This page has been archived and commenting is disabled.

Save The World?

Leo Kolivakis's picture





 

Via Pension Pulse.

It was a gorgeous day in Montreal so I spent the afternoon swimming and
tanning while listening to my tunes. But I did manage to hook up with a
buddy of mine who flew in to close the sale of his house and visit
friends.

My buddy is smart and has extensive operational experience
across manufacturing and the financial industry, most recently managing a
major infrastructure project in Greece which went sour following the
crisis. He has been extremely negative on Greece over the last three
years to the point where he got on my nerves several times. But in the
end he was right, Greece is a basket case and the bailout won't work.

Below,
I'll share with you topics from our interesting conversation on
blogging, bankers and regulation, BRICs, deflation, oil, Greece, the
Greek bailout, ratings agencies, Canada, and lots more:

  • On blogging:
    We began by discussing some of my recent posts. My buddy detected "lots
    of anger" in them and told me that I can be more effective by making my
    points "more subtly." He added: "I don't care about the Caisse or PSP,
    but you don't need to be venomous and you won't change the way they
    conduct business. What are you trying to get out of this?" Told him that
    I've said everything I've had to say about the Caisse and SARA Fund,
    will try to be more constructive, giving these pension funds the
    "benefit of the doubt," but I'm flabbergasted when senior public pension
    fund managers tell me "they're only accountable to their depositors and
    not the public." That just doesn't sit well with me and one of the
    reasons I started this blog was because I got fired October 2006 after predicting the
    2008 credit crisis for being "too negative" and wanted to sound the
    alarm on the pension crisis. So, to all pension funds, I'm going to
    remain fair and professional, but don't expect me to only send flowers
    your way.
  • On bankers and the need for regulation: My
    buddy is a lot more hopeful than I am that regulation will finally hit
    Wall street hard. He said that senior management at BNP Paribas and
    SocGen was quietly changed following the 2008 crisis and "it's only a
    matter of time before the guys in Wall Street get their due. They gotten
    away with shenanigans long enough." His former boss once told him the
    story about bankers who went to see Louis the XIV to tell him France was
    bankrupt and he couldn't save it. "The bankers all got the guillotine." I
    remain skeptical that better financial regulation is on its way and
    told my buddy: "they had the perfect opportunity to introduce meaningful
    reforms following the crisis and as usual, they pandered to the bankers
    and bungled it up."
  • On BRICs:
    We didn't go over all the BRICs (Brazil, Russia, China, India, and
    China) but we spoke at length about China. Just like Paul Beattie, who
    thinks phosphate will be Canada's next Potash,
    my buddy agrees China will continue to grow exponentially in the coming
    decades. "Unlike Russia which got its freedom and is now effectively a
    lawless country run by mafiosos and oligarchs, or India where class
    warfare is getting worse, the Chinese model is focusing on developing
    the middle class and slowly nurturing in democracy. China is still a
    communist country with a huge military, but their leaders know what
    they're doing and won't repeat the mistakes of Russia or India."
  • On oil, interest rates, and the risk of deflation: While
    my buddy agrees with Paul Beattie that China will continue to grow
    strongly over the next decades, he isn't sold on higher oil prices or
    higher interest rates: "It's not about supply and demand. The Saudis
    created the 82 recession, they're not going to repeat the same mistake.
    In Greece, right after the government foolishly introduced the petrol
    tax, our revenues on the highway project plummeted because people
    stopped driving. People will adapt to higher oil prices and that's why I
    don't buy that oil will skyrocket or that interest rates are heading
    higher. The real danger remains deflation."
  • On the next financial crisis:
    While my buddy is bullish on China and relatively bullish on Canada
    (see below), he sees the next crisis and thinks "it will be much worse
    than 2008." he added: "In the past, we had a hit to incomes, in the last
    crisis, a hit to balance sheets, the next one will be a hit to both
    incomes and balance sheets. It won't be a Depression but it's going to
    be ugly, especially in Greece."
  • On the Greek tragedy: My buddy wasn't surprised that the Greek government passed the austerity bill following the showdown at Syntagma.
    He said things will calm down over the summer but get much worse next
    winter: "Unemployed Athenians will flock to the islands desperately
    seeking any job related to tourism, they'll party, drink up, get laid,
    but once the summer is over, they'll return to Athens and realize that
    reality bites. Once winter sets in and the weather gets worse, emotions
    will boil over again in March." I asked him what was the government
    suppose to do, not pass the bill and set Greece back 100 years? His
    response: "Well now they set Greece back 5,000 years and only prolonging
    the agony. If Papandreou had any sense, and did the right thing for the
    country and the people, he would have just defaulted, gone
    back to the drachma and let the German and French banks take a
    substantial haircut (others agree, Greece should default). Instead, he signed a deal with the French, the
    Germans followed, but Greece is worse off and they will realize that
    they will never balance the budget with severe austerity measures. It's a
    fucking disaster and it will only get worse. Partisan politics
    destroyed Greece. I think Greeks will castrate all the Greek politicians
    who raped and pillaged the country over the last decades. They came
    close to it last week and next time they'll succeed."
  • On the real reason behind the Greek bailout:
    My buddy thinks the real reason behind the Greek bailout was to buy
    time for French and German banks to clean up their balance sheets.
    "They're worried about what comes after Greece, Portugal or Spain? This
    thing can easily spiral out of control." Moreover, he added: "I suspect
    that French and German pension funds are loaded up with Greek CDS, and
    this is the real reason behind the bailout."
  • On the incompetence and fraudulent activities of ratings agencies:
    My buddy and I agree on this point, ratings agencies are a joke. He
    didn't mince his words: "They should be shut down. Period. They're
    grossly incompetent and the timing of their announcements tells me
    they're in cahoots with Wall Street and hedge funds. In your last post
    you said Ed Clark, President and CEO of TD Bank is one of the smartest
    people in the Canadian financial industry. Want to know why? He doesn't
    trust ratings agencies and has his bankers do their own due diligence
    rating paper, which is why TD didn't touch ABCP." It looks like the
    ratings agencies are up to no good again, trying to wreck the Greek rescue.
  • On Canada and Canadian politics: My
    buddy thinks Canada is "selling its resources cheap" and that the
    current taxes benefit Alberta but not the rest of Canada. "Alberta
    should understand more than anyone about interprovincial transfers." As
    far as Prime Minister Harper is concerned, my buddy thinks "he's
    basically a dictator and the country is split under his leadership
    because of the effects of partisan politics." I wrote an open letter to our PM
    criticizing central control, but also praising him on some initiatives.
    As far as Vancouver real estate, my buddy thinks it will continue going
    higher but sections are becoming "ghettos of Chinese." I asked him if
    he'd like to come back to Quebec, and he said "yes but there are too
    many vowels in my name." I shared with him the time I went to interview
    for a job at Hydro Quebec and the manager showed me an org chart of his
    team and told me: "you see, I got no ethnics working for me." I told
    him: "thanks for wasting my time, this interview is over." (Quebec's
    institutions have done the bare minimum at integrating minorities at all
    levels, it's truly scandalous!)
  • On asset gatherers vs money managers:
    I told my buddy that I couldn't believe Eric Sprott's fund is now at
    $10 billion. He told me he's not surprised: "These big funds have an
    army of salespeople, they're basically marketing machines. Same thing
    happened to Altamira and Frank Mersh. That's why I don't believe in
    alpha in money management and think most hedge funds are poor
    performers. I have a lot more respect for a guy like Tim Barakett of
    Atticus who shut his fund down
    once his model didn't work anymore and realized he wasn't going to
    deliver alpha than large asset gatherers who focus on collecting management
    fees, so he returned the money to investors." Can't argue with him there but mutual funds are even worse.
  • On my horoscope: I
    downloaded this horoscope app on my BlackBerry a while back (don't ask!)
    and been sort of hooked on it, mostly to entertain myself. Today's horo
    reads: "You have proven someone wrong, Taurus. Someone in your life has
    repeatedly claimed that some interest of yours - a goal, a love
    relationship, or some important personal pursuit - would not last. And
    yet it has. But whatever it is, you
    need to examine whether it has lasted because it is truly close to your
    heart and a source of passion for you - or you have maintained it
    simply to prove someone else wrong.
    You don't like it when
    others claim to know more about you than you know about yourself - most
    people don't of course. But you take it more personally. Assess what
    has lasted, and decide if it should continue or not - but for the right
    reasons."

What does my horoscope have to do with saving the
world? What does any of this have to do with saving the world? Beats me,
but I'm hooked on this song from Swedish House Mafia, Save the World
(see video below), and maybe it will come to me tonight as I drink it up
with my buddies and enjoy the rest of this beautiful day. In the
meantime, enjoy the rest of your weekend, and let's all do our part,
however small, to save this world. It's the only one we got and the only one we'll leave to future generations (after watching 60 Minutes, I recommend you donate to The Global Medical Relief Fund).

 


- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Sat, 08/13/2011 - 05:57 | Link to Comment juyitrade3
juyitrade3's picture

Wholesale Clothing
wholesale Women's Clothing
wholesale Women Clothing
wholesale Men Fashion Clothing
wholesale men Clothing
wholesale Fashion Clothing
Wholesale men Clothing
Fashion Clothing
Dropship From China

http://www.likeheybags.com

http://www.likeheybags.com

wholesale Women's Clothing
wholesale Women's Bikinis
wholesale A&F Bikini
wholesale CA Bikini
wholesale ED Hardy Bikini

wholesale Women's Hoody
wholesale AF women hoody
wholesale ED Hoody women

wholesale Women's Jackets
wholesale AF Coat Women
wholesale Gucci jackets Women
wholesale Moncler Down Coats Women
wholesale Moncler Down Jackets Women

wholesale Women's Jeans
wholesale CA Jean Women
wholesale ED Hardy Jean Women
wholesale Laguna Beach Jeans Women
wholesale True Religion Women

wholesale Women's T-Shirt
wholesale AF Long T Shirt Women
wholesale AF Short Polo T shirt Women
wholesale AF Short T shirt Women
wholesale AF Women shirt
wholesale Dolce Gabbana T Shirts Women
wholesale ED HARDY Women Long T Shirt
wholesale ED HARDY Women T Shirt
wholesale Paco Chicano T Shirt Women
wholesale Polo Long T Shirt Women
wholesale Polo shirt Women
wholesale Polo T Shirt Women
wholesale Sinful T Shirt

http://www.divbags.com/
http://www.cheapnikeairmax87.com
http://www.cheapkobebasketballshoes.com
http://www.cheapfendiboots.com
http://www.hotchinashoes.com/blog
http://www.topcheapshoes.com

http://www.divbags.com/
http://www.cheapnikeairmax87.com
http://www.cheapkobebasketballshoes.com
http://www.cheapfendiboots.com
http://www.hotchinashoes.com/blog
http://www.topcheapshoes.com


http://www.hotchinashoes.com/

wholesale Men Clothing
wholesale Men Coat
wholesale AF men coat

wholesale Men Hoody
wholesale AF men hoody
wholesale Armani Hoody Men
wholesale DG Hoody Men
wholesale Ed Hardy Hoody Men
wholesale Gucci Hoody Men
wholesale Polo Men hoody
wholesale Versace Hoody Men

wholesale Men Jacket
wholesale Moncler Jackets Men

wholesale Men Jean
wholesale AF Men Pants
wholesale Armani Jean Men
wholesale COOGI Jean men
wholesale Crown Holder Jean men
wholesale D&G Jean men
wholesale Diesel Jean men
wholesale Dolce Gabbana Jeans Men
wholesale Gucci Jean Men
wholesale LV Jean Men
wholesale True Religion Jean Men

wholesale Men Sweater
wholesale AF Men Sweater
wholesale Armani sweater Men
wholesale Gucci Sweater Men
wholesale Polo Men Sweater

wholesale Men T Shirt
wholesale AF Long T shirt Men
wholesale AF Man Shirt
wholesale AF Polo Long T shirt Men
wholesale AF Polo Short Shirt Men
wholesale AF Polo Short T Shirt Men
wholesale AF Short T Shirt Men
wholesale Armani Long T Shirt Men
wholesale Armani T Shirt Men
wholesale D&G long T Shirt Men
wholesale ED HARDY Long T Shirt Men
wholesale ED HARDY T Shirt men
wholesale Gucci long T Shirts Men
wholesale Gucci Short T Shirts Men
wholesale Laguna Beach T Shirt Men
wholesale LV T Shirts Men
wholesale Polo Long T Shirt Men
wholesale Polo Short T Shirt Men
wholesale Prada Long T Shirts Men
wholesale Prada T Shirt Men
wholesale Prada T Shirts Men

wholesale Women's Shoes
wholesale Asics Running Shoes
wholesale Asics Women Shoes

wholesale Christian Louboutin
wholesale Christian Louboutin Boots
wholesale Christian Louboutin Sandals
wholesale Christian Louboutin Shoes

wholesale Coach Shoes
wholesale Coach Women Shoes

wholesale Gucci Shoes
wholesale Gucci High Shoes
wholesale Gucci Low Shoes

wholesale MBT Shoes
wholesale MBT Women Shoes

wholesale Nike Shoes
wholesale Air Force one
wholesale Air Max 2009
wholesale Air Max 2010
wholesale Air Max 87
wholesale Air Max 90
wholesale Air Max LTD
wholesale Air Max TN
wholesale Air Wildwood Supr
wholesale Nike Air Classic BW
wholesale Nike Blazer
wholesale Nike Shox NZ
wholesale Nike Shox OZ
wholesale Nike Shox R4
wholesale Nike Shox TL
wholesale Nike Shox Turob

wholesale Other Women Shoes
wholesale DG Women Shoes
wholesale Louis Vuitton Women Shoes
wholesale Radii Women Shoes
wholesale Reebok Women Shoes

wholesale Prada Shoes
wholesale Prada Women Shoes

wholesale Puma Shoes
wholesale Puma Slacker Shoes
wholesale Puma Women Shoes

wholesale Sandal
wholesale Chanel Sandal
wholesale Coach Sandal
wholesale D&G Sandal
wholesale Dior Sandal
wholesale Fendi Sandal
wholesale Ferragamo Low Cutter Shoes
wholesale Juicy Sandals
wholesale Prada Sandal

wholesale Supra Shoes
wholesale Supra Women Shoes

wholesale Timberland Boots
wholesale Timberland Women Boots

wholesale Women Boots
wholesale Burberry Boots
wholesale Chanel Boots
wholesale Coach Boots
wholesale D&G Boots
wholesale Dior Boots
wholesale Fendi Boots
wholesale Gucci Boots
wholesale LV Boots
wholesale Versace Boots

wholesale Yves Saint Laurent Shoes
wholesale Yves Saint Laurent Boots
wholesale Yves Saint Laurent Pumps
wholesale Yves Saint Laurent Sandals

wholesale Mens Shoes
wholesale Air Jordan Shoes
wholesale 2010 Air Jordan
wholesale Air Jordan 1
wholesale Air Jordan 10
wholesale Air Jordan 11
wholesale Air Jordan 11+13
wholesale Air Jordan 11+6
wholesale Air Jordan 12
wholesale Air Jordan 13
wholesale Air Jordan 16.5
wholesale Air Jordan 22
wholesale Air Jordan 23
wholesale Air Jordan 25
wholesale Air Jordan 29
wholesale Air Jordan 3
wholesale Air Jordan 4
wholesale Air Jordan 5
wholesale Air Jordan 6
wholesale Air Jordan 8
wholesale Air Jordan 9
wholesale Air Jordan Shoes
wholesale Air Jordans Diamond Shoes
wholesale Jordan Carmelo Anthony
wholesale Jordan Chris Paul
wholesale Jordan Flight Team Shoes
wholesale Jordan Kobe Bryant
wholesale Jordan LeBron James
wholesale Jordan Six Rings

wholesale Basketball Shoes
wholesale Garnett Basketball Shoes
wholesale Howard Basketball Shoes
wholesale James Basketball Shoes
wholesale Kobe Basketball Shoes
wholesale Other Basketball Shoes
wholesale Penny Hardaway Edition
wholesale Pippen Basketball Shoes
wholesale T-MAC Basketball Shoes

wholesale Gucci Sneakers
wholesale Gucci High Shoes
wholesale Gucci Leather Shoes
wholesale Gucci Men Shoes

wholesale MBT Shoes
wholesale MBT Men Shoes

wholesale Nike Air Max
wholesale Air Max 180
wholesale Air Max 2009
wholesale Air Max 2010
wholesale Air Max 2011
wholesale Air Max 87
wholesale Air Max 90
wholesale Air Max 91
wholesale Air Max 95
wholesale Air Max LTD
wholesale Air Max TN
wholesale Air Max Uptempo 97
wholesale Air Max Wan Premi
wholesale Nike Air Classic BW
wholesale Nike Air Max 24/7 Shoes

wholesale Nike Shoes
wholesale Air Force one
wholesale Air Hoop Structure
wholesale Air Max NoMo Shoes
wholesale Air Wildwood Supr
wholesale Air Yeezy Shoes
wholesale Dunk SB Shoes
wholesale Nike Ken Griff
wholesale Nike Zebra Shoes

wholesale Nike Shox Shoes
wholesale Nike shox moster
wholesale Nike Shox NZ
wholesale Nike Shox OZ
wholesale Nike Shox R3
wholesale Nike Shox R4
wholesale Nike Shox R5
wholesale Nike Shox TL
wholesale Nike Shox Turob

wholesale Other Men Shoes
wholesale Asics Running Shoes
wholesale Cole Haan Men Shoes
wholesale D&G Men Shoes
wholesale Good Year Shoes
wholesale Louis Vuitton Shoes
wholesale Radii Men Shoes

wholesale Prada Shoes
wholesale Prada Men Boots
wholesale Prada Men Shoes

wholesale Puma Shoes
wholesale Puma Men Shoes
wholesale Puma Slacker Shoes

wholesale Supra Shoes
wholesale Supra High Shoes
wholesale Supra Low Shoes

wholesale Timberland Boots
wholesale Timberland Boots

wholesale Vibram Five Fingers
wholesale Vibram Five Fingers

wholesale Handbag and Wallet
wholesale Designer Handbags
wholesale Burberry Handbags
wholesale CA Handbags
wholesale Chanel Handbags
wholesale Chloe Handbags
wholesale Coach Handbags

wholesale Prada Handbags
wholesale Versace Handbags

wholesale Designer Wallets
wholesale Armani Wallet
wholesale Chanel Wallets
wholesale Coach Wallets
wholesale Gucci Wallets
wholesale LV Wallets

wholesale Sport Jerseys
wholesale MLB Jerseys
wholesale Atlanta Braves
wholesale Baltimore Orioles
wholesale Boston Red Sox
wholesale Chicago Cubs
wholesale Chicago White Sox
wholesale Los Angeles Angels
wholesale Los Angeles Dodgers
wholesale Milwaukee Brewers
wholesale Minnesota Twins
wholesale MLB All Star
wholesale New York Mets
wholesale New York Yankees
wholesale Philadelphia Phillies
wholesale Pittsburgh Pirates

wholesale NBA Jerseys
wholesale 2011 New NBA Jerseys
wholesale Atlanta Hawks
wholesale Boston Celtics
wholesale Chicago Bulls
wholesale Cleveland Cavaliers
wholesale Dallas Mavericks
wholesale Denver Nuggets
wholesale Detroit Pistons

wholesale Portland Trail Blazers
wholesale San Antonio Spurs
wholesale Washington Wizards

wholesale NFL Jerseys
wholesale 2011 New NFL Jerseys
wholesale Arizona Cardinals
wholesale Atlanta Falcons
wholesale Baltimore Ravens
wholesale Buffalo Bills
wholesale Carolina Panthers
wholesale Chicago Bears
wholesale Cincinnatti Bengals
wholesale Cleveland Browns

wholesale Pittsburgh Steelers
wholesale San Diego Chargers
wholesale San Francisco 49ers
wholesale St. Louis Rams
wholesale Tampa Bay Buccaneers
wholesale Tennessee Titans
wholesale Washington Redskins

wholesale Women NFL Jerseys
wholesale NFL Women Jerseys

wholesale Brand Electronics
wholesale Brand Headphones
wholesale Monster Studio Headphones

wholesale Hair Straightener
wholesale CHI Hair Straightener
wholesale GHD Hair Straightener

wholesale Fashion Jewelry
wholesale Brand Bracelets
wholesale Chanel Bracelets
wholesale Coach Bracelets
wholesale Gucci Bracelets

wholesale Brand Earrings
wholesale Chanel Earrings
wholesale Tiffiny Earring

wholesale Brand Necklace

wholesale Brand Ring
wholesale Chanel Ring
wholesale Tiffiny Ring

wholesale Other Product
wholesale AAA Sunglasses
wholesale Bvlgari Sunglass AAA

Wholesale Belt

wholesale Gucci belt
wholesale Versace belt

Wholesale Scarf
wholesale Armani scarf
wholesale BOSS scarf

wholesale Paul Smith scarf
wholesale Versace Scarf

Wholesale Sunglasses

Cheap Shirts
Designer T Shirts
cheap Cheap Shirts
cheap Blank T-shirts
Blank T-Shirts

cheap Women Clothing
cheap Women's Bikinis
cheap A&F Bikini
cheap CA Bikini
cheap ED Hardy Bikini

cheap Women's Hoody
cheap AF women hoody
cheap ED Hoody women

cheap Women's Jackets
cheap AF Coat Women
cheap Gucci jackets Women
cheap Moncler Down Coats Women
cheap Moncler Down Jackets Women

cheap Women's Jeans
cheap CA Jean Women
cheap ED Hardy Jean Women
cheap Laguna Beach Jeans Women
cheap True Religion Women

cheap Women's T-Shirt
cheap AF Long T Shirt Women
cheap AF Short Polo T shirt Women
cheap AF Short T shirt Women
cheap AF Women shirt
cheap Dolce Gabbana T Shirts Women
cheap ED HARDY Women Long T Shirt
cheap ED HARDY Women T Shirt
cheap Paco Chicano T Shirt Women
cheap Polo Long T Shirt Women
cheap Polo shirt Women
cheap Polo T Shirt Women
cheap Sinful T Shirt

cheap Men Clothing
cheap Men Coat
cheap AF men coat

cheap Men Hoody
cheap AF men hoody
cheap Armani Hoody Men
cheap DG Hoody Men
cheap Ed Hardy Hoody Men
cheap Gucci Hoody Men
cheap Polo Men hoody
cheap Versace Hoody Men

cheap Men Jacket
cheap Moncler Jackets Men

cheap Men Jean
cheap AF Men Pants
cheap Armani Jean Men
cheap COOGI Jean men
cheap Crown Holder Jean men
cheap D&G Jean men
cheap Diesel Jean men
cheap Dolce Gabbana Jeans Men
cheap Gucci Jean Men
cheap LV Jean Men
cheap True Religion Jean Men

cheap Men Sweater
cheap AF Men Sweater
cheap Armani sweater Men
cheap Gucci Sweater Men
cheap Polo Men Sweater

cheap Men T Shirt
cheap AF Long T shirt Men
cheap AF Man Shirt
cheap AF Polo Long T shirt Men
cheap AF Polo Short Shirt Men
cheap AF Polo Short T Shirt Men
cheap AF Short T Shirt Men
cheap Armani Long T Shirt Men
cheap Armani T Shirt Men
cheap D&G long T Shirt Men
cheap ED HARDY Long T Shirt Men
cheap ED HARDY T Shirt men
cheap Gucci long T Shirts Men
cheap Gucci Short T Shirts Men
cheap Laguna Beach T Shirt Men
cheap LV T Shirts Men
cheap Polo Long T Shirt Men
cheap Polo Short T Shirt Men
cheap Prada Long T Shirts Men
cheap Prada T Shirt Men
cheap Prada T Shirts Men

cheap Women's Shoes
cheap Asics Running Shoes
cheap Asics Women Shoes

cheap Christian Louboutin
cheap Christian Louboutin Boots
cheap Christian Louboutin Sandals
cheap Christian Louboutin Shoes

cheap Coach Shoes
cheap Coach Women Shoes

cheap Gucci Shoes
cheap Gucci High Shoes
cheap Gucci Low Shoes

cheap MBT Shoes
cheap MBT Women Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Max 2009
cheap Air Max 2010
cheap Air Max 87
cheap Air Max 90
cheap Air Max LTD
cheap Air Max TN
cheap Air Wildwood Supr
cheap Nike Air Classic BW
cheap Nike Blazer
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R4
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Women Shoes
cheap DG Women Shoes
cheap Louis Vuitton Women Shoes
cheap Radii Women Shoes
cheap Reebok Women Shoes

cheap Prada Shoes
cheap Prada Women Shoes

cheap Puma Shoes
cheap Puma Slacker Shoes
cheap Puma Women Shoes

cheap Sandal
cheap Chanel Sandal
cheap Coach Sandal
cheap D&G Sandal
cheap Dior Sandal
cheap Fendi Sandal
cheap Ferragamo Low Cutter Shoes
cheap Juicy Sandals
cheap Prada Sandal

cheap Supra Shoes
cheap Supra Women Shoes

cheap Timberland Boots
cheap Timberland Women Boots

cheap Women Boots
cheap Burberry Boots
cheap Chanel Boots
cheap Coach Boots
cheap D&G Boots
cheap Dior Boots
cheap Fendi Boots
cheap Gucci Boots
cheap LV Boots
cheap Versace Boots

cheap Yves Saint Laurent Shoes
cheap Yves Saint Laurent Boots
cheap Yves Saint Laurent Pumps
cheap Yves Saint Laurent Sandals

cheap Mens Shoes
cheap Air Jordan Shoes
cheap 2010 Air Jordan
cheap Air Jordan 1
cheap Air Jordan 10
cheap Air Jordan 11
cheap Air Jordan 11+13
cheap Air Jordan 11+6
cheap Air Jordan 12
cheap Air Jordan 13
cheap Air Jordan 16.5
cheap Air Jordan 22
cheap Air Jordan 23
cheap Air Jordan 25
cheap Air Jordan 29
cheap Air Jordan 3
cheap Air Jordan 4
cheap Air Jordan 5
cheap Air Jordan 6
cheap Air Jordan 8
cheap Air Jordan 9
cheap Air Jordan Shoes
cheap Air Jordans Diamond Shoes
cheap Jordan Carmelo Anthony
cheap Jordan Chris Paul
cheap Jordan Flight Team Shoes
cheap Jordan Kobe Bryant
cheap Jordan LeBron James
cheap Jordan Six Rings

cheap Basketball Shoes
cheap Garnett Basketball Shoes
cheap Howard Basketball Shoes
cheap James Basketball Shoes
cheap Kobe Basketball Shoes
cheap Other Basketball Shoes
cheap Penny Hardaway Edition
cheap Pippen Basketball Shoes
cheap T-MAC Basketball Shoes

cheap Gucci Sneakers
cheap Gucci High Shoes
cheap Gucci Leather Shoes
cheap Gucci Men Shoes

cheap MBT Shoes
cheap MBT Men Shoes

cheap Nike Air Max
cheap Air Max 180
cheap Air Max 2009
cheap Air Max 2010
cheap Air Max 2011
cheap Air Max 87
cheap Air Max 90
cheap Air Max 91
cheap Air Max 95
cheap Air Max LTD
cheap Air Max TN
cheap Air Max Uptempo 97
cheap Air Max Wan Premi
cheap Nike Air Classic BW
cheap Nike Air Max 24/7 Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Hoop Structure
cheap Air Max NoMo Shoes
cheap Air Wildwood Supr
cheap Air Yeezy Shoes
cheap Dunk SB Shoes
cheap Nike Ken Griff
cheap Nike Zebra Shoes

cheap Nike Shox Shoes
cheap Nike shox moster
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R3
cheap Nike Shox R4
cheap Nike Shox R5
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Men Shoes
cheap Asics Running Shoes
cheap Cole Haan Men Shoes
cheap D&G Men Shoes
cheap Good Year Shoes
cheap Louis Vuitton Shoes
cheap Radii Men Shoes

cheap Prada Shoes
cheap Prada Men Boots
cheap Prada Men Shoes

cheap Puma Shoes
cheap Puma Men Shoes
cheap Puma Slacker Shoes

cheap Supra Shoes
cheap Supra High Shoes
cheap Supra Low Shoes

cheap Timberland Boots
cheap Timberland Boots

cheap Vibram Five Fingers
cheap Vibram Five Fingers

cheap Handbag and Wallet
cheap Designer Handbags
cheap Burberry Handbags
cheap CA Handbags
cheap Chanel Handbags
cheap Chloe Handbags
cheap Coach Handbags
cheap D&G Handbags
cheap Dior Handbags
cheap ED Hardy Handbags
cheap Fendi Handbags
cheap Gucci Handbags
cheap Juicy Handbags
cheap LV Handbags
cheap Polo Handbags
cheap Prada Handbags
cheap Versace Handbags

cheap Designer Wallets
cheap Armani Wallet
cheap Chanel Wallets
cheap Coach Wallets
cheap Gucci Wallets
cheap LV Wallets

cheap Sport Jerseys
cheap MLB Jerseys
cheap Atlanta Braves
cheap Baltimore Orioles
cheap Boston Red Sox
cheap Chicago Cubs
cheap Chicago White Sox
cheap Los Angeles Angels
cheap Los Angeles Dodgers
cheap Milwaukee Brewers
cheap Minnesota Twins
cheap MLB All Star
cheap New York Mets
cheap New York Yankees
cheap Philadelphia Phillies
cheap Pittsburgh Pirates
cheap San Francisco Giants
cheap St. Louis Cardinals
cheap Texas Rangers

cheap NBA Jerseys
cheap 2011 New NBA Jerseys
cheap Atlanta Hawks
cheap Boston Celtics
cheap Chicago Bulls
cheap Cleveland Cavaliers
cheap Dallas Mavericks
cheap Denver Nuggets
cheap Detroit Pistons
cheap Houston Rockets
cheap Los Angeles Clippers
cheap Los Angeles Lakers
cheap Miami Heat
cheap Milwaukee Bucks
cheap NBA 09 All Star
cheap NBA 10 All Star
cheap Oklahoma City Thunder
cheap Orlando Magic
cheap Phoenix Suns
cheap Portland Trail Blazers
cheap San Antonio Spurs
cheap Washington Wizards

cheap NFL Jerseys
cheap 2011 New NFL Jerseys
cheap Arizona Cardinals
cheap Atlanta Falcons
cheap Baltimore Ravens
cheap Buffalo Bills
cheap Carolina Panthers
cheap Chicago Bears
cheap Cincinnatti Bengals
cheap Cleveland Browns
cheap Dallas Cowboys
cheap Denver Broncos
cheap Detroit Lions
cheap Green Bay Packers
cheap Houston Texans
cheap Indianapolis Colts
cheap Kansas City Chiefs
cheap Miami Dolphins
cheap Minnesota Vikings
cheap New England Patriots
cheap New Orleans Saints
cheap New York Giants
cheap New York Jets
cheap NFL 09 All Star
cheap NFL 10 All Star
cheap Oakland Raiders
cheap Philadelphia Eagles
cheap Pittsburgh Steelers
cheap San Diego Chargers
cheap San Francisco 49ers
cheap St. Louis Rams
cheap Tampa Bay Buccaneers
cheap Tennessee Titans
cheap Washington Redskins

cheap NHL Jerseys
cheap 2011 New NHL Jersrys
cheap Boston Bruins
cheap Buffalo Sabres
cheap Calgary Flames
cheap Chicago Blackhawks
cheap Dallas Stars
cheap Detroit Red Wings
cheap Edmonton Oilers
cheap Los Angeles Kings
cheap Minnesota Wild
cheap Montreal Canadians
cheap Nashville Predators
cheap New Jersey Devils
cheap New York Islanders
cheap New York Rangers
cheap NHL 2010 Olympic
cheap NHL All Star
cheap Philadelphia Flyers
cheap Phoenix Coyotes
cheap Pittsburgh Penguins
cheap San Jose Sharks
cheap Toronto Maple Leafs
cheap Vancouver Canucks
cheap Washington Capitals

cheap Women NFL Jerseys
cheap NFL Women Jerseys

cheap Brand Electronics
cheap Brand Headphones
cheap Monster Studio Headphones

cheap Hair Straightener
cheap CHI Hair Straightener
cheap GHD Hair Straightener

cheap Wholesale Watch
cheap Breitling Watches
cheap Chanel Watches
cheap Gucci Watches
cheap IWC Watches
cheap Mont Blanc Watches
cheap Omega Watches
cheap Patek Philippe Watches
cheap Rado Watches
cheap Rolex Watches
cheap Tagheuer Watches

cheap Fashion Jewelry
cheap Brand Bracelets
cheap Chanel Bracelets
cheap Coach Bracelets
cheap Gucci Bracelets
cheap Links Bracelets
cheap Pandora Bracelts
cheap Tiffiny Bracelts

cheap Brand Earrings
cheap Chanel Earrings
cheap Tiffiny Earring

cheap Brand Necklace
cheap Bvlgari Necklace
cheap Chanel Necklace
cheap Gucci Necklace
cheap Links Necklace
cheap Pandora Necklace
cheap Tiffiny Necklace

cheap Brand Ring
cheap Chanel Ring
cheap Tiffiny Ring

cheap Other Product
cheap AAA Sunglasses
cheap Bvlgari Sunglass AAA
cheap Chanel Sunglass AAA
cheap Chloe Sunglass AAA
cheap Coach Sunglass AAA
cheap D&G Sunglass AAA
cheap Dior Sunglass AAA
cheap Gucci Sunglass AAA
cheap LV Sunglass AAA
cheap Marc Jacobs Sunglass AAA
cheap Oakley Sunglass AAA
cheap Police Sunglass AAA
cheap Prada Sunglass AAA
cheap Rayban Sunglass AAA
cheap Roberto Cavalli Sunglass AAA
cheap Tom Sunglass AAA
cheap Versace Sunglass AAA

cheap Wholesale Belt
cheap Armani belt
cheap D&G belt
cheap Desel belt
cheap Gucci belt
cheap Versace belt

cheap Wholesale Scarf
cheap Armani scarf
cheap BOSS scarf
cheap Burberry scarf
cheap Burberry Set of cap
cheap Celine scarf
cheap Chanel scarf
cheap CK scarf
cheap D&G scarf
cheap Dior scarf
cheap Fendi scarf
cheap Hermes Scarf
cheap Miu Miu scarf
cheap Paul Smith scarf
cheap Versace Scarf

cheap Wholesale Sunglasses
cheap Armani Sunglass
cheap Burberry Sunglass
cheap carrera Sunglass
cheap Chanel Sunglass
cheap Coach Sunglass
cheap D&G Sunglass
cheap Dior Sunglass
cheap ED Sunglass
cheap Fendi Sunglass
cheap Gucci Sunglass
cheap Juicy Sunglass
cheap LV Sunglass
cheap Oakley Sunglass
cheap Police Sunglass
cheap Prada Sunglass
cheap Rayban Sunglass
cheap Roberto Cavalli Sunglass
cheap Versace Sunglass

http://www.wholesaleboy.com/blog
http://www.cheapbuytshirts.com/blog
http://www.jodanshoesfr.com
http://www.nikeshoesca.com
http://www.womenshoesfr.com
http://cheaplovesacs.com
http://wholesaletopsunglasses.com
http://piao-xin.com
http://blog3.cheapnikeairmax87.com
http://blog3.divbags.com
http://blog3.cheapkobebasketballshoes.com
http://www.likembtshop.com/blog
http://blog3.cheaptshirtsbox.com
http://blog3.juyihandbags.com
http://blog3.topcheapshoes.com
http://blog3.cheapfendiboots.com
http://blog3.hotchinashoes.com
http://blog3.hotcheaphandbags.com
http://blog3.tuanlianjie.com

cheap Wholesale Shoes
cheap Wholesale Women Shoes
cheap Cheap Basketball Shoes
cheap Women's Shoes
cheap Cheap Sandals
cheap Wholesale Boots
cheap Cheap Designer Shoes
cheap Cheap Women's Shoes

Wholesale Shoes
Wholesale Women Shoes
Cheap Basketball Shoes
cheap Women's Shoes
cheap Cheap Sandals
cheap Wholesale Boots
Designer Shoes
Women's Shoes

cheap Women's Shoes
cheap Asics Running Shoes
cheap Asics Women Shoes

cheap Christian Louboutin
cheap Christian Louboutin Boots
cheap Christian Louboutin Sandals
cheap Christian Louboutin Shoes

cheap Coach Shoes
cheap Coach Women Shoes

cheap Gucci Shoes
cheap Gucci High Shoes
cheap Gucci Low Shoes

cheap MBT Shoes
cheap MBT Women Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Max 2010
cheap Air Max 87
cheap Air Max LTD
cheap Air Max TN
cheap Air Wildwood Supr
cheap Nike Air Classic BW
cheap Nike Air Max 2009
cheap Nike Air Max 90 Shoes
cheap Nike Blazer Shoes
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R4
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Women Shoes
cheap DG Women Shoes
cheap Louis Vuitton Shoes
cheap Radii Shoes
cheap Reebok Shoes

cheap Prada Shoes
cheap Prada Women Shoes

cheap Puma Shoes
cheap Puma Slacker Shoes
cheap Puma Women Shoes

cheap Supra Shoes
cheap Supra Women Shoes

cheap Timberland Boots
cheap Timberland Women Boots

cheap Women Boots
cheap Burberry Boots
cheap Chanel Boots
cheap Coach Boots
cheap D&G Boots
cheap Dior Boots
cheap Fendi Boots
cheap Gucci Boots
cheap LV Boots
cheap Versace Boots

cheap Womens Sandal
cheap Chanel Sandal
cheap Coach Sandal
cheap D&G Sandal
cheap Dior Sandal
cheap Fendi Sandal
cheap Ferragamo Low Cutter
cheap Juicy Sandals
cheap Prada Sandal

cheap Yves Saint Laurent Shoes
cheap Yves Saint Laurent Boots
cheap Yves Saint Laurent Pumps
cheap Yves Saint Laurent Sandals

cheap Mens Shoes
cheap Air Jordan Shoes
cheap 2010 Air Jordan
cheap Air Jordan 1
cheap Air Jordan 10
cheap Air Jordan 11
cheap Air Jordan 11+13
cheap Air Jordan 11+6
cheap Air Jordan 12
cheap Air Jordan 13
cheap Air Jordan 16.5
cheap Air Jordan 22
cheap Air Jordan 23
cheap Air Jordan 25
cheap Air Jordan 29
cheap Air Jordan 3
cheap Air Jordan 4
cheap Air Jordan 5
cheap Air Jordan 6
cheap Air Jordan 8
cheap Air Jordan 9
cheap Air Jordan Shoes
cheap Air Jordans Diamond Shoes
cheap Jordan Carmelo Anthony
cheap Jordan Chris Paul
cheap Jordan Flight Team Shoes
cheap Jordan Kobe Bryant
cheap Jordan LeBron James
cheap Jordan Six Rings

cheap Basketball Shoes
cheap Garnett Basketball Shoes
cheap Howard Basketball Shoes
cheap James Basketball Shoes
cheap Kobe Basketball Shoes
cheap Other Basketball Shoes
cheap Penny Hardaway Edition
cheap Pippen Basketball Shoes
cheap T-MAC Basketball Shoes

cheap Gucci Sneakers
cheap Gucci High Shoes
cheap Gucci Leather Shoes
cheap Gucci Men Shoes

cheap MBT Shoes
cheap MBT Men Shoes

cheap Nike Air Max
cheap Air Max 180
cheap Air Max 2009
cheap Air Max 2010
cheap Air Max 2011
cheap Air Max 87
cheap Air Max 90
cheap Air Max 91
cheap Air Max 95
cheap Air Max LTD
cheap Air Max TN
cheap Air Max Uptempo 97
cheap Air Max Wan Premi
cheap Nike Air Classic BW
cheap Nike Air Max 24/7 Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Hoop Structure
cheap Air Max NoMo Shoes
cheap Air Wildwood Supr
cheap Air Yeezy Shoes
cheap Dunk SB Shoes
cheap Nike Ken Griff
cheap Nike Zebra Shoes

cheap Nike Shox Shoes
cheap Nike shox moster
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R3
cheap Nike Shox R4
cheap Nike Shox R5
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Men Shoes
cheap Asics Running Shoes
cheap Cole Haan Men Shoes
cheap D&G Men Shoes
cheap Good Year Shoes
cheap Louis Vuitton Shoes
cheap Radii Men Shoes

cheap Prada Shoes
cheap Prada Men Boots
cheap Prada Men Shoes

cheap Puma Shoes
cheap Puma Men Shoes
cheap Puma Slacker Shoes

cheap Supra Shoes
cheap Supra High Shoes
cheap Supra Low Shoes

cheap Timberland Boots
cheap Timberland Boots

cheap Vibram Five Fingers
cheap Vibram Five Fingers

cheap Women Clothing
cheap Women's Bikinis
cheap A&F Bikini
cheap CA Bikini
cheap ED Hardy Bikini

cheap Women's Hoody
cheap AF women hoody
cheap ED Hoody women

cheap Women's Jackets
cheap AF Coat Women
cheap Gucci jackets Women
cheap Moncler Down Coats Women
cheap Moncler Down Jackets Women

cheap Women's Jeans
cheap CA Jean Women
cheap ED Hardy Jean Women
cheap Laguna Beach Jeans Women
cheap True Religion Women

cheap Women's T-Shirt
cheap AF Long T Shirt Women
cheap AF Short Polo T shirt Women
cheap AF Short T shirt Women
cheap AF Women shirt
cheap Dolce Gabbana T Shirts Women
cheap ED HARDY Women Long T Shirt
cheap ED HARDY Women T Shirt
cheap Paco Chicano T Shirt Women
cheap Polo Long T Shirt Women
cheap Polo shirt Women
cheap Polo T Shirt Women
cheap Sinful T Shirt

cheap Men Clothing
cheap Designer Mens Coats
cheap AF men coat

cheap Discount Men Hoody
cheap AF men hoody
cheap Armani Hoody Men
cheap DG Hoody Men
cheap Ed Hardy Hoody Men
cheap Gucci Hoody
cheap Polo hoody
cheap Versace Hoody Men

cheap Men Jacket
cheap Moncler Jackets

cheap Men Jean
cheap AF Men Pants
cheap Armani Jean
cheap COOGI Jean
cheap Crown Holder Jean
cheap D&G Jean
cheap Diesel Jean
cheap Dolce Gabbana Jeans
cheap Gucci Jean
cheap LV Jean Men
cheap True Religion Jean

cheap Men Sweater
cheap AF Men Sweater
cheap Armani sweater Men
cheap Gucci Sweater Men
cheap Polo Men Sweater

cheap Men T Shirt
cheap AF Long T shirt Men
cheap AF Man Shirt
cheap AF Polo Long T shirt Men
cheap AF Polo Short Shirt Men
cheap AF Polo Short T Shirt Men
cheap AF Short T Shirt Men
cheap Armani Long T Shirt Men
cheap Armani T Shirt Men
cheap D&G long T Shirt Men
cheap ED HARDY Long T Shirt Men
cheap ED HARDY T Shirt men
cheap Gucci long T Shirts Men
cheap Gucci Short T Shirts Men
cheap Laguna Beach T Shirt Men
cheap LV T Shirts Men
cheap Polo Long T Shirt Men
cheap Polo Short T Shirt Men
cheap Prada Long T Shirts Men
cheap Prada T Shirt Men
cheap Prada T Shirts Men

cheap Wholesale Handbags
cheap Burberry Handbags
cheap CA Handbags
cheap Chanel Handbags
cheap Chloe Handbags
cheap Coach Handbags
cheap D&G Handbags
cheap Dior Handbags
cheap ED Hardy Handbags
cheap Fendi Handbags
cheap Gucci Handbags
cheap Juicy Handbags
cheap Louis Vuitton Handbags
cheap Polo Handbags
cheap Prada Handbags
cheap Versace Handbags

cheap Handbag and Wallet
cheap Designer Wallets
cheap Armani Wallet
cheap Chanel Wallets
cheap Coach Wallets
cheap Gucci Wallets
cheap LV Wallets

cheap Sport Jerseys
cheap MLB Jerseys
cheap Atlanta Braves Jerseys
cheap Baltimore Orioles Jerseys
cheap Boston Red Sox Jerseys
cheap Chicago Cubs Jerseys
cheap Chicago White Sox Jerseys
cheap Los Angeles Angels Jerseys
cheap Los Angeles Dodgers Jerseys
cheap Milwaukee Brewers Jerseys
cheap Minnesota Twins Jerseys
cheap MLB All Star Jerseys
cheap New York Mets Jerseys
cheap New York Yankees Jerseys
cheap Philadelphia Phillies Jerseys
cheap Pittsburgh Pirates Jerseys
cheap San Francisco Giants Jerseys
cheap St. Louis Cardinals Jerseys
cheap Texas Rangers Jerseys

cheap NBA Jerseys
cheap 2011 New NBA Jerseys
cheap Atlanta Hawks Jerseys
cheap Boston Celtics Jerseys
cheap Chicago Bulls Jerseys
cheap Cleveland Cavaliers Jerseys
cheap Dallas Mavericks Jerseys
cheap Denver Nuggets Jerseys
cheap Detroit Pistons Jerseys
cheap Houston Rockets Jerseys
cheap Los Angeles Clippers Jerseys
cheap Los Angeles Lakers Jerseys
cheap Miami Heat NBA Jerseys
cheap Milwaukee Bucks Jerseys
cheap NBA 09 All Star Jerseys
cheap NBA 10 All Star Jerseys
cheap Oklahoma City Thunder
cheap Orlando Magic Jerseys
cheap Phoenix Suns Jerseys
cheap Portland Trail Blazers
cheap San Antonio Spurs Jerseys
cheap Washington Wizards

cheap NFL Jerseys
cheap 2011 New NFL Jerseys
cheap Arizona Cardinals Jerseys
cheap Atlanta Falcons Jerseys
cheap Baltimore Ravens Jerseys
cheap Buffalo Bills Jerseys
cheap Carolina Panthers Jerseys
cheap Chicago Bears Jerseys
cheap Cincinnatti Bengals Jerseys
cheap Cleveland Browns Jerseys
cheap Dallas Cowboys Jerseys
cheap Denver Broncos Jerseys
cheap Detroit Lions Jerseys
cheap Green Bay Packers Jerseys
cheap Houston Texans Jerseys
cheap Indianapolis Colts Jerseys
cheap Kansas City Chiefs Jerseys
cheap Miami Dolphins Jerseys
cheap Minnesota Vikings Jerseys
cheap New England Patriots Jerseys
cheap New Orleans Saints Jerseys
cheap New York Giants Jerseys
cheap New York Jets Jerseys
cheap NFL 09 All Star Jerseys
cheap NFL 10 All Star Jerseys
cheap Oakland Raiders Jerseys
cheap Philadelphia Eagles Jerseys
cheap Pittsburgh Steelers Jerseys
cheap San Diego Chargers Jerseys
cheap San Francisco 49ers Jerseys
cheap St. Louis Rams Jerseys
cheap Tampa Bay Buccaneers Jerseys
cheap Tennessee Titans Jerseys
cheap Washington Redskins Jerseys
cheap Women NFL Jerseys
cheap NFL Women Jerseys

cheap NHL Jerseys
cheap 2011 New NHL Jersrys
cheap Boston Bruins Jerseys
cheap Buffalo Sabres Jerseys
cheap Calgary Flames Jerseys
cheap Chicago Blackhawks Jerseys
cheap Dallas Stars Jerseys
cheap Detroit Red Wings Jerseys
cheap Edmonton Oilers Jerseys
cheap Los Angeles Kings Jerseys
cheap Minnesota Wild Jerseys
cheap Montreal Canadians Jerseys
cheap Nashville Predators Jerseys
cheap New Jersey Devils Jerseys
cheap New York Islanders Jerseys
cheap New York Rangers Jerseys
cheap NHL 2010 Olympic Jerseys
cheap NHL All Star Jerseys
cheap Philadelphia Flyers Jerseys
cheap Phoenix Coyotes Jerseys
cheap Pittsburgh Penguins Jerseys
cheap San Jose Sharks Jerseys
cheap Toronto Maple Leafs Jerseys
cheap Vancouver Canucks Jerseys
cheap Washington Capitals Jerseys

cheap Brand Electronics
cheap Brand Headphones
cheap Monster Studio Headphones

cheap Hair Straightener
cheap CHI Hair Straightener
cheap GHD Hair Straightener

cheap Wholesale Watch
cheap Breitling Watches
cheap Chanel Watches
cheap Gucci Watches
cheap IWC Watches
cheap Mont Blanc Watches
cheap Omega Watches
cheap Patek Philippe Watches
cheap Rado Watches
cheap Rolex Watches
cheap Tagheuer Watches

cheap Fashion Jewelry
cheap Brand Bracelets
cheap Chanel Bracelets
cheap Coach Bracelets
cheap Gucci Bracelets
cheap Links Bracelets
cheap Pandora Bracelts
cheap Tiffiny Bracelts

cheap Brand Earrings
cheap Chanel Earrings
cheap Tiffiny Earring

cheap Brand Necklace
cheap Bvlgari Necklace
cheap Chanel Necklace
cheap Gucci Necklace
cheap Links Necklace
cheap Pandora Necklace
cheap Tiffiny Necklace

cheap Brand Ring
cheap Chanel Ring
cheap Tiffiny Ring

cheap Other Product
cheap AAA Sunglasses
cheap Bvlgari Sunglass AAA
cheap Chanel Sunglass AAA
cheap Chloe Sunglass AAA
cheap Coach Sunglass AAA
cheap D&G Sunglass AAA
cheap Dior Sunglass AAA
cheap Gucci Sunglass AAA
cheap LV Sunglass AAA
cheap Marc Jacobs Sunglass AAA
cheap Oakley Sunglass AAA
cheap Police Sunglass AAA
cheap Prada Sunglass AAA
cheap Rayban Sunglass AAA
cheap Roberto Cavalli Sunglass AAA
cheap Tom Sunglass AAA
cheap Versace Sunglass AAA

cheap Wholesale Belt
cheap Armani belt
cheap D&G belt
cheap Desel belt
cheap Gucci belt
cheap Versace belt

cheap Wholesale Cap
cheap American rock star Cap
cheap Anaheim Angels Cap
cheap Arizona Diamondbacks Cap
cheap Atlanta Braves Cap
cheap Baltimore Orioles Cap
cheap Batman. Superman Cap
cheap Boston Red Sox Cap
cheap Chicago Cubs Cap
cheap Chicago White Sox Cap
cheap Cincinnati Reds Cap
cheap Colorado Rockies Team Cap
cheap coogi cap
cheap DC cap
cheap Detroit Tigers Cap
cheap Florida Marlins Cap
cheap Jordan Cap
cheap Kansas City Royals Cap
cheap Los Angeles Dodgers Cap
cheap Minnesota Twins Cap
cheap new era cap
cheap New York Yankees Cap
cheap NFL cap
cheap Oakland Athletics Cap
cheap Philadelphia Phillies Cap
cheap Polo Cap
cheap Red Bull Cap
cheap San Diego Padres Cap
cheap San Francisco Giants Cap
cheap Spacecraft Team Houston Cap
cheap St. Louis Cardinals Cap
cheap Tapout Cap
cheap The Hundreds Cap
cheap Toronto Blue Jays Cap
cheap Washington Nationals Cap

cheap Wholesale Scarf
cheap Armani scarf
cheap BOSS scarf
cheap Burberry scarf
cheap Burberry Set of cap
cheap Celine scarf
cheap Chanel scarf
cheap CK scarf
cheap D&G scarf
cheap Dior scarf
cheap Fendi scarf
cheap Hermes Scarf
cheap Miu Miu scarf
cheap Paul Smith scarf
cheap Versace Scarf

cheap Wholesale Sunglasses
cheap Armani Sunglass
cheap Burberry Sunglass
cheap carrera Sunglass
cheap Chanel Sunglass
cheap Coach Sunglass
cheap D&G Sunglass
cheap Dior Sunglass
cheap ED Sunglass
cheap Fendi Sunglass
cheap Gucci Sunglass
cheap Juicy Sunglass
cheap LV Sunglass
cheap Oakley Sunglass
cheap Police Sunglass
cheap Prada Sunglass
cheap Rayban Sunglass
cheap Roberto Cavalli Sunglass
cheap Versace Sunglass

Sat, 08/13/2011 - 05:42 | Link to Comment juyitrade3
juyitrade3's picture

Wholesale Clothing
wholesale Women's Clothing
wholesale Women Clothing
wholesale Men Fashion Clothing
wholesale men Clothing
wholesale Fashion Clothing
Wholesale men Clothing
Fashion Clothing
Dropship From China

http://www.likeheybags.com

http://www.likeheybags.com

wholesale Women's Clothing
wholesale Women's Bikinis
wholesale A&F Bikini
wholesale CA Bikini
wholesale ED Hardy Bikini

wholesale Women's Hoody
wholesale AF women hoody
wholesale ED Hoody women

wholesale Women's Jackets
wholesale AF Coat Women
wholesale Gucci jackets Women
wholesale Moncler Down Coats Women
wholesale Moncler Down Jackets Women

wholesale Women's Jeans
wholesale CA Jean Women
wholesale ED Hardy Jean Women
wholesale Laguna Beach Jeans Women
wholesale True Religion Women

wholesale Women's T-Shirt
wholesale AF Long T Shirt Women
wholesale AF Short Polo T shirt Women
wholesale AF Short T shirt Women
wholesale AF Women shirt
wholesale Dolce Gabbana T Shirts Women
wholesale ED HARDY Women Long T Shirt
wholesale ED HARDY Women T Shirt
wholesale Paco Chicano T Shirt Women
wholesale Polo Long T Shirt Women
wholesale Polo shirt Women
wholesale Polo T Shirt Women
wholesale Sinful T Shirt

http://www.divbags.com/
http://www.cheapnikeairmax87.com
http://www.cheapkobebasketballshoes.com
http://www.cheapfendiboots.com
http://www.hotchinashoes.com/blog
http://www.topcheapshoes.com

http://www.divbags.com/
http://www.cheapnikeairmax87.com
http://www.cheapkobebasketballshoes.com
http://www.cheapfendiboots.com
http://www.hotchinashoes.com/blog
http://www.topcheapshoes.com


http://www.hotchinashoes.com/

wholesale Men Clothing
wholesale Men Coat
wholesale AF men coat

wholesale Men Hoody
wholesale AF men hoody
wholesale Armani Hoody Men
wholesale DG Hoody Men
wholesale Ed Hardy Hoody Men
wholesale Gucci Hoody Men
wholesale Polo Men hoody
wholesale Versace Hoody Men

wholesale Men Jacket
wholesale Moncler Jackets Men

wholesale Men Jean
wholesale AF Men Pants
wholesale Armani Jean Men
wholesale COOGI Jean men
wholesale Crown Holder Jean men
wholesale D&G Jean men
wholesale Diesel Jean men
wholesale Dolce Gabbana Jeans Men
wholesale Gucci Jean Men
wholesale LV Jean Men
wholesale True Religion Jean Men

wholesale Men Sweater
wholesale AF Men Sweater
wholesale Armani sweater Men
wholesale Gucci Sweater Men
wholesale Polo Men Sweater

wholesale Men T Shirt
wholesale AF Long T shirt Men
wholesale AF Man Shirt
wholesale AF Polo Long T shirt Men
wholesale AF Polo Short Shirt Men
wholesale AF Polo Short T Shirt Men
wholesale AF Short T Shirt Men
wholesale Armani Long T Shirt Men
wholesale Armani T Shirt Men
wholesale D&G long T Shirt Men
wholesale ED HARDY Long T Shirt Men
wholesale ED HARDY T Shirt men
wholesale Gucci long T Shirts Men
wholesale Gucci Short T Shirts Men
wholesale Laguna Beach T Shirt Men
wholesale LV T Shirts Men
wholesale Polo Long T Shirt Men
wholesale Polo Short T Shirt Men
wholesale Prada Long T Shirts Men
wholesale Prada T Shirt Men
wholesale Prada T Shirts Men

wholesale Women's Shoes
wholesale Asics Running Shoes
wholesale Asics Women Shoes

wholesale Christian Louboutin
wholesale Christian Louboutin Boots
wholesale Christian Louboutin Sandals
wholesale Christian Louboutin Shoes

wholesale Coach Shoes
wholesale Coach Women Shoes

wholesale Gucci Shoes
wholesale Gucci High Shoes
wholesale Gucci Low Shoes

wholesale MBT Shoes
wholesale MBT Women Shoes

wholesale Nike Shoes
wholesale Air Force one
wholesale Air Max 2009
wholesale Air Max 2010
wholesale Air Max 87
wholesale Air Max 90
wholesale Air Max LTD
wholesale Air Max TN
wholesale Air Wildwood Supr
wholesale Nike Air Classic BW
wholesale Nike Blazer
wholesale Nike Shox NZ
wholesale Nike Shox OZ
wholesale Nike Shox R4
wholesale Nike Shox TL
wholesale Nike Shox Turob

wholesale Other Women Shoes
wholesale DG Women Shoes
wholesale Louis Vuitton Women Shoes
wholesale Radii Women Shoes
wholesale Reebok Women Shoes

wholesale Prada Shoes
wholesale Prada Women Shoes

wholesale Puma Shoes
wholesale Puma Slacker Shoes
wholesale Puma Women Shoes

wholesale Sandal
wholesale Chanel Sandal
wholesale Coach Sandal
wholesale D&G Sandal
wholesale Dior Sandal
wholesale Fendi Sandal
wholesale Ferragamo Low Cutter Shoes
wholesale Juicy Sandals
wholesale Prada Sandal

wholesale Supra Shoes
wholesale Supra Women Shoes

wholesale Timberland Boots
wholesale Timberland Women Boots

wholesale Women Boots
wholesale Burberry Boots
wholesale Chanel Boots
wholesale Coach Boots
wholesale D&G Boots
wholesale Dior Boots
wholesale Fendi Boots
wholesale Gucci Boots
wholesale LV Boots
wholesale Versace Boots

wholesale Yves Saint Laurent Shoes
wholesale Yves Saint Laurent Boots
wholesale Yves Saint Laurent Pumps
wholesale Yves Saint Laurent Sandals

wholesale Mens Shoes
wholesale Air Jordan Shoes
wholesale 2010 Air Jordan
wholesale Air Jordan 1
wholesale Air Jordan 10
wholesale Air Jordan 11
wholesale Air Jordan 11+13
wholesale Air Jordan 11+6
wholesale Air Jordan 12
wholesale Air Jordan 13
wholesale Air Jordan 16.5
wholesale Air Jordan 22
wholesale Air Jordan 23
wholesale Air Jordan 25
wholesale Air Jordan 29
wholesale Air Jordan 3
wholesale Air Jordan 4
wholesale Air Jordan 5
wholesale Air Jordan 6
wholesale Air Jordan 8
wholesale Air Jordan 9
wholesale Air Jordan Shoes
wholesale Air Jordans Diamond Shoes
wholesale Jordan Carmelo Anthony
wholesale Jordan Chris Paul
wholesale Jordan Flight Team Shoes
wholesale Jordan Kobe Bryant
wholesale Jordan LeBron James
wholesale Jordan Six Rings

wholesale Basketball Shoes
wholesale Garnett Basketball Shoes
wholesale Howard Basketball Shoes
wholesale James Basketball Shoes
wholesale Kobe Basketball Shoes
wholesale Other Basketball Shoes
wholesale Penny Hardaway Edition
wholesale Pippen Basketball Shoes
wholesale T-MAC Basketball Shoes

wholesale Gucci Sneakers
wholesale Gucci High Shoes
wholesale Gucci Leather Shoes
wholesale Gucci Men Shoes

wholesale MBT Shoes
wholesale MBT Men Shoes

wholesale Nike Air Max
wholesale Air Max 180
wholesale Air Max 2009
wholesale Air Max 2010
wholesale Air Max 2011
wholesale Air Max 87
wholesale Air Max 90
wholesale Air Max 91
wholesale Air Max 95
wholesale Air Max LTD
wholesale Air Max TN
wholesale Air Max Uptempo 97
wholesale Air Max Wan Premi
wholesale Nike Air Classic BW
wholesale Nike Air Max 24/7 Shoes

wholesale Nike Shoes
wholesale Air Force one
wholesale Air Hoop Structure
wholesale Air Max NoMo Shoes
wholesale Air Wildwood Supr
wholesale Air Yeezy Shoes
wholesale Dunk SB Shoes
wholesale Nike Ken Griff
wholesale Nike Zebra Shoes

wholesale Nike Shox Shoes
wholesale Nike shox moster
wholesale Nike Shox NZ
wholesale Nike Shox OZ
wholesale Nike Shox R3
wholesale Nike Shox R4
wholesale Nike Shox R5
wholesale Nike Shox TL
wholesale Nike Shox Turob

wholesale Other Men Shoes
wholesale Asics Running Shoes
wholesale Cole Haan Men Shoes
wholesale D&G Men Shoes
wholesale Good Year Shoes
wholesale Louis Vuitton Shoes
wholesale Radii Men Shoes

wholesale Prada Shoes
wholesale Prada Men Boots
wholesale Prada Men Shoes

wholesale Puma Shoes
wholesale Puma Men Shoes
wholesale Puma Slacker Shoes

wholesale Supra Shoes
wholesale Supra High Shoes
wholesale Supra Low Shoes

wholesale Timberland Boots
wholesale Timberland Boots

wholesale Vibram Five Fingers
wholesale Vibram Five Fingers

wholesale Handbag and Wallet
wholesale Designer Handbags
wholesale Burberry Handbags
wholesale CA Handbags
wholesale Chanel Handbags
wholesale Chloe Handbags
wholesale Coach Handbags

wholesale Prada Handbags
wholesale Versace Handbags

wholesale Designer Wallets
wholesale Armani Wallet
wholesale Chanel Wallets
wholesale Coach Wallets
wholesale Gucci Wallets
wholesale LV Wallets

wholesale Sport Jerseys
wholesale MLB Jerseys
wholesale Atlanta Braves
wholesale Baltimore Orioles
wholesale Boston Red Sox
wholesale Chicago Cubs
wholesale Chicago White Sox
wholesale Los Angeles Angels
wholesale Los Angeles Dodgers
wholesale Milwaukee Brewers
wholesale Minnesota Twins
wholesale MLB All Star
wholesale New York Mets
wholesale New York Yankees
wholesale Philadelphia Phillies
wholesale Pittsburgh Pirates

wholesale NBA Jerseys
wholesale 2011 New NBA Jerseys
wholesale Atlanta Hawks
wholesale Boston Celtics
wholesale Chicago Bulls
wholesale Cleveland Cavaliers
wholesale Dallas Mavericks
wholesale Denver Nuggets
wholesale Detroit Pistons

wholesale Portland Trail Blazers
wholesale San Antonio Spurs
wholesale Washington Wizards

wholesale NFL Jerseys
wholesale 2011 New NFL Jerseys
wholesale Arizona Cardinals
wholesale Atlanta Falcons
wholesale Baltimore Ravens
wholesale Buffalo Bills
wholesale Carolina Panthers
wholesale Chicago Bears
wholesale Cincinnatti Bengals
wholesale Cleveland Browns

wholesale Pittsburgh Steelers
wholesale San Diego Chargers
wholesale San Francisco 49ers
wholesale St. Louis Rams
wholesale Tampa Bay Buccaneers
wholesale Tennessee Titans
wholesale Washington Redskins

wholesale Women NFL Jerseys
wholesale NFL Women Jerseys

wholesale Brand Electronics
wholesale Brand Headphones
wholesale Monster Studio Headphones

wholesale Hair Straightener
wholesale CHI Hair Straightener
wholesale GHD Hair Straightener

wholesale Fashion Jewelry
wholesale Brand Bracelets
wholesale Chanel Bracelets
wholesale Coach Bracelets
wholesale Gucci Bracelets

wholesale Brand Earrings
wholesale Chanel Earrings
wholesale Tiffiny Earring

wholesale Brand Necklace

wholesale Brand Ring
wholesale Chanel Ring
wholesale Tiffiny Ring

wholesale Other Product
wholesale AAA Sunglasses
wholesale Bvlgari Sunglass AAA

Wholesale Belt

wholesale Gucci belt
wholesale Versace belt

Wholesale Scarf
wholesale Armani scarf
wholesale BOSS scarf

wholesale Paul Smith scarf
wholesale Versace Scarf

Wholesale Sunglasses

Cheap Shirts
Designer T Shirts
cheap Cheap Shirts
cheap Blank T-shirts
Blank T-Shirts

cheap Women Clothing
cheap Women's Bikinis
cheap A&F Bikini
cheap CA Bikini
cheap ED Hardy Bikini

cheap Women's Hoody
cheap AF women hoody
cheap ED Hoody women

cheap Women's Jackets
cheap AF Coat Women
cheap Gucci jackets Women
cheap Moncler Down Coats Women
cheap Moncler Down Jackets Women

cheap Women's Jeans
cheap CA Jean Women
cheap ED Hardy Jean Women
cheap Laguna Beach Jeans Women
cheap True Religion Women

cheap Women's T-Shirt
cheap AF Long T Shirt Women
cheap AF Short Polo T shirt Women
cheap AF Short T shirt Women
cheap AF Women shirt
cheap Dolce Gabbana T Shirts Women
cheap ED HARDY Women Long T Shirt
cheap ED HARDY Women T Shirt
cheap Paco Chicano T Shirt Women
cheap Polo Long T Shirt Women
cheap Polo shirt Women
cheap Polo T Shirt Women
cheap Sinful T Shirt

cheap Men Clothing
cheap Men Coat
cheap AF men coat

cheap Men Hoody
cheap AF men hoody
cheap Armani Hoody Men
cheap DG Hoody Men
cheap Ed Hardy Hoody Men
cheap Gucci Hoody Men
cheap Polo Men hoody
cheap Versace Hoody Men

cheap Men Jacket
cheap Moncler Jackets Men

cheap Men Jean
cheap AF Men Pants
cheap Armani Jean Men
cheap COOGI Jean men
cheap Crown Holder Jean men
cheap D&G Jean men
cheap Diesel Jean men
cheap Dolce Gabbana Jeans Men
cheap Gucci Jean Men
cheap LV Jean Men
cheap True Religion Jean Men

cheap Men Sweater
cheap AF Men Sweater
cheap Armani sweater Men
cheap Gucci Sweater Men
cheap Polo Men Sweater

cheap Men T Shirt
cheap AF Long T shirt Men
cheap AF Man Shirt
cheap AF Polo Long T shirt Men
cheap AF Polo Short Shirt Men
cheap AF Polo Short T Shirt Men
cheap AF Short T Shirt Men
cheap Armani Long T Shirt Men
cheap Armani T Shirt Men
cheap D&G long T Shirt Men
cheap ED HARDY Long T Shirt Men
cheap ED HARDY T Shirt men
cheap Gucci long T Shirts Men
cheap Gucci Short T Shirts Men
cheap Laguna Beach T Shirt Men
cheap LV T Shirts Men
cheap Polo Long T Shirt Men
cheap Polo Short T Shirt Men
cheap Prada Long T Shirts Men
cheap Prada T Shirt Men
cheap Prada T Shirts Men

cheap Women's Shoes
cheap Asics Running Shoes
cheap Asics Women Shoes

cheap Christian Louboutin
cheap Christian Louboutin Boots
cheap Christian Louboutin Sandals
cheap Christian Louboutin Shoes

cheap Coach Shoes
cheap Coach Women Shoes

cheap Gucci Shoes
cheap Gucci High Shoes
cheap Gucci Low Shoes

cheap MBT Shoes
cheap MBT Women Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Max 2009
cheap Air Max 2010
cheap Air Max 87
cheap Air Max 90
cheap Air Max LTD
cheap Air Max TN
cheap Air Wildwood Supr
cheap Nike Air Classic BW
cheap Nike Blazer
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R4
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Women Shoes
cheap DG Women Shoes
cheap Louis Vuitton Women Shoes
cheap Radii Women Shoes
cheap Reebok Women Shoes

cheap Prada Shoes
cheap Prada Women Shoes

cheap Puma Shoes
cheap Puma Slacker Shoes
cheap Puma Women Shoes

cheap Sandal
cheap Chanel Sandal
cheap Coach Sandal
cheap D&G Sandal
cheap Dior Sandal
cheap Fendi Sandal
cheap Ferragamo Low Cutter Shoes
cheap Juicy Sandals
cheap Prada Sandal

cheap Supra Shoes
cheap Supra Women Shoes

cheap Timberland Boots
cheap Timberland Women Boots

cheap Women Boots
cheap Burberry Boots
cheap Chanel Boots
cheap Coach Boots
cheap D&G Boots
cheap Dior Boots
cheap Fendi Boots
cheap Gucci Boots
cheap LV Boots
cheap Versace Boots

cheap Yves Saint Laurent Shoes
cheap Yves Saint Laurent Boots
cheap Yves Saint Laurent Pumps
cheap Yves Saint Laurent Sandals

cheap Mens Shoes
cheap Air Jordan Shoes
cheap 2010 Air Jordan
cheap Air Jordan 1
cheap Air Jordan 10
cheap Air Jordan 11
cheap Air Jordan 11+13
cheap Air Jordan 11+6
cheap Air Jordan 12
cheap Air Jordan 13
cheap Air Jordan 16.5
cheap Air Jordan 22
cheap Air Jordan 23
cheap Air Jordan 25
cheap Air Jordan 29
cheap Air Jordan 3
cheap Air Jordan 4
cheap Air Jordan 5
cheap Air Jordan 6
cheap Air Jordan 8
cheap Air Jordan 9
cheap Air Jordan Shoes
cheap Air Jordans Diamond Shoes
cheap Jordan Carmelo Anthony
cheap Jordan Chris Paul
cheap Jordan Flight Team Shoes
cheap Jordan Kobe Bryant
cheap Jordan LeBron James
cheap Jordan Six Rings

cheap Basketball Shoes
cheap Garnett Basketball Shoes
cheap Howard Basketball Shoes
cheap James Basketball Shoes
cheap Kobe Basketball Shoes
cheap Other Basketball Shoes
cheap Penny Hardaway Edition
cheap Pippen Basketball Shoes
cheap T-MAC Basketball Shoes

cheap Gucci Sneakers
cheap Gucci High Shoes
cheap Gucci Leather Shoes
cheap Gucci Men Shoes

cheap MBT Shoes
cheap MBT Men Shoes

cheap Nike Air Max
cheap Air Max 180
cheap Air Max 2009
cheap Air Max 2010
cheap Air Max 2011
cheap Air Max 87
cheap Air Max 90
cheap Air Max 91
cheap Air Max 95
cheap Air Max LTD
cheap Air Max TN
cheap Air Max Uptempo 97
cheap Air Max Wan Premi
cheap Nike Air Classic BW
cheap Nike Air Max 24/7 Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Hoop Structure
cheap Air Max NoMo Shoes
cheap Air Wildwood Supr
cheap Air Yeezy Shoes
cheap Dunk SB Shoes
cheap Nike Ken Griff
cheap Nike Zebra Shoes

cheap Nike Shox Shoes
cheap Nike shox moster
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R3
cheap Nike Shox R4
cheap Nike Shox R5
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Men Shoes
cheap Asics Running Shoes
cheap Cole Haan Men Shoes
cheap D&G Men Shoes
cheap Good Year Shoes
cheap Louis Vuitton Shoes
cheap Radii Men Shoes

cheap Prada Shoes
cheap Prada Men Boots
cheap Prada Men Shoes

cheap Puma Shoes
cheap Puma Men Shoes
cheap Puma Slacker Shoes

cheap Supra Shoes
cheap Supra High Shoes
cheap Supra Low Shoes

cheap Timberland Boots
cheap Timberland Boots

cheap Vibram Five Fingers
cheap Vibram Five Fingers

cheap Handbag and Wallet
cheap Designer Handbags
cheap Burberry Handbags
cheap CA Handbags
cheap Chanel Handbags
cheap Chloe Handbags
cheap Coach Handbags
cheap D&G Handbags
cheap Dior Handbags
cheap ED Hardy Handbags
cheap Fendi Handbags
cheap Gucci Handbags
cheap Juicy Handbags
cheap LV Handbags
cheap Polo Handbags
cheap Prada Handbags
cheap Versace Handbags

cheap Designer Wallets
cheap Armani Wallet
cheap Chanel Wallets
cheap Coach Wallets
cheap Gucci Wallets
cheap LV Wallets

cheap Sport Jerseys
cheap MLB Jerseys
cheap Atlanta Braves
cheap Baltimore Orioles
cheap Boston Red Sox
cheap Chicago Cubs
cheap Chicago White Sox
cheap Los Angeles Angels
cheap Los Angeles Dodgers
cheap Milwaukee Brewers
cheap Minnesota Twins
cheap MLB All Star
cheap New York Mets
cheap New York Yankees
cheap Philadelphia Phillies
cheap Pittsburgh Pirates
cheap San Francisco Giants
cheap St. Louis Cardinals
cheap Texas Rangers

cheap NBA Jerseys
cheap 2011 New NBA Jerseys
cheap Atlanta Hawks
cheap Boston Celtics
cheap Chicago Bulls
cheap Cleveland Cavaliers
cheap Dallas Mavericks
cheap Denver Nuggets
cheap Detroit Pistons
cheap Houston Rockets
cheap Los Angeles Clippers
cheap Los Angeles Lakers
cheap Miami Heat
cheap Milwaukee Bucks
cheap NBA 09 All Star
cheap NBA 10 All Star
cheap Oklahoma City Thunder
cheap Orlando Magic
cheap Phoenix Suns
cheap Portland Trail Blazers
cheap San Antonio Spurs
cheap Washington Wizards

cheap NFL Jerseys
cheap 2011 New NFL Jerseys
cheap Arizona Cardinals
cheap Atlanta Falcons
cheap Baltimore Ravens
cheap Buffalo Bills
cheap Carolina Panthers
cheap Chicago Bears
cheap Cincinnatti Bengals
cheap Cleveland Browns
cheap Dallas Cowboys
cheap Denver Broncos
cheap Detroit Lions
cheap Green Bay Packers
cheap Houston Texans
cheap Indianapolis Colts
cheap Kansas City Chiefs
cheap Miami Dolphins
cheap Minnesota Vikings
cheap New England Patriots
cheap New Orleans Saints
cheap New York Giants
cheap New York Jets
cheap NFL 09 All Star
cheap NFL 10 All Star
cheap Oakland Raiders
cheap Philadelphia Eagles
cheap Pittsburgh Steelers
cheap San Diego Chargers
cheap San Francisco 49ers
cheap St. Louis Rams
cheap Tampa Bay Buccaneers
cheap Tennessee Titans
cheap Washington Redskins

cheap NHL Jerseys
cheap 2011 New NHL Jersrys
cheap Boston Bruins
cheap Buffalo Sabres
cheap Calgary Flames
cheap Chicago Blackhawks
cheap Dallas Stars
cheap Detroit Red Wings
cheap Edmonton Oilers
cheap Los Angeles Kings
cheap Minnesota Wild
cheap Montreal Canadians
cheap Nashville Predators
cheap New Jersey Devils
cheap New York Islanders
cheap New York Rangers
cheap NHL 2010 Olympic
cheap NHL All Star
cheap Philadelphia Flyers
cheap Phoenix Coyotes
cheap Pittsburgh Penguins
cheap San Jose Sharks
cheap Toronto Maple Leafs
cheap Vancouver Canucks
cheap Washington Capitals

cheap Women NFL Jerseys
cheap NFL Women Jerseys

cheap Brand Electronics
cheap Brand Headphones
cheap Monster Studio Headphones

cheap Hair Straightener
cheap CHI Hair Straightener
cheap GHD Hair Straightener

cheap Wholesale Watch
cheap Breitling Watches
cheap Chanel Watches
cheap Gucci Watches
cheap IWC Watches
cheap Mont Blanc Watches
cheap Omega Watches
cheap Patek Philippe Watches
cheap Rado Watches
cheap Rolex Watches
cheap Tagheuer Watches

cheap Fashion Jewelry
cheap Brand Bracelets
cheap Chanel Bracelets
cheap Coach Bracelets
cheap Gucci Bracelets
cheap Links Bracelets
cheap Pandora Bracelts
cheap Tiffiny Bracelts

cheap Brand Earrings
cheap Chanel Earrings
cheap Tiffiny Earring

cheap Brand Necklace
cheap Bvlgari Necklace
cheap Chanel Necklace
cheap Gucci Necklace
cheap Links Necklace
cheap Pandora Necklace
cheap Tiffiny Necklace

cheap Brand Ring
cheap Chanel Ring
cheap Tiffiny Ring

cheap Other Product
cheap AAA Sunglasses
cheap Bvlgari Sunglass AAA
cheap Chanel Sunglass AAA
cheap Chloe Sunglass AAA
cheap Coach Sunglass AAA
cheap D&G Sunglass AAA
cheap Dior Sunglass AAA
cheap Gucci Sunglass AAA
cheap LV Sunglass AAA
cheap Marc Jacobs Sunglass AAA
cheap Oakley Sunglass AAA
cheap Police Sunglass AAA
cheap Prada Sunglass AAA
cheap Rayban Sunglass AAA
cheap Roberto Cavalli Sunglass AAA
cheap Tom Sunglass AAA
cheap Versace Sunglass AAA

cheap Wholesale Belt
cheap Armani belt
cheap D&G belt
cheap Desel belt
cheap Gucci belt
cheap Versace belt

cheap Wholesale Scarf
cheap Armani scarf
cheap BOSS scarf
cheap Burberry scarf
cheap Burberry Set of cap
cheap Celine scarf
cheap Chanel scarf
cheap CK scarf
cheap D&G scarf
cheap Dior scarf
cheap Fendi scarf
cheap Hermes Scarf
cheap Miu Miu scarf
cheap Paul Smith scarf
cheap Versace Scarf

cheap Wholesale Sunglasses
cheap Armani Sunglass
cheap Burberry Sunglass
cheap carrera Sunglass
cheap Chanel Sunglass
cheap Coach Sunglass
cheap D&G Sunglass
cheap Dior Sunglass
cheap ED Sunglass
cheap Fendi Sunglass
cheap Gucci Sunglass
cheap Juicy Sunglass
cheap LV Sunglass
cheap Oakley Sunglass
cheap Police Sunglass
cheap Prada Sunglass
cheap Rayban Sunglass
cheap Roberto Cavalli Sunglass
cheap Versace Sunglass

http://www.wholesaleboy.com/blog
http://www.cheapbuytshirts.com/blog
http://www.jodanshoesfr.com
http://www.nikeshoesca.com
http://www.womenshoesfr.com
http://cheaplovesacs.com
http://wholesaletopsunglasses.com
http://piao-xin.com
http://blog3.cheapnikeairmax87.com
http://blog3.divbags.com
http://blog3.cheapkobebasketballshoes.com
http://www.likembtshop.com/blog
http://blog3.cheaptshirtsbox.com
http://blog3.juyihandbags.com
http://blog3.topcheapshoes.com
http://blog3.cheapfendiboots.com
http://blog3.hotchinashoes.com
http://blog3.hotcheaphandbags.com
http://blog3.tuanlianjie.com

cheap Wholesale Shoes
cheap Wholesale Women Shoes
cheap Cheap Basketball Shoes
cheap Women's Shoes
cheap Cheap Sandals
cheap Wholesale Boots
cheap Cheap Designer Shoes
cheap Cheap Women's Shoes

Wholesale Shoes
Wholesale Women Shoes
Cheap Basketball Shoes
cheap Women's Shoes
cheap Cheap Sandals
cheap Wholesale Boots
Designer Shoes
Women's Shoes

cheap Women's Shoes
cheap Asics Running Shoes
cheap Asics Women Shoes

cheap Christian Louboutin
cheap Christian Louboutin Boots
cheap Christian Louboutin Sandals
cheap Christian Louboutin Shoes

cheap Coach Shoes
cheap Coach Women Shoes

cheap Gucci Shoes
cheap Gucci High Shoes
cheap Gucci Low Shoes

cheap MBT Shoes
cheap MBT Women Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Max 2010
cheap Air Max 87
cheap Air Max LTD
cheap Air Max TN
cheap Air Wildwood Supr
cheap Nike Air Classic BW
cheap Nike Air Max 2009
cheap Nike Air Max 90 Shoes
cheap Nike Blazer Shoes
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R4
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Women Shoes
cheap DG Women Shoes
cheap Louis Vuitton Shoes
cheap Radii Shoes
cheap Reebok Shoes

cheap Prada Shoes
cheap Prada Women Shoes

cheap Puma Shoes
cheap Puma Slacker Shoes
cheap Puma Women Shoes

cheap Supra Shoes
cheap Supra Women Shoes

cheap Timberland Boots
cheap Timberland Women Boots

cheap Women Boots
cheap Burberry Boots
cheap Chanel Boots
cheap Coach Boots
cheap D&G Boots
cheap Dior Boots
cheap Fendi Boots
cheap Gucci Boots
cheap LV Boots
cheap Versace Boots

cheap Womens Sandal
cheap Chanel Sandal
cheap Coach Sandal
cheap D&G Sandal
cheap Dior Sandal
cheap Fendi Sandal
cheap Ferragamo Low Cutter
cheap Juicy Sandals
cheap Prada Sandal

cheap Yves Saint Laurent Shoes
cheap Yves Saint Laurent Boots
cheap Yves Saint Laurent Pumps
cheap Yves Saint Laurent Sandals

cheap Mens Shoes
cheap Air Jordan Shoes
cheap 2010 Air Jordan
cheap Air Jordan 1
cheap Air Jordan 10
cheap Air Jordan 11
cheap Air Jordan 11+13
cheap Air Jordan 11+6
cheap Air Jordan 12
cheap Air Jordan 13
cheap Air Jordan 16.5
cheap Air Jordan 22
cheap Air Jordan 23
cheap Air Jordan 25
cheap Air Jordan 29
cheap Air Jordan 3
cheap Air Jordan 4
cheap Air Jordan 5
cheap Air Jordan 6
cheap Air Jordan 8
cheap Air Jordan 9
cheap Air Jordan Shoes
cheap Air Jordans Diamond Shoes
cheap Jordan Carmelo Anthony
cheap Jordan Chris Paul
cheap Jordan Flight Team Shoes
cheap Jordan Kobe Bryant
cheap Jordan LeBron James
cheap Jordan Six Rings

cheap Basketball Shoes
cheap Garnett Basketball Shoes
cheap Howard Basketball Shoes
cheap James Basketball Shoes
cheap Kobe Basketball Shoes
cheap Other Basketball Shoes
cheap Penny Hardaway Edition
cheap Pippen Basketball Shoes
cheap T-MAC Basketball Shoes

cheap Gucci Sneakers
cheap Gucci High Shoes
cheap Gucci Leather Shoes
cheap Gucci Men Shoes

cheap MBT Shoes
cheap MBT Men Shoes

cheap Nike Air Max
cheap Air Max 180
cheap Air Max 2009
cheap Air Max 2010
cheap Air Max 2011
cheap Air Max 87
cheap Air Max 90
cheap Air Max 91
cheap Air Max 95
cheap Air Max LTD
cheap Air Max TN
cheap Air Max Uptempo 97
cheap Air Max Wan Premi
cheap Nike Air Classic BW
cheap Nike Air Max 24/7 Shoes

cheap Nike Shoes
cheap Air Force one
cheap Air Hoop Structure
cheap Air Max NoMo Shoes
cheap Air Wildwood Supr
cheap Air Yeezy Shoes
cheap Dunk SB Shoes
cheap Nike Ken Griff
cheap Nike Zebra Shoes

cheap Nike Shox Shoes
cheap Nike shox moster
cheap Nike Shox NZ
cheap Nike Shox OZ
cheap Nike Shox R3
cheap Nike Shox R4
cheap Nike Shox R5
cheap Nike Shox TL
cheap Nike Shox Turob

cheap Other Men Shoes
cheap Asics Running Shoes
cheap Cole Haan Men Shoes
cheap D&G Men Shoes
cheap Good Year Shoes
cheap Louis Vuitton Shoes
cheap Radii Men Shoes

cheap Prada Shoes
cheap Prada Men Boots
cheap Prada Men Shoes

cheap Puma Shoes
cheap Puma Men Shoes
cheap Puma Slacker Shoes

cheap Supra Shoes
cheap Supra High Shoes
cheap Supra Low Shoes

cheap Timberland Boots
cheap Timberland Boots

cheap Vibram Five Fingers
cheap Vibram Five Fingers

cheap Women Clothing
cheap Women's Bikinis
cheap A&F Bikini
cheap CA Bikini
cheap ED Hardy Bikini

cheap Women's Hoody
cheap AF women hoody
cheap ED Hoody women

cheap Women's Jackets
cheap AF Coat Women
cheap Gucci jackets Women
cheap Moncler Down Coats Women
cheap Moncler Down Jackets Women

cheap Women's Jeans
cheap CA Jean Women
cheap ED Hardy Jean Women
cheap Laguna Beach Jeans Women
cheap True Religion Women

cheap Women's T-Shirt
cheap AF Long T Shirt Women
cheap AF Short Polo T shirt Women
cheap AF Short T shirt Women
cheap AF Women shirt
cheap Dolce Gabbana T Shirts Women
cheap ED HARDY Women Long T Shirt
cheap ED HARDY Women T Shirt
cheap Paco Chicano T Shirt Women
cheap Polo Long T Shirt Women
cheap Polo shirt Women
cheap Polo T Shirt Women
cheap Sinful T Shirt

cheap Men Clothing
cheap Designer Mens Coats
cheap AF men coat

cheap Discount Men Hoody
cheap AF men hoody
cheap Armani Hoody Men
cheap DG Hoody Men
cheap Ed Hardy Hoody Men
cheap Gucci Hoody
cheap Polo hoody
cheap Versace Hoody Men

cheap Men Jacket
cheap Moncler Jackets

cheap Men Jean
cheap AF Men Pants
cheap Armani Jean
cheap COOGI Jean
cheap Crown Holder Jean
cheap D&G Jean
cheap Diesel Jean
cheap Dolce Gabbana Jeans
cheap Gucci Jean
cheap LV Jean Men
cheap True Religion Jean

cheap Men Sweater
cheap AF Men Sweater
cheap Armani sweater Men
cheap Gucci Sweater Men
cheap Polo Men Sweater

cheap Men T Shirt
cheap AF Long T shirt Men
cheap AF Man Shirt
cheap AF Polo Long T shirt Men
cheap AF Polo Short Shirt Men
cheap AF Polo Short T Shirt Men
cheap AF Short T Shirt Men
cheap Armani Long T Shirt Men
cheap Armani T Shirt Men
cheap D&G long T Shirt Men
cheap ED HARDY Long T Shirt Men
cheap ED HARDY T Shirt men
cheap Gucci long T Shirts Men
cheap Gucci Short T Shirts Men
cheap Laguna Beach T Shirt Men
cheap LV T Shirts Men
cheap Polo Long T Shirt Men
cheap Polo Short T Shirt Men
cheap Prada Long T Shirts Men
cheap Prada T Shirt Men
cheap Prada T Shirts Men

cheap Wholesale Handbags
cheap Burberry Handbags
cheap CA Handbags
cheap Chanel Handbags
cheap Chloe Handbags
cheap Coach Handbags
cheap D&G Handbags
cheap Dior Handbags
cheap ED Hardy Handbags
cheap Fendi Handbags
cheap Gucci Handbags
cheap Juicy Handbags
cheap Louis Vuitton Handbags
cheap Polo Handbags
cheap Prada Handbags
cheap Versace Handbags

cheap Handbag and Wallet
cheap Designer Wallets
cheap Armani Wallet
cheap Chanel Wallets
cheap Coach Wallets
cheap Gucci Wallets
cheap LV Wallets

cheap Sport Jerseys
cheap MLB Jerseys
cheap Atlanta Braves Jerseys
cheap Baltimore Orioles Jerseys
cheap Boston Red Sox Jerseys
cheap Chicago Cubs Jerseys
cheap Chicago White Sox Jerseys
cheap Los Angeles Angels Jerseys
cheap Los Angeles Dodgers Jerseys
cheap Milwaukee Brewers Jerseys
cheap Minnesota Twins Jerseys
cheap MLB All Star Jerseys
cheap New York Mets Jerseys
cheap New York Yankees Jerseys
cheap Philadelphia Phillies Jerseys
cheap Pittsburgh Pirates Jerseys
cheap San Francisco Giants Jerseys
cheap St. Louis Cardinals Jerseys
cheap Texas Rangers Jerseys

cheap NBA Jerseys
cheap 2011 New NBA Jerseys
cheap Atlanta Hawks Jerseys
cheap Boston Celtics Jerseys
cheap Chicago Bulls Jerseys
cheap Cleveland Cavaliers Jerseys
cheap Dallas Mavericks Jerseys
cheap Denver Nuggets Jerseys
cheap Detroit Pistons Jerseys
cheap Houston Rockets Jerseys
cheap Los Angeles Clippers Jerseys
cheap Los Angeles Lakers Jerseys
cheap Miami Heat NBA Jerseys
cheap Milwaukee Bucks Jerseys
cheap NBA 09 All Star Jerseys
cheap NBA 10 All Star Jerseys
cheap Oklahoma City Thunder
cheap Orlando Magic Jerseys
cheap Phoenix Suns Jerseys
cheap Portland Trail Blazers
cheap San Antonio Spurs Jerseys
cheap Washington Wizards

cheap NFL Jerseys
cheap 2011 New NFL Jerseys
cheap Arizona Cardinals Jerseys
cheap Atlanta Falcons Jerseys
cheap Baltimore Ravens Jerseys
cheap Buffalo Bills Jerseys
cheap Carolina Panthers Jerseys
cheap Chicago Bears Jerseys
cheap Cincinnatti Bengals Jerseys
cheap Cleveland Browns Jerseys
cheap Dallas Cowboys Jerseys
cheap Denver Broncos Jerseys
cheap Detroit Lions Jerseys
cheap Green Bay Packers Jerseys
cheap Houston Texans Jerseys
cheap Indianapolis Colts Jerseys
cheap Kansas City Chiefs Jerseys
cheap Miami Dolphins Jerseys
cheap Minnesota Vikings Jerseys
cheap New England Patriots Jerseys
cheap New Orleans Saints Jerseys
cheap New York Giants Jerseys
cheap New York Jets Jerseys
cheap NFL 09 All Star Jerseys
cheap NFL 10 All Star Jerseys
cheap Oakland Raiders Jerseys
cheap Philadelphia Eagles Jerseys
cheap Pittsburgh Steelers Jerseys
cheap San Diego Chargers Jerseys
cheap San Francisco 49ers Jerseys
cheap St. Louis Rams Jerseys
cheap Tampa Bay Buccaneers Jerseys
cheap Tennessee Titans Jerseys
cheap Washington Redskins Jerseys
cheap Women NFL Jerseys
cheap NFL Women Jerseys

cheap NHL Jerseys
cheap 2011 New NHL Jersrys
cheap Boston Bruins Jerseys
cheap Buffalo Sabres Jerseys
cheap Calgary Flames Jerseys
cheap Chicago Blackhawks Jerseys
cheap Dallas Stars Jerseys
cheap Detroit Red Wings Jerseys
cheap Edmonton Oilers Jerseys
cheap Los Angeles Kings Jerseys
cheap Minnesota Wild Jerseys
cheap Montreal Canadians Jerseys
cheap Nashville Predators Jerseys
cheap New Jersey Devils Jerseys
cheap New York Islanders Jerseys
cheap New York Rangers Jerseys
cheap NHL 2010 Olympic Jerseys
cheap NHL All Star Jerseys
cheap Philadelphia Flyers Jerseys
cheap Phoenix Coyotes Jerseys
cheap Pittsburgh Penguins Jerseys
cheap San Jose Sharks Jerseys
cheap Toronto Maple Leafs Jerseys
cheap Vancouver Canucks Jerseys
cheap Washington Capitals Jerseys

cheap Brand Electronics
cheap Brand Headphones
cheap Monster Studio Headphones

cheap Hair Straightener
cheap CHI Hair Straightener
cheap GHD Hair Straightener

cheap Wholesale Watch
cheap Breitling Watches
cheap Chanel Watches
cheap Gucci Watches
cheap IWC Watches
cheap Mont Blanc Watches
cheap Omega Watches
cheap Patek Philippe Watches
cheap Rado Watches
cheap Rolex Watches
cheap Tagheuer Watches

cheap Fashion Jewelry
cheap Brand Bracelets
cheap Chanel Bracelets
cheap Coach Bracelets
cheap Gucci Bracelets
cheap Links Bracelets
cheap Pandora Bracelts
cheap Tiffiny Bracelts

cheap Brand Earrings
cheap Chanel Earrings
cheap Tiffiny Earring

cheap Brand Necklace
cheap Bvlgari Necklace
cheap Chanel Necklace
cheap Gucci Necklace
cheap Links Necklace
cheap Pandora Necklace
cheap Tiffiny Necklace

cheap Brand Ring
cheap Chanel Ring
cheap Tiffiny Ring

cheap Other Product
cheap AAA Sunglasses
cheap Bvlgari Sunglass AAA
cheap Chanel Sunglass AAA
cheap Chloe Sunglass AAA
cheap Coach Sunglass AAA
cheap D&G Sunglass AAA
cheap Dior Sunglass AAA
cheap Gucci Sunglass AAA
cheap LV Sunglass AAA
cheap Marc Jacobs Sunglass AAA
cheap Oakley Sunglass AAA
cheap Police Sunglass AAA
cheap Prada Sunglass AAA
cheap Rayban Sunglass AAA
cheap Roberto Cavalli Sunglass AAA
cheap Tom Sunglass AAA
cheap Versace Sunglass AAA

cheap Wholesale Belt
cheap Armani belt
cheap D&G belt
cheap Desel belt
cheap Gucci belt
cheap Versace belt

cheap Wholesale Cap
cheap American rock star Cap
cheap Anaheim Angels Cap
cheap Arizona Diamondbacks Cap
cheap Atlanta Braves Cap
cheap Baltimore Orioles Cap
cheap Batman. Superman Cap
cheap Boston Red Sox Cap
cheap Chicago Cubs Cap
cheap Chicago White Sox Cap
cheap Cincinnati Reds Cap
cheap Colorado Rockies Team Cap
cheap coogi cap
cheap DC cap
cheap Detroit Tigers Cap
cheap Florida Marlins Cap
cheap Jordan Cap
cheap Kansas City Royals Cap
cheap Los Angeles Dodgers Cap
cheap Minnesota Twins Cap
cheap new era cap
cheap New York Yankees Cap
cheap NFL cap
cheap Oakland Athletics Cap
cheap Philadelphia Phillies Cap
cheap Polo Cap
cheap Red Bull Cap
cheap San Diego Padres Cap
cheap San Francisco Giants Cap
cheap Spacecraft Team Houston Cap
cheap St. Louis Cardinals Cap
cheap Tapout Cap
cheap The Hundreds Cap
cheap Toronto Blue Jays Cap
cheap Washington Nationals Cap

cheap Wholesale Scarf
cheap Armani scarf
cheap BOSS scarf
cheap Burberry scarf
cheap Burberry Set of cap
cheap Celine scarf
cheap Chanel scarf
cheap CK scarf
cheap D&G scarf
cheap Dior scarf
cheap Fendi scarf
cheap Hermes Scarf
cheap Miu Miu scarf
cheap Paul Smith scarf
cheap Versace Scarf

cheap Wholesale Sunglasses
cheap Armani Sunglass
cheap Burberry Sunglass
cheap carrera Sunglass
cheap Chanel Sunglass
cheap Coach Sunglass
cheap D&G Sunglass
cheap Dior Sunglass
cheap ED Sunglass
cheap Fendi Sunglass
cheap Gucci Sunglass
cheap Juicy Sunglass
cheap LV Sunglass
cheap Oakley Sunglass
cheap Police Sunglass
cheap Prada Sunglass
cheap Rayban Sunglass
cheap Roberto Cavalli Sunglass
cheap Versace Sunglass

Mon, 07/04/2011 - 07:39 | Link to Comment rufusbird
rufusbird's picture

"I suspect that French and German pension funds are loaded up with Greek CDS, and this is the real reason behind the bailout."

Exactly...

Mon, 07/04/2011 - 07:34 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

My friend sent me more comments on the questionable practices of ratings agencies:

See Bloomberg article below.

This is an example of how rating agencies have become much too powerful and where the timing of their comments are suspect.

The plan put forward by the French Bankers is a voluntary roll-over of debt with new agreed terms and conditions.  There is no default here just an agreement.  The interest rate has been clearly set below market but again this is voluntary.

S&P has now stepped into the discussion and put a monkey wrench into the process.   By calling this a selective default, they trigger all sorts of negative covenants on the existing debt as well as cross-default covenants on other debt and any covenants on CDS written on the existing debt.

Therefore, the rating agency is now providing an opinion on the definition of a default. They have no business doing this.  Default is actually a legal principle and one that only lawyers can opine on based on the specific loan documentation between the Borrower and the Lender.

In my view, the French banks have shown some leadership here and they should be praised for devising solutions that help, perhaps even provide a long term sustainable solution, rather than aggravate.

As you can see, I have to question S&P's motivations because their actions serve no other purpose than to add volatility to the credit markets. Why would they choose to do this? What value are they adding to the debt markets here?  Why are they unable to wait until after a deal is struck to assign a new rating on the Greek debt?

The list of institutions that can benefit from this behaviour is quite short.  They need to be able to trade on the securities.  This is probably a very small subset of hedge funds or investment banks that can actually do this.

I suspect that the existing loan documentation is not clear on the definition of default (which is often the case with sovereign debt).  By providing their guidance, they actually provide the foundation for legal claims for the institutions actively trading the debt or instruments associated with the debt.

Is this really the primordial function of credit rating agency? I do not think so.

Cheers

----------------

July 4 (Bloomberg) -- Standard & Poor’s said the debt rollover plan for Greece may temporarily place the country in “selective default” if the French plan allowing bondholders to roll over their debt is implemented.

The French proposal would qualify as a distressed debt restructuring because it offers creditors “less value than the promise of the original securities” and would therefore put Greece in default, S&P said in a statement today.

Europe is inching toward a goal of getting banks to roll over 30 billion euros ($44 billion) of Greek bonds, instead of opening a hole for the official lenders to fill. French banks, with the biggest holdings in Greece, worked out a rollover formula that is serving as an example elsewhere, with two options for bondholders to replace their maturing securities.

“It is our view that each of the two financing options described in the Federation Bancaire Francaise proposal would likely amount to a default,” S&P said in the statement. “But, once either option is implemented, we would assign a new issuer credit rating to Greece after a short time reflecting our forward-looking view of Greece’s sovereign credit risk.”

European Central Bank President Jean-Claude Trichet reiterated last week that the ECB opposes “all concepts that are not purely voluntary” and called for “the avoidance of credit events or selective default or default.” He declined to comment on the French proposal.

Fitch Outlook

S&P would assign a “D” rating to the maturing Greek government bonds “upon their refinancing in 2011,” it added. All debt issues would then “likely” be rated at the same level as the new Greek rating afterwards.

“They are clearly creating a problem with what has been discussed,” said Marc Ostwald, a fixed-income strategist at Monument Securities Ltd. in London. “It’s a risky exercise and it looks from S&P’s perspective that they’re going to take no prisoners on it. It will be a downer for the periphery, above all for Greece, and will give bunds a bit of support.”

Fitch Ratings said June 15 it would probably keep ratings of Greek government bonds above default level if European Union leaders go ahead with plans for investors to voluntarily roll over their debt, while lowering Greece’s issuer rating to “restricted default.”

European finance ministers have authorized an 8.7 billion- euro loan payout to Greece by mid-July, basing a second three- year bailout package on talks to corral banks into maintaining their Greek debt holdings.

Different Options

Under one option of the French plan, private investors would reinvest 70 percent of their original holdings in 30-year Greek bonds, with the remaining 30 percent paid in cash on maturity. Greece would use 50 percent of the original amount to meet its financing needs with the remaining 20 percent invested in zero-coupon bonds through a so-called special purpose vehicle to serve as collateral to insure the banks get their principal repaid.

The new 30-year bonds will have a coupon of 5.5 percent with a bonus based on the growth of Greek gross domestic product of up to 2.5 percentage points. The special purpose vehicle will invest in AAA-rated securities that will be held as collateral to protect the banks against a Greek default or be used to pay off the new 30-year bonds at maturity if Greece remains solvent. The second option of the French plan foresees rolling over at least 90 percent of the maturing bonds into new 5-year bonds with a 5.5 percent coupon.

Mon, 07/04/2011 - 07:04 | Link to Comment Spigot
Spigot's picture

Obviously the markets are closed or Leo and Bruce would not be responding to their respective haters.

Have a great 4th. Forget about money for the day. It ain't about the money.

Mon, 07/04/2011 - 03:51 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

Leo has the same kick-the-can-down-the-road fairytale fantasies the rest of the financial sector has.

Like them, he hopes things will somehow "work out", particularly in his beloved pension fund industry.

Like them, he refuses to see and acknowledge the handwriting on the wall, the obvious warning signs of impending collapse via cascading debt default or the alternative, massive money printing and subsequent currency collapse, either of which will wipe out those beloved pension funds and their beneficiaries.

Like them he avoids reality with trivial distractions such as this article and similar touchy-feely articles posted here on ZH.  

He chooses to wear the same rose-colored glasses most financial sector people wear.

To be in the financial sector you have to be a financial sector whore.  You have to prostitute yourself to the industry, drink the koolaid, parrot the party line, to stay in that industry.

Sun, 07/03/2011 - 23:03 | Link to Comment ThisIsBob
ThisIsBob's picture

Oh, yes, its TEOTWAWKI, but price didn't get the memo yet.

Sun, 07/03/2011 - 22:13 | Link to Comment VyseLegendaire
VyseLegendaire's picture

Hey man.  No offense but you write like you're a high flying know-it-al off of that Showtime/HBO kids show with the celebrities and crap, I can't even remember the name.

 

I can't be bothered to read this drivel, please write something valuable. 

Mon, 07/04/2011 - 00:14 | Link to Comment akak
akak's picture

The turd sandwich is the only thing on the menu at Cafe Leo.

Sun, 07/03/2011 - 19:40 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

Just saw 60 Minutes. Please donate to the Global Medical Relief Fund:

http://www.gmrfchildren.org/

And help save one child at a time.

Sun, 07/03/2011 - 20:12 | Link to Comment Reese Bobby
Reese Bobby's picture

Some people might think that is a random and presumptuous thing to throw at people.  But not me Leo!

Sun, 07/03/2011 - 20:38 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

I donated $100 and I'm sure many here can donate a lot more. Great charity, very worthy of my money.

Sun, 07/03/2011 - 21:33 | Link to Comment Zero Govt
Zero Govt's picture

like most Western institutions, Charities have become shams for the usual human scumbags... i doubt it Leo

Sun, 07/03/2011 - 22:02 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

Do your own DD before calling this charity a "sham." The lady is sincere and the images of kids mutilated by bombs aren't a hoax!

Mon, 07/04/2011 - 07:38 | Link to Comment Zero Govt
Zero Govt's picture

Leo

was watching a BBC report the other day that amidst the murder and mahem the US and British military is creating out there in Afghanistan there's still time for tending to local childrens medical needs, help building schools and hospitals and what a good humane job we're doing, how blessed!

Of course what i'd be thinking as a local Afghan is what are these foreign occupiers doing invading and blowing up my country, houses, friends and relations while dispensing social and medical services at the same time? Seems mighty perverse in the extreme no?

This is typical of the morons of Govt. They have taken a good idea, the SAS's 'Hearts & Minds' strategy of winning over the locals, but dispense it like some drunk organ grinder thinking we can obtain the locals support with a production line feed of social services (socialism) while also dispensing thuggery. Two-faced British diplomacy, about as genuine as an Obumma teleprompter speech 

Mon, 07/04/2011 - 00:09 | Link to Comment akak
akak's picture

Armaments have not mutilated 1/100th as many people as have the financial bombs of Ponzi fiat currency manipulation and depreciation, artificial central-banking-born boom-and-bust economic cycles, and the massively socialized losses of the TBTF dumped onto the backs of the population by the parasitical bankster elites ---- and all with Leo's blessings.

Mon, 07/04/2011 - 09:28 | Link to Comment doggings
doggings's picture

maybe not dude but it sure feels worse if it happens to you or yours

Mon, 07/04/2011 - 06:36 | Link to Comment SamuelMaverick
SamuelMaverick's picture

+1

Sun, 07/03/2011 - 23:18 | Link to Comment High Plains Drifter
High Plains Drifter's picture

yes it is true. children mutilated by bombs, bombs that this country has dropped on them. am i proud of this? hardly on this fourth of july scam day, when we say to ourselves we are free and are not. if i could undo what has been done , in my lifetime , i would in a heartbeat. but i can't. i wish i could.  on this fourth of july, perhaps we should ponder what we have done to the world and what we continue to do to the world and where we are going, while we have our hotdogs and watch our fireworks and say to ourselves, gee, i am sooooooooooo glad to be a free man.....yeh sure. this country makes me sick to my stomach.

Mon, 07/04/2011 - 09:26 | Link to Comment doggings
doggings's picture

+++  ^^

Mon, 07/04/2011 - 00:04 | Link to Comment Herbert_guthrie
Herbert_guthrie's picture

Yes, lots of bloodstains on this country's hands. Nothing I would have condoned no matter how valuable the profit.
The only noble fight for the US was against the British for our sovereignty, all other bloodshed was for greed and profit.

I'm going to celebrate the 4th with the family tomorrow, celebrating independence day for a country that has surely lost its way forever.

Love your moniker. One of the best westerns of all time, in some of my favorite haunts.

Sun, 07/03/2011 - 15:54 | Link to Comment bankruptcylawyer
bankruptcylawyer's picture

stick to your area of expertise...canada. 

Sun, 07/03/2011 - 16:36 | Link to Comment akak
akak's picture

Dont' forget about those Chinese solars!

 

Actually, I think the only area of expertise of Leo Quislingasskiss is in contemptible cowardice, criminal cluelessness, comfortable conformity, command-and-control condonement, and kleptocratic corporate cocksucking.

Sun, 07/03/2011 - 17:29 | Link to Comment High Plains Drifter
High Plains Drifter's picture

come on, akak, cut him some slack.  i mean the man had to wait until he was 39 before he got his first car.......

Sun, 07/03/2011 - 17:30 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

You are mixed up, my dad and it was 29, about the same time that I got my first car, a VW Jetta 1.8T

Sun, 07/03/2011 - 20:09 | Link to Comment Reese Bobby
Reese Bobby's picture

Leo doesn't seem like a bad guy and ZH obviously has a soft spot for him.  So good news Leo: From now on I am going to treat you like an autistic brother who I have to protect.

 

LEAVE HIM ALONE YOU BULLIES OR I'LL PULL YOUR UNDERWEAR OVER YOUR HEADS!

Sun, 07/03/2011 - 21:04 | Link to Comment akak
akak's picture

The difference is that the autistic are ignorant and innocent; Leo is neither.

He has freely and unabashedly chosen to throw in his lot with the Dark Side of the banksters and their political enablers.  Morever, he has repeatedly admonished all of us to do the same --- to surrender to corruption and evil as he has.

If you really think that Leo "doesn't seem like a bad guy", you have obviously just not been here on ZeroHedge long enough to have read Leo's many disgusting and egregiously spineless calls for bowing low to the status-quo power elite ---- most such comments, however, no longer existing in these threads, as they were repeatedly and rightfully junked into oblivion by dozens of outraged ZeroHedge readers virtually each and every time (which demonstrated both the breadth and depth of the disgust with Leo on ZeroHedge, and in which he far exceeded the righteous anger directed at ANYONE else posting in this forum), a fact which Leo and his small cadre of naive and/or disingenuous defenders have been pointedly unwilling to acknowledge here.

Sun, 07/03/2011 - 21:05 | Link to Comment Reese Bobby
Reese Bobby's picture

That's enough!  I'll meet you after school behind the gym to set you straight...

Sun, 07/03/2011 - 21:26 | Link to Comment Zero Govt
Zero Govt's picture

"..a VW Jetta 1.8T.."

That explains a lot Leo.. your boring and conservative side and the pretence (maybe trying too hard?) to be something sporty.. something a Jetta never could be!

Sun, 07/03/2011 - 23:14 | Link to Comment High Plains Drifter
High Plains Drifter's picture

well what are you trying to insinuate?  leo is gay? is that it?  :)

Mon, 07/04/2011 - 00:12 | Link to Comment akak
akak's picture

One would have to be able to love someone aside from oneself, even though they be of the same sex, in order to be gay --- I am not sure if Leo's all-encompassing narcissistic self-love would even theoretically leave room for him to be gay.

Mon, 07/04/2011 - 06:35 | Link to Comment SamuelMaverick
SamuelMaverick's picture

Akak, you are angry enuf to chew steel and spit nails.  I agree with you about Leo's positions, just don't agree with the personal attack part...... Although it is nice to see someone take the gloves off in fight club.  Yours, Maverick 

Sun, 07/03/2011 - 21:17 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

Tweedledee and tweedledumb...

Sun, 07/03/2011 - 23:07 | Link to Comment Reese Bobby
Reese Bobby's picture

I'm here for you Leo.  And I definitely don't think Canadian Pension funds are lemmings running off the victim cliff, as usual...

Sun, 07/03/2011 - 21:30 | Link to Comment akak
akak's picture

"If you love wealth more than liberty, the tranquility of servitude better than the animating contest of freedom, depart from us in peace. We ask not your counsel nor your arms. Crouch down and lick the hand that feeds you. May your chains rest lightly upon you, and may posterity forget that you were ever our countrymen.”

Sun, 07/03/2011 - 17:29 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

akak, as my humble father would say, "increase the dosage."

Sun, 07/03/2011 - 17:39 | Link to Comment akak
akak's picture

Leo, you're the one whom God has cursed with a failing body and a failed mind (and a stillborn soul), not I.

Take the whole bottle of pills and get it over with already, you pathetic and contemptible son of a bitch --- spare yourself, and all of us, the prolonged and agonizing death throes and maniacal shrieking of yet another desperate, confused and justifiably terrified conformist clinging to the corrupt and collapsing social, political, financial and monetary status-quo.

Sun, 07/03/2011 - 17:49 | Link to Comment Leo Kolivakis
Leo Kolivakis's picture

such a limited vocabulary, try investing in a Thesaurus and please go crawl back under your rock.

Sun, 07/03/2011 - 19:08 | Link to Comment akak
akak's picture

If the power-pandering, willfully subservient, shamelessly duplicitous shoe fits ....

Sun, 07/03/2011 - 20:17 | Link to Comment nmewn
nmewn's picture

I had every intent of coming back here (I read BK's comment this morning) and say Leo was at least trying.

That he was at least trying to see the moral hazard that is neo-Keynesian theory, that the wolves he shares lunch with would not hesitate to eat him as an appetizer, that his recognition of the banker/statist capture of what a free market should be is a call to action, not an invitation to dinner.

I was thinking of the old Beatles song...The Long and Winding Road...its clear I was wrong.

Mon, 07/04/2011 - 02:23 | Link to Comment LudwigVon
LudwigVon's picture

+1, this says it best.

 

If you know you have given up the fight then stop swinging ... spare us !

Sun, 07/03/2011 - 20:31 | Link to Comment ebworthen
ebworthen's picture

Leo means well, but he is a product of the system (as we all are in our own way).

I get frustrated that he does not see the wolves at the door, and instead feels a part of the pack versus their prey.

Keep giving us your perspective Leo, and thinking positive.  Consider though, that some of us angry misanthropes may have a point as well.

Sun, 07/03/2011 - 22:36 | Link to Comment nmewn
nmewn's picture

"Leo means well..."

I'm not as sure as you eb.

Whenever I see emotion mixed with finance I have warning bells going off in my head, more fireworks than what I just shot off for the kids ;-)

Sun, 07/03/2011 - 23:10 | Link to Comment High Plains Drifter
High Plains Drifter's picture

well at least he walked into a church the other day, in one of those, gee i am turning 40 , what is the meaning of life, moments.........

Mon, 07/04/2011 - 08:18 | Link to Comment nmewn
nmewn's picture

Mmmm.

Recognizing the demons face is an important first step, but theres not much point in going in for an excorcism if one doesn't want to be rid of it ;-)

Sun, 07/03/2011 - 18:35 | Link to Comment ebworthen
ebworthen's picture

 

Boys, boys!

You both are in timeout and have to go read my comment space hogging rant above, then aplogize to each other.

 

Sun, 07/03/2011 - 19:11 | Link to Comment akak
akak's picture

Apologize?  To that?

You have got to be fucking kidding me!

Zerohedge should apologize to its entire readership for inflicting the rabidly pro-status-quo, unapologetically base and cynical ravings of Leo on all of us.

Sun, 07/03/2011 - 16:10 | Link to Comment lynnybee
lynnybee's picture

wonderful article, really liked it.   + 100 for LEO  !   (p.s. love the dog video)

Sun, 07/03/2011 - 15:32 | Link to Comment Jack Sheet
Jack Sheet's picture

Sorry, can't take this "touchy-feely-let-me-introduce-you-to-my-buddy" type of delivery however cogent the content my be. Makes me feel like someone is sitting on my lap breathing Martini fumes into my face.

Sun, 07/03/2011 - 21:25 | Link to Comment dark pools of soros
dark pools of soros's picture

you another one of those assholes that put more weight on how someone says something instead of what they say?  usually elementary school teachers only need to apply that since they are dealing with kids of limited vocabulary

 

but hey, go smile for the monkey next time someone points a camera at you

 

Do NOT follow this link or you will be banned from the site!