in Greece thru end of 2010?
P.C. $32 billion
7. And how will you entice investors?
P.C. Something about having 3rd longest average Treasury maturity in Europe. Not sure how this is relevant, seeing how the entire curve is going through the roof.
8. At what point would you go to EU and tap them for aid?
P.C. When we have no access to the market, which is not the case now. [Lehman deja vu]
9. Is there a change in the investor base of people who buy bonds?
P.C. Some banks have reduced limits on bank holdings, which courtesy of the bailout have been lifted, these limits should be lifted. Dealers should be more comfortable holding Greek debt.
10. Are you enjoying your job right now?
P.C. It is a challenge
Full interview
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Who is this, Blankfein's even eviler twin????
Just a less Jew version
There it is.
No dumb ethnic remarks, please.
No pan-hellenic spirit toasting, please.
Who is this, Blankfein's even eviler twin????
--No, it's Blankfein's dumber evil twin. His debt roadshow isn't going so well. He is 0 for 1 so far...not looking good.
I think we can expect ex Goldmanites Dr. Evil and Lex Luthor to soon be appointed financial ministers in Portugal and Ireland.
funny you should say that, as soon as I saw the pic, I figured that blankfein had cloned himself.
oops, double post.
More importantly, why does every head GS banker look like Dr. Evil?
Yo Tyler,
Forget this chump. Bigger story developing on Credit Suisse's bonus bonanza. Follow the real money!
Why is it so difficult for these people to understand that CONTRACTING MONEY SUPPLY x INCREASING GOVERNMENT BORROWING NEEDS = MUCH HIGHER INTEREST RATES.
don't they teach that in business school ??
They teach you how to be a bankster in biz school.
Econ 104 - Money & Banking Spring 2010 Professor Frontalobescrubbedcleanski Phd.
Syllabus
1. History of Modern Fractional Reserve Banking
2. The Rise of the Central Banks, The Fall of Purchasing Power
3. The Fed is God
Midterm
4. The Fed as God
5. The Godlike Presence of the Fed
Extra Credit: Why the Fed Should Never Be Audited.
Final
I heard if this doesn't work they are going on the shopping channel (QVC ).
Next up, a marvel of ancient architecture. How would you like to own the Parthenon?
1. borrow from IMF
2. pledge Greek islands as collateral
3. default because of mafioso terms
4. IMF takes the islands
5. IMF and the New World Order biitches !!!
http://newdawgblog.files.wordpress.com/2008/06/676045.jpg
+100
What a tool.
What? Are all these bankers inbred?
They are all Jews you know! That should answer it for you?
This prick is probably well-greased by the two higher powers (squid & emperor). This silly offer of 1 B in 20's was to alleviate the pain of some shorts (who were borrowing at 16%). What a cunt! No wonder he was demoted at his last job with NBG (from head Treasurer to head private banker).
I believe the correct term is "mounopano" (douche).
na min sou po istories gia agrious.
Ti na poume? H Ellada pote den pethainei alla panda koutsenei! Kalo Pasxa! Xpistos Anesti!
Episis Leo
Next deal is buy one get one free.
" ...Unless YOU pay us One Hundred BILLLLIONNNN Dollars"
Wouldn't a more prudent strategy be to shorten the maturity range and make these bonds somewhat more scarce? Pressure the domestic banks to buy short maturites from you at a positive funding spread and leave the term markets until you get your act together....why pay the penalty rate? Not so Goldmanesque....
These Goldman (squid) mother fuckers are everywhere!! Everywhere I tell you! Haha.
This clown looks like a cross between Blankfein and Neal "Cash n Carry" Kashkari.
Really? He reminds me more of this dude:
Did you ask your Mom if you could post her picture here?
They're like pod people - invasion of the bodysnatching triffid baldy sours.
So he's the source of this plan?
Greece Plans $10 Billion USD Global Bond Sale
Because more than €20 billion of debt comes due in April and May.
Does he think Americans will buy anything?
" global bond deal in dollars " That way bernanke can paper it over because the ECB will not. Euro bullish
The home of my ancestors couldn't wait 6 days for Easter to pass for the first offering and then they did the next offering day after. Both with lousy results. They are so screwed. But wait. The Greeks during WWII said NO to the Nazi's. I suspect they'll do the same once again.
guess it depends on you're point of view. My ancestors are German, I hope they put the Greeks in their place once again. No Bail out!
I remember him many years ago at JPM(before he went to GS) he was a nice guy and seemed quite clever, I think the magic GS weaved with Greek swaps was probably a copy of the same thing JP may have done with Italy...could they be the next to unravel... anyway Petros seems to have found himself in a quasi political snake pit and is probably trying to keep his masters(the politicians) happy. He should have stayed at a bank the snakes may be just as nasty but don't bite as often as the political snakes.
Just looking at the pic, dude definitely has a Lloyd complex.
As to why he rushed into the 12 yr issuance, when he should know a lot better... Could it be there is a particularly nasty shoe about to drop, and Greece wanted to get out in front of it, because a horrible 12 yr auction would be better than what could be garnered after said news/event breaks? I have no idea, no info along those lines, but it does make me wonder.
Or it could just be the politicos were desperate for the money, pressuring him horrendously, and he finally said uncle, or decided to proceed [against advice?]to show them who should be calling the financing shots.
Enjoy the Euro while it is still (barely) above 1.35. Don't think that it will stay there all that long.
Βρυκ?λακας Καλαμ?ρι (Vampire Squid in Greek) Thanks too Google
I know this is out of context---but, I had to have a voice.
I just peeked at the cnbc shill site looking for theri point of view on rimm--
I saw an article naming Pete Najarian as a source citing that "rimm is a good value after its pullback tonight."
Two days ago, he was busy pumping buying rimm calls--which he owns. I just want to know--why do they let these fucking whores get away with this bs?
Pays the bills, I guess. Oh, also becuase they suck a$$.
I'd still rather have this guy as Treasury Secretary than Geithner. At least he smiles and doesn't look as if he spent his childhood dipping guinea pigs and the neighbor's cat in battery acid as Geithner looks like he did.
Is this any different in the US, Europe, etc?
Wow doesn't it appear that cloning is occurring there? It's mini-me!!!
http://edmonton.canadaboom.com/wp-content/uploads/2008/07/mini_me.jpg
Goldman’s Sachs’ Hu may join China central bank by China Bureau
SHANGHAI (MarketWatch) March 25, 2010 -- Fred Hu, an investment banker with Goldman Sachs Group Inc. /quotes/comstock/13*!gs/quotes/nls/gs (GS 170.75, +0.12, +0.07%) is likely to take up a senior post at China's central bank after formally stepping down from the Wall Street firm in April, the state-run China Daily said Friday, citing people familiar with the matter.
Hu, Goldman Sachs' Greater China chairman, is seen as the right candidate for the post of vice-governor of the People's Bank of China, the paper said, without citing sources.
Policy makers are also evaluating Hu as a candidate for a crucial position at one of the country's state-run lenders, the paper cited the sources as saying.
Hu's appointment is still under final review by top policy makers, and a decision will be made in the next few months, the sources said, according to the report.
http://www.marketwatch.com/story/goldman-sachs-hu-may-join-china-central...
Hu-rray! Another Goldmanite stuffed in a key position of power!
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