PIMCO Compares Greece To Titanic, Says Bonds Not Attractive Even Over 7%

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Thu, 04/08/2010 - 11:27 | 291543 Divided States ...
Divided States of America's picture

If Greece is like the Titanic, I would not want to surmise what the USA is.

Thu, 04/08/2010 - 11:30 | 291547 mikla
mikla's picture

The iceberg?

Thu, 04/08/2010 - 11:38 | 291564 Village Idiot
Village Idiot's picture

take your pick...International Registry of Sunken Ships



For a single vessel, either naval or civilian, excluding dockside or rescue personnel.
List of 20 or so drawn from database, I am quite sure further research will change the order a little.


Name Date Lives Lost Notes Wilhelm Gustloff Jan 30th 1945 5,900 to
German steamer of 25,484 tons. Torpedoed by Russian submarine S-13 about 28 n/miles NNE of Leba, Baltic. It is estimated that this number of persons may have been on board the vessel during the evacuation of German troops and personnel from Baltic ports Goya Apr 16th 1945 6,200 German steamer of 5,230 tons. Torpedoed by Russian submarine L-3 off Rixhoft, Baltic. It is estimated that this number of persons may have been on board the vessel during the evacuation of German troops and personnel from Baltic ports Junyo Maru Sept 18th 1944 5,620 Japanese steamer 5,065 tons. Torpedoed by British submarine HMS Tradewind off coast of Sumatra. Vessel carrying 2,300 Dutch, British, American and Australian POW's and 4,200 Javanese slave laborers for work on a railway in Sumatra. Toyama Maru June 29th 1944 5,400 Japanese steamer 6,000 tons. Torpedoed by American submarine USS Sturgeon. Bound for Okinawa. Vessel carrying 6,000 plus members of the Japanese 44th Independent Mixed Brigade. About 600 survivors rescued by escorts Cap Arcona May 3rd 1945 5,000 to
German steamer of 27,561 tons. Attacked and sunk by British aircraft at Neustadt Bay, Baltic. Included in the number are 2,300 forced embarkees from the concentration camps Lancastria June 17th 1940 3,000 to 4,500 British Troopship 16,243 tons. Sunk by German air attack off St Nazaire while engaged in troop evacuation. Site is a designated war grave. Some lists show up to 9,000 on board with up to 7,000 killed. Official British report on loss will not be released until the year 2040. So who or what was on board to warrant a 100 year closed file.....(Anyone feel like giving me a call) Dona Paz Dec 20th 1987 4,341 Philippine passenger ferry. Foundered in collision with tanker Vector about 110 miles South of Manila Kiangya Dec 3rd 1948 2,750 to
Chinese steamer 2,100 tons. Struck a mine off Woosung, China while fleeing the Red Chinese Provence 11 Feb 26th 1916 3,100 French auxil' Cruiser 13,753 tons. Torpedoed by U-35 West of Kithira Island, Greece. Thielbek May 3rd 1945 2,800 German steamer of 2,815 tons. Burned and sunk after British air attack at Lubeck Bay. Passengers included inmates from Neuengamme Concentration Camp. There were no survivors General von Steuben Feb 10th 1945 2,700 German steamer 14,666 tons. Torpedoed by a Russian submarine S-13 off Stolpe Bank, Baltic. It is estimated that this number of persons may have been on board the vessel during the evacuation of German troops and personel from Baltic ports Yamato Apr 7th 1945 2,500 Japanese battleship 64,000 tons. Sunk by US air attack between Japan and Okinawa at N:30.43.17. E:128.04. Neptunia Sept 18th 1941 2,500 Italian transport 19,475 tons. Torpedoed by British submarine HMS Upholder about 58 miles off Tripoli carrying Italian military Oceania Sept 18th 1941 2,500 Italian transport 19,507 tons. Torpedoed by British submarine HMS Upholder near Tripoli carrying Italian military Bismarck May 27th 1941 2,108+ 49,136 tons. 820ft x 118 x 28. C/O Lindemann. Damaged by King George V and Rodney about 600 miles west of Brest at a depth of 4,790 meters (15,700 feet). Coupe de Grace from HMS Dorsetshire (Cruiser) Has been located in 4,700m of water. Out of her total complement of 2221 men, there were 115 survivors. Later German U-Boat U-74 rescued three more sailors. The next day, the German weather ship SACHSENWALD rescued two more. Sinfra Oct 19th 1943 2,098 French steamer 4,470 tons. In German hands, sunk by aircraft attack North of Crete. Vessel carrying 2,664 prisoners on board, mostly Italian. Ural Maru Sept 27th 1944 2,000 Japanese transport 6,374 tons. Torpedoed by USS Flasher about 150 miles West of Masinlik, Philippine Islands at N:15.40. E:117.18. Had been carrying 2,340 persons on board. Awa Maru April 1st 1945 2,000+ Japanese hospital ship, 11,249 tons. Torpedoed by USS Queenfish SS-393 about 14 miles off the Chinese Mainland at N:24.40. E:119.45. Had been carrying several wounded soldiers, and 2,000 Japanese officials, diplomats, technicians, and civilians. Scharnhorst Dec 26th 1943 1,964 German battleship 38,092 tons. Sunk by British naval action off North Cape of Norway Rigel Nov 27th 1944 1,833 Norwegian transport 3,828 tons. Sunk by aircraft from HMS Implacable North of Namsos while Southbound from Norway to Germany. Crew and 2,248 Russian prisoners were on board. Vessel was in German hands Donizetti Sept 23rd 1943 1,800 Italian transport, 2,428 tons. 294ft x 40.2ft. Built in 1928 by Cant' Nav' Triestino. Owned by "Tirrenia" Soc Anon di Nav. Under German control - had picked up 1,800 passengers and troops at Rhodes and bound for Piraeus under escort of German frigate TAIO. Sunk by HMS ECLIPSE South of the Island of Rhodes. Lives lost 1,800. Arisan Maru Oct 24th 1944 1,777 Japanese steamer 6,886 tons. Torpedoed by American submarine USS Snook in the South China Sea. Carrying 1,786 US prisoners from Manila to Japan. Taiho June 19th 1944 1,650 Japanese aircraft carrier 29,300 tons. Torpedoed at N:12.22 E:137.04. West of Guam by USS Albacore SS-218. Burned and foundered 6 hours later Laconia Sept 12th 1942 1,649 British transport 19,695 tons. Torpedoed by U-156 at S:04.52. W:11.26. without realizing vessel was carrying 1,800 Italian prisoner of war. Assistance in rescue operation by U-156, 506 and 507. During these operations an American aircraft from the Ascension Islands depth charged the U-boats and the rescued causing the U-boats to submerge and protect themselves. *Salem Express* (Red Sea) It is said that the sinking of this vessel incurred the greatest loss of life this century. As far a I can ascertain it is estimated that there were about 1,600 persons on board and about 180 lives were saved.

Thu, 04/08/2010 - 11:43 | 291574 Cognitive Dissonance
Cognitive Dissonance's picture

Yes, I agree that using bold face on 99% of the quote, with the last two sentences not using bold, most definitely focused my attention on the important details of your post.

Thank you for showing the way.

Thu, 04/08/2010 - 11:55 | 291597 Alienated Serf
Alienated Serf's picture

hey, at least he picked an appropriate user name

Thu, 04/08/2010 - 12:14 | 291622 VegasBD
VegasBD's picture


Thu, 04/08/2010 - 12:30 | 291652 Village Idiot
Village Idiot's picture

Sorry fellas, the cut and paste piece was picture perfect. Not the first post gone wrong, unfortunately.

Thu, 04/08/2010 - 13:47 | 291766 Cognitive Dissonance
Cognitive Dissonance's picture

Dear sir,

The key is to cut, paste and EDIT.

Thu, 04/08/2010 - 17:07 | 292117 Village Idiot
Village Idiot's picture

Got it, thanks.

Thu, 04/08/2010 - 11:34 | 291556 Assetman
Assetman's picture

The USA is the Hidenberg, flying over the frozen waters of the North Atlantic.  From fire to ice in a matter of seconds.

Thu, 04/08/2010 - 11:39 | 291569 Postal
Postal's picture

Shhhh! Don't tell anyone. Keep the dream alive until I get my hands on more PM and canned food. :)

Thu, 04/08/2010 - 11:46 | 291583 Peterpaul
Peterpaul's picture

Don't forget the Berkey water filter...

Thu, 04/08/2010 - 13:29 | 291735 tmosley
tmosley's picture


Thu, 04/08/2010 - 11:32 | 291550 Assetman
Assetman's picture

That inverted yield curve is a killer.  Given all the events over the past few days, if I'm a Greek citizen, I'm pulling my euros out of the bank yesterday.

Perhaps the exiled president Kraplachistan could come in and provide assistance.... you know, like how to effectively evade your lynch mob populace.

Thu, 04/08/2010 - 12:18 | 291628 ZackAttack
ZackAttack's picture

Obviously, Greek banks need to borrow long to lend short.


Do I have to think of everything?

Thu, 04/08/2010 - 11:33 | 291555 SteveNYC
SteveNYC's picture

I thought Prodi said that the Greece problem has been sorted out?


I'm starting to get this feeling that politicians and bankers don't tell the truth, this could bring my world crashing down around me. Whatever shall I do??

Thu, 04/08/2010 - 11:46 | 291582 Tethys
Tethys's picture

Take two blue pills and call me in the morning.


Thu, 04/08/2010 - 11:38 | 291566 buzzsaw99
buzzsaw99's picture

I do not like greece eggs and scam sam I am.



Thu, 04/08/2010 - 11:38 | 291568 Cognitive Dissonance
Cognitive Dissonance's picture

"PIMCO Compares Greece To Titanic, Says Bonds Not Attractive Even Over 7%"

Let's see if I can come up with an appropriately phrased response to this insightful and informative comment from PIMPCO. Oh wait, I've got it.


Thu, 04/08/2010 - 11:40 | 291571 Alexandra Hamilton
Alexandra Hamilton's picture

So, finally the leeches are coming out of their holes and let us know what they really want: The destruction of Greece.

Thu, 04/08/2010 - 11:44 | 291578 Alexandra Hamilton
Alexandra Hamilton's picture

I don't know why everyone is obsessed with the Titanic, really.



Thu, 04/08/2010 - 11:45 | 291579 doublethink
doublethink's picture


Simulation Video


A visual reminder of the Titanic's final minutes (as if we really needed it).




Thu, 04/08/2010 - 11:57 | 291602 williambanzai7
williambanzai7's picture

Obama's manufacturing utopia will evidently consist of high speed rail links made in China:  http://www.nytimes.com/2010/04/08/business/global/08rail.html

Thu, 04/08/2010 - 12:08 | 291615 doolittlegeorge
doolittlegeorge's picture

"the Greek situation will be resolved next week."  You mean "someone will do something."  I mean this is the problem is it not?  As soon as you "do something" the "situation is made worse"?  Or is the worse thing "doing nothing"?  I mean, "no nation can survive at 6% on the overnight."  Really?  The "people" will implode?  I see the exact opposite:  the people "explode."  Why is this a problem, then?

Thu, 04/08/2010 - 12:25 | 291645 bogey4
bogey4's picture

"...the surge in the dollar will mean to Obama's export-led US manufacturing utopia."


Come on Tyler, a little better analysis is required before you blithely throw out a statement like this.  The dollar has bounced approx. 14% off its dead lows (DXY Index basis.)  It's still down about 40% from it's highs 8 years ago, so it's still relatively "cheap" on a historical basis.  We've been in a multi year bear market. A slight bounce isn't going to have much impact on exports.



Thu, 04/08/2010 - 12:27 | 291647 Leo Kolivakis
Leo Kolivakis's picture

PIMPco is buying the shit of Greek bonds, and will make a killing off of them when spreads narrow. I can't believe you trust these guys.

Thu, 04/08/2010 - 13:36 | 291750 Captain Obviousness
Captain Obviousness's picture

Why, and when, do you expect Greek bond spreads to narrow?  The only way I can see the spreads narrowing is if the EU actually bails Greece out.  No way in hell they will be able to get their fiscal house in order by themselves.

Thu, 04/08/2010 - 14:31 | 291835 Leo Kolivakis
Leo Kolivakis's picture

1) EU has already bailed out Greece and it will cement the deal soon.

2) Greece is taking measures to bring their fiscal house in order. Taxes are on the rise, including property taxes, which were non-existent before.

Thu, 04/08/2010 - 12:32 | 291656 bugs_
bugs_'s picture

Romanian term limits.

Thu, 04/08/2010 - 13:06 | 291703 Cyan Lite
Cyan Lite's picture

Still buying front-month SPY $120 calls with wreckless abandon...

Thu, 04/08/2010 - 13:20 | 291724 yabs
yabs's picture

I don't think the Titanic is an appropriate analogy. She didn't take other boats down with her

I think shes more like the RMS Lusitania

Thu, 04/08/2010 - 13:32 | 291740 hamurobby
hamurobby's picture

I think the sum of all things happening equals "episode 1"

Thu, 04/08/2010 - 13:53 | 291773 ignorant
ignorant's picture

PIMP & co  or  PIM & co  is the name?

Thu, 04/08/2010 - 15:03 | 291892 sheeple
sheeple's picture

The yield curve seriously look like someone bending over ready to be A$$f$$$ all over

Thu, 04/08/2010 - 16:58 | 292110 MacedonianGlory
MacedonianGlory's picture

Greek Minister of Finance G-Pap already used the word "Titanic" to describe the greek economic vessel a few months ago. 

The same rhetoric is beeing used again.


Thu, 04/08/2010 - 18:05 | 292187 wmefford
wmefford's picture

 I am just waiting for another save the day announcement, again.

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