Same Fund That Is Now Investing In Greek Bonds Sues Citi Over "Willful Financial Misstatements" Causing Fund To Buy Citi Shares

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Fri, 09/24/2010 - 11:55 | 602660 Dr. Engali
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By Thor's hammer we will pillage the American taxpayer until we are justly repaid.

Fri, 09/24/2010 - 11:59 | 602674 Ragnarok
Ragnarok's picture

Don't they already work at Capital One?

Fri, 09/24/2010 - 17:29 | 603487 knukles
knukles's picture

Is it true that the guy running the Norwegian Wealth and Tranny Porn Fund is the same blighter who got promoted after he ran the Village of Trottinmepants that bought all those out of the money CDO equity layers backed by sub-standard in default IO residual mortgages? 
Or is my imagination over activating again?
Something about total recall....

PS.  Did everybody know that there's a HAARP type facility near Ramfjordmoen Norway as well as Wasilla, Alaska?  LOL  Look it up!  Expalin any misbehavior?

Fri, 09/24/2010 - 12:03 | 602683 Kayman
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August new housing follows July as  lowest since 1963.

Lumber up limit at the CME this am.

Fri, 09/24/2010 - 12:10 | 602686 Leo Kolivakis
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I met up with Petros Christodoulou, director general of the Greek Public Debt Management Agency, this morning. Norwegian Fund isn't as dumb as you think. Will discuss our meeting in my weekend comment. I'll share a few tidbits with you. When discussing blogs and bloggers, he became irate over those who accuse him of being a "Goldman puppet", calling them "dumb <expletive>", and told me he only worked there briefly before joining JP Morgan in London where he traded bonds for 12 years. He added: "Who would you rather have running this agency some Greek pension manager who doesn't know the first thing of capital markets?" Very interesting background and our meeting lasted an hour and a half. He's got one of the toughest jobs in Greece, but he's smart, knows markets and knows the challenges that lie ahead. My meeting only bolstered my thoughts: Greek bonds are grossly undervalued and restructuring will never happen. As Mr. Christodoulou told me, "there are too many vested interests and the ripple effects are unbearable for Europe and international markets". TRANSLATION: Keep buying them dips, Greece isn't defaulting or restructuring!

Fri, 09/24/2010 - 12:11 | 602710 percolator
percolator's picture

So he's really JP Morgan's puppet, glad we got that clarified.  I agree Greece won't default or restructure because bankers will never accept a haircut and will bleed the public dry.

Fri, 09/24/2010 - 13:40 | 602909 Vampyroteuthis ...
Vampyroteuthis infernalis's picture

will bleed the public dry

Once the corpse is empty of blood, then Greece will default. Not too bad of a strategy unless you are the public holding the bag.

Fri, 09/24/2010 - 12:12 | 602712 huggy_in_london
huggy_in_london's picture

good luck with the mark to market on that one....

The greeks are habitual liars, they have form, and everything they say is tainted by the fact that they lied there way into the euro and then lied since then w.r.t their data.  Nothing they can say would make me buy their bonds.

Remember that in a default or a restructure its your principle at stake, not your coupon!  

Fri, 09/24/2010 - 12:27 | 602752 Leo Kolivakis
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"The greeks are habitual liars" opposed to the fucking Brits who shit on our economy while their own pension system and economy is screwed beyond belief. Save it pal, Greeks aren't as stupid as you think.

Fri, 09/24/2010 - 13:39 | 602905 huggy_in_london
huggy_in_london's picture

hey dickhead - i made no reference to the brits or anyone else actually.  Actually, the greeks are as stupid as i think.

Fri, 09/24/2010 - 18:06 | 603570 Leo Kolivakis
Leo Kolivakis's picture

Actually, you're a moron.....and always were one.

Fri, 09/24/2010 - 18:10 | 603582 huggy_in_london
Sat, 09/25/2010 - 04:26 | 604112 Leo Kolivakis
Leo Kolivakis's picture

Funny, is that what they do for entertainment in your part of the world?

Fri, 09/24/2010 - 12:16 | 602723 n2dark
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you are delusional

Fri, 09/24/2010 - 12:21 | 602734 thislittlepiggy
Fri, 09/24/2010 - 12:51 | 602794 LMAO
LMAO's picture

Sure Leo,

"Norwegian Fund isn't as dumb as you think"

You'r right there, it's much worse.


Fri, 09/24/2010 - 13:15 | 602841 Buyemall
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Usually entities that default or restructure their debt don't have a choice....

Fri, 09/24/2010 - 14:24 | 602993 NotApplicable
NotApplicable's picture

Greek bonds are grossly undervalued and restructuring will never happen.

So what you're saying is that TPTB are confident that they can successfully navigate ZIRP all the way out to the long end of the yield curve? (just like Fekete is predicting their efforts to be aimed at)

At one time I would've said the market will break first in a reactionary panic. But since it is broken already, there may not be enough of a real market left to instigate an opposing force.

Perhaps this is why confidence bounds?

If only Madoff had had a printing press too...

Fri, 09/24/2010 - 16:12 | 603287 Hephasteus
Hephasteus's picture

You don't get it. You don't pay the taxes. It's not the governments call in whether they default or not. It's the peoples. When the people have had enough and say it's over. It's fucking over.

Fri, 09/24/2010 - 12:04 | 602689 huggy_in_london
huggy_in_london's picture

as usual, in this screwed up society, no one wants to take responsibility for their idiotic actions.



Fri, 09/24/2010 - 12:15 | 602721 bullchit
bullchit's picture

Leo is turning out to be a bigger contrarian indicator than Jim Crameropolous.


Fri, 09/24/2010 - 12:42 | 602755 LMAO
LMAO's picture

And all Norwegians, even if they don't know it yet, are dancing the sirtaki with G-Pap


Fri, 09/24/2010 - 12:32 | 602765 aheady
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Fri, 09/24/2010 - 12:44 | 602776 Leo Kolivakis
Leo Kolivakis's picture

Cramer is a moron who is short solars. -)

Fri, 09/24/2010 - 12:46 | 602781 aheady
aheady's picture

He's short something.

Fri, 09/24/2010 - 12:26 | 602748 Fidel Sarcastro
Fidel Sarcastro's picture

"Just how dumb do you have to be before you realize that everything is rigged?"

Well, you'd have to be as dumb as an economist to believe it isn't rigged.

Fri, 09/24/2010 - 12:27 | 602751 Miles Kendig
Miles Kendig's picture

Has the collective IQ of investors in the world over the past 30 years just correlated inversely with the amount of cheap (and now free) liquidity out there?

Thanks for the update to my definition of "Sophisticated Investor" Tyler.

Fri, 09/24/2010 - 12:27 | 602753 NumberNone
NumberNone's picture

Note to self...get Norwegian attorney's to sue all companies I've lost money on in stock market. 

Fri, 09/24/2010 - 12:30 | 602762 LMAO
LMAO's picture

"Norway is adament that Greece wont default..."

 You probably have no idea, but it's PARTY...TIME!!! in Norway.

Mr. Slyngstad and Mr. Johnsen are jumping of joy chanting "We got the whole world in our hands....."

 They are laughing all the way to the bank because of their high-yielding bets on these PIGS not defaulting.

 "Masters of the Universe" and modern day "Nostradamuses" is what these fine Norwegian gentlemen are.

 I hope the people of Norway can find lampposts strong and tall enough when these piggies meet up with reality.


Fri, 09/24/2010 - 12:59 | 602817 Azannoth
Azannoth's picture

Dont throw stones in a house of Glass

Sat, 09/25/2010 - 07:59 | 604149 LMAO
LMAO's picture

LOL, nice one.

I for one am throwing a bouquet to the likes of Slyngstad whose delusional grandeur and lack of insight on these piggies will squander the funds' wealth.

As to the Terra scandal, one can only be amazed that nobody in these seven Norwegian municipalities has ever been held accountable for their foolish and unlawful actions leading to the disaster and loss of a but-load of Norwegian taxpayer money.

This song is about hunting higher yields in the riskiest of assets. Terra failed miserably and these "piggy bank investments" will share a similar faith.

As to the lawsuit:

The outcome of this rigged game will be decided on by rigged courts instructed by rigged politicians who take direct orders from the money-masters.

Money-masters 1 - taxpayer 0


Fri, 09/24/2010 - 13:04 | 602824 williambanzai7
williambanzai7's picture

Not dumb....Norwegian.

Fri, 09/24/2010 - 13:41 | 602913 Contura
Contura's picture

We have a simple rule here in Norway; What goes down will go back up....or not.

For God´s sake, we´re drowning in oil, milk and honey over here !!!

Everything is so beautiful and purple !!!


Fri, 09/24/2010 - 15:18 | 603157 Missing_Link
Missing_Link's picture

Has the collective IQ of investors in the world over the past 30 years just correlated inversely with the amount of cheap (and now free) liquidity out there?

Actually, yes.

Very much yes.

Sat, 09/25/2010 - 22:44 | 604958 CL1
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Sun, 09/26/2010 - 12:38 | 605570 Scisco
Scisco's picture

I see a profit model here.

Buy debt that is misrepresented;

if (Debt goes bad) then




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