With PIIGS Grounded STUPIDs Fly
In another indication of the spreading politically correct insanity gripping virtually everyone and everything, Barclays has now informed its analysts they are forbidden to use the ever so eloquent PIIGS acronym. In an article retitled Swing Acronym Ordered Out Of Barclays (we like the original title "At Barclays Capital, Piigs Won't Fly" much better), Bloomberg notes that Barclays executive Valerie Monchi has "told
analysts yesterday not to use the acronym for Portugal, Italy,
Ireland, Greece and Spain in notes to clients." That may be all good and fine, which is why we would like to point as that even as PIIGS may be grounded, STUPIDs are still flying and are now 3 wider to 226 bps.
“By denigrating a nation in the process of trying to
describe a financial situation, it sort of puts the people in
that country behind the eight ball,” said Peter Sorrentino, a
senior money manager at Cincinnati-based Huntington Asset
Advisors who is visiting Italy in March. His firm oversees $12.8
billion. “It serves no one’s interest. We’re all in the same
Certainly, removing PIIGS from the vernacular will be complicated:
Investment banks from Citigroup Inc. to JPMorgan Chase &
Co., both based in New York, have used the term in research
reports. There were no instances of it in Barclays notes
obtained by Bloomberg.
“The Piigs remain front-and-center,” analysts led by Adam
Crisafulli of JPMorgan in New York wrote in a report yesterday.
CLSA Asia-Pacific Markets analyst Christopher Wood recommended a
“Piigs widening spread trade” in a June 2009 report.
It appears that the actual animals have become insulted by being compared to any of the five countries:
The Web site of the Humane Society of the United States
describes pigs as “highly intelligent, curious animals who
engage in complex tasks and form elaborate social groups.”
“If there’s a cute nickname to use so you don’t have to
say five names out loud over and over again, that’s fine with
me,” said Julius Ridgway, a financial adviser at Medley & Brown
LLC, which oversees about $400 million in Jackson, Mississippi.
“It’s just silly.”
Zero Hedge is confident that the alternative monicker proposed herein, the STUPIDs, will never suffer a comparable fate. And speaking of STUPIDity that just won't quit, we present today's chart update for the creme of the European sovereign default crop.
with the ever handsome Credit Trader