This page has been archived and commenting is disabled.
The Smoking Gun Document That Could Terminate George Papandreou's Career
Let's back up for a second and go through the events of the past week: the market's record flash crash, which certainly accentuated by HFT algos gone haywire, was to a big part caused by the live broadcasting of the real-time storming of the Greek parliament on Thursday night in Athens. The reason for the storming was the Greek population's general displeasure with imminent austerity measures to be imposed by the IMF which has now become the de facto saviour not just of Greece but all of the PIIGS and soon of the European core. The IMF in turn had to come in, after the EU realized that using the empty "Paulson bazooka", as we wrote extensively, did not work back then, and would not work now (CDS trader scapegoating campaigns aside), and also realized it is too fragmented politically to rescue Greece on its own, in essence confirming that the European Monetary Union is a sham and the euro is on its deathbed. And what it all really boils down to is liquidity: Greece was fully aware of the sad state of its financial affairs long ago, and unlike every debt-laden High Yield company in the US which is furiously refinancing debt or issuing equity to fix (if temporarily) its balance sheet, Greece did not take advantage of a generous market to shore up its liquidity. Well, one can say nobody was shoving term sheets before George Papandreou in January and February of early 2010, giving the country cheap and plentiful financing, which if executed could have resulted in not just the IMF not getting involved, and austerity measures not being instituted, but a far-smoother sovereign transition process, which at the very least could have bought the country another 6 months of time, during which the world economy may have well given the impression it had healed sufficiently courtesy of the slow and gradual market melt up (see HFT).
All that changes today - Greek blog DosePasa has released several smoking gun documents in which Boston-based Hayman Private Equity (no relation to the Kyle Bass firm, at least none that we can find), discloses it intention to offer a E20 billion loan through a non-binding Memorandum of Understanding to Greece at roughly LIBOR+125bps in February 2010. If the documents are proven legitimate, and with a plethora of executive-level signatures it appears they would be difficult to forge, Athens will likely now demand G-Pap's head on a platter, or at least a coherent explanation why he refused to do this transaction at massively beneficial to Greece terms, which most importantly, did not involve the IMF's austerity measures, which have been the source of so much consternation to date, not to mention a proximal cause for the biggest market drop in history.
Below are the scanned documents in question:
The sequence of events appears rather straightforward: in early January Hayman approaches G-Pap directly with a E7 billion L+125 loan offer. A month later the amount offered is raised to 20 billion, and while the interest on the loan is unknown it is hardly much higher.
What is most amusing is that the entity negotiating on behalf of Greece is the infamous Hellenic Post Bank, which as we noted previously, was uncovered to have been the party buying substantial CDS on Greece itself. What is even more amusing is point 6 of the MOU: "A necessary precondition is also that the Second Party [Hayman] will not hedge the credit risk of the Hellenic Republic in the CDS market." Now this is pure comedy: Greece may have sunk itself because of its idiotic insistence that any official counterparties on new issuance transactions are prohibited from hedging their exposure. We are convinced that this is what likely sank the deal, although we do not know for a fact what happened with the negotiations post February 8. We are certain that Hayman considered the inability to hedge their generous offer and told Greece to shove it. The sad result - three months later, Greek 2 Years spreads are 20%+. We have noted repeatedly that CDS hedges are absolutely critical to new issuance activity. Greece did not realize this - and now it is bankrupt.
It is likely that at at or around this time, is when Greece was also being courted by Russia and China about potential rescue loans, as was also previously reported. Those talks also led nowhere.
In summary Greece said no to both a US-fund based rescue effort, as well as sovereign rescue overtures by key non-American foreign powers. In the end the market called the country's bluff and Greece has now folded, stuck with any and all austerity terms that the IMF will impose upon it. The bottom line as far as G-Pap is concerned, is that there is now a smoking gun document (pending authentication - we have called the Hayman Group at (617) 217-2084 for an official comment, but have only gotten voicemail which is not surprising since it is Sunday), which indicates that Greece, as far as the public is concerned, could have avoided or at least delayed the imposition of austerity. And this will likely be the straw that breaks the back of G-Pap's political career, and could possibly lead to even more violent riots (surely no longer televized by CNBC, as the stock price of GE tends to correlate inversely with the number of people watching CNBC and panicking) in Athens in the upcoming days.
The return of massive daily volatility in the US equity markets is now here.
h/t Greece
»
- 17685 reads
- Printer-friendly version
- Send to friend
- advertisements -
Would a document of this stature contain typos? Wouldn't it be "We are furthermore pleased to assert..", not "please to assert".
That depends on whether you think anyone is literate anymore.
+1 -- good writing is rare anymore.
Total agreement. I once had a boss at Exxon tell me to write for a third grade audience.
Like. Hansel and Gretel no more free ice cream dears.
indeed - i think u r write about that! hehehehe!!!
http://stupidfilter.org/main/index.php?n=Main.About
Yeah I dunno.. Addressing G-Pap by exellency...? I look at the scribbly red line under exellency as I type this
The blog in question belongs to the "other" Greek Communist party. Finally!... they do something useful :)
This looks like a scam. Who is "Hayman Private Equity"? and where can they get E20 billion? And if they somehow can advance E20 billion, what percent of their portfolio would Greece represent? A "who is that?" is an unlikely savior.
Perhaps I'm too skeptical, but I think this is no story at all. If this brings down G-Pap (unlikely), then it is the 21st Century version of the Zenoviev Letter, albeit less professional.
I think it exceeds the scam theshold.
A WHOIS seach shows the domain was registered a year ago and expires today.
=========
Registrant:
Domains by Proxy, Inc.
DomainsByProxy.com
15111 N. Hayden Rd., Ste 160, PMB 353
Scottsdale, Arizona 85260
United States
Domain Name: HAYMANNET.NET
Created on: 09-May-09
Expires on: 09-May-10
Last Updated on: 09-May-09
=========
Also the text of the letter reads as if constructed by a non english speaker. "We are pleased to assert under perjury" is not standard boilerplate English or any other form of contractual English.
- yeah, "We are pleased to assert under perjury" - reads like a Nigerian gold scam.
I'm with Chindit, Sushi and Rusty.
The link at the end of the post is all I could find and the page is gone. Additionally, they are not listed at 225 Franklin St in Boston. The reverse phone lookup yields nothing and lets not leave out the other special email address in this at the end: bellamini@bigpond.net. It takes you here:
http://go.bigpond.com/home/index.jsp
I also suspect that 20 billion in PE at 125 over Libor might be a tad hard to place...Ah if PIIGS could fly.
Should you like further information, please use this contact form. ... Hayman Private Equity LLC and Associated Legal Entities. All rights reserved. ...
haymannet.net/Contact_Us.html - Cached
I pissed my pants at the last line indicating the 1st party, with consent of the 2nd could move the transaction to a SPV. Ahhhhhhh... The ghost of Ken Lay survives. Accounting fraud is modus operandi. Time for all of us to understand that the banking industry is RICO unlimited, unchecked and unworthy of existing in a nation of law.
lol: that is why a precondition to the banks' existence in a country is that they own that country. Whether you, as an asset of that country [cough company store cough], choose to believe the propaganda that the nation is a "nation of law" is your problem.
We sheep, as assets of the farmer/banksters, follow the law of free range grazing until we realize what we truly are. After the awakening and disconnection from their matrix of usury and violence via a vis, taxation, and law, which of them will feel safe wandering amongst the herd never knowing which sheep is carrying a Sig 40 (9mm is too small). The farmers days are numbered as one day we will rise up and the buggers eyes water ....
I wonder if Joseph Stiglitz was "advising" G-Pap's administration with regard to this loan. I first saw this video on ZH earlier this year. http://www.youtube.com/watch?v=E4MAifsp-8E Clearly, Stiglitz and other advisers to Greece were focused on putting up a vocal coalition of 'support' from other EU members for Greece...a plan that was SURE to work ;-). We all know how well that turned out...
On a positive note, G-Pap's lack of acceptance saved Hayman from making a horrific mistake.
But if they had taken Hayman's good terms, things may not unraveled as they have and they may have been able to make the payments. Sort of like a person with a job but on the edge of bankruptcy, if they could get low interest terms, they might actually make it, but if they have to pay 18 percent...forget it.
It may have bought them a little more time.
G-Pap (AKA "Charlie Brownandreous") simply whiffed on the kick of the can. My contention is that Joseph Stiglitz (and friends) may have played the role of Lucy on this (alleged) deal because of misplaced confidence in their bond market manipulation efforts.
Wow, and my limited understanding was that G-Pap was reasonably popular in spite of their dire straits, but if you deliver your country into hands of IMF, essentially removing your sovereign ability to self-determine how the country deals with an economic/financial crises, when there were viable options, you are done. Even if he sincerely thought hedging was a concern, how is that a deal breaker considering it then means your only other option is to go to IMF!?
Even very corrupt 3rd world govts have learned to scorn IMF, if G-Pap handed Greece to IMF....I would not want to be him.
Michael Hudson claims Greece could have decently righted its ship by simply taxing rich more, as the rich and upper middle class Greeks pay practically no taxes and Greece has a very regressive tax policy with productive sectors of private labor and small business heavily dragged with taxes. While they obviously have govt bloat, I would guess internally they could have gotten support to clean up some govt fat, if they also required rich to pay more share, and this compromise of spreading the pain would have at least gotten them thru crises with the help of one of these other finance options. But now Greece is being forced to implement high VAT taxes etc... that will just slow down economy further, is pro-cyclical policy, and IMF vultures will now get some cheap Greek assets.
"...The blog in question belongs to the "other" Greek Communist party..."
This is the sole reason why the € is needed. The Commis "hate" the €
Now in Greece we are waiting for the GPap-GS aggrement documents.
MG,
Any personal thoughts on the upcoming week in Greece?
Greeks will have to make a choice about their future. Will they allow crooks and corrupted officials to fool them or will they take the fate of their state in their hands and choose a leader to protect their country? Tought choice, tought will though.
Greece is pregnant and the labour will be painful.
by the way, a reason for Greeks to be even more angry at their govt does not bode well for rest of world eoncomies in short term...however, it might be very good for Greeks in long term, as it is less likely they will allow a fleecing...makes outright default more likely.
I smell BS. No way a PE firm (and not the biggest one) could raise E20 billion to lend to a half-bankrupt country, even if they could provide some kind of collateral (Santorini? already discussed here). And the interest rate was supposed to be LIBOR+125? Give me a break
I don't think it's tough at all -- the Fed is literally shoveling money out the door to its primary dealers to debase the dollar, and all central banks worldwide are trying to figure out how to debase all currencies on the planet simultaneously.
Money is all over the place. Of course, the debt unwind will wipe out more than all of it; but for the moment, money is free, and everywhere. All actions by all parties (governments, central banks, large private institutions) are to "lever-up" once again (or the whole thing comes down NOW).
Besides, you don't actually need money. Remember how it works these days? You "sell" a big loan, securing it with a CDS "buy". You don't actually kick in anything yourself. Your goal is to capture the spread. If you sufficiently obfuscate the analysis, you can claim profit through leverage after putting in literally nothing.
In this particular deal, Hayman only needed to keep rolling LIBOR, and they can capture a guaranteed 125bp. FREE MONEY. After a CDS hedge, there's NO RISK (other than counter-party risk, but we'll be in the Bahamas with our bonuses by then.) THIS WAS A NO-RISK TRADE, if Greece would merely permit the CDS (which Greece did not, which is what probably killed the deal.)
My cat has been talking about becoming a primary dealer with a guaranteed nine figure income. I've been trying to talk her out of it (because I'm not confident she is sufficiently disciplined to keep up with the paperwork, and I don't want to do it), but she's pretty insistent (in an irritating way).
My dog used to talk about becoming a Realtor. I tried to discourage such talk, telling him it was below him, that he'd be better off continuing to just lay around all day licking his balls. But no. Now, he's the top-earning agent in his office.
My dog became a mortgage broker and lost his job in 2006...poor puppy is back to eating the garbage.
My dog still has to work since he maxed out all his credit cards...
Since my dog lost his job as top phone marketing used mortgage broker/salesman...
By the way a hands free headset allowed him to lick his balls while still leading his boiler room in cold calls (not cold balls)...
He has now become the top closer in the highly lucrative home loan modification industry...
All this time I thought he was just a non stop barking ball licker...
And judging by the garbage strewn all over the back yard... he will never change.
He was a bigger asset to society when he just licked his balls
Throughout my life I have attempted to be an asset to society but my tongue just never reached.
Thanks for that chuckle.
:)
EU to Set Up Fund to Prevent Spread of Greek Crisis
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4jFzDH.E7uc&pos=1
Futures will be limit up on Monday. Good luck.
"European officials declined to disclose the size of the stabilization fund, to be made up of money borrowed by the European Union’s central authorities with guarantees by national governments."
Ah, yet another vague "is that a Bazooka in your pocket?" attempt to bring bond yields back down. Does this officially qualify as bailout plan #47, Tyler?
Note the email address on the letterhead: postmaster@haymannet.com Go to haymannet.com and you'll find a parked domain.
Move along; nothing to see here.
Seems fake to me too. I don't recognize the firm on the 26th floor. I know there's a capital management office, some lawyers, and a training facility up there. The base rate should be Euribor and not Libor. The Bigpond email addy is from an Australian ISP. Oh, and shouldn't the wording be more according to a FRB rather than an FRN?
With 100+ billion rescue numbers being thrown around, what would 20 billion have done? Also, this would have been a shitty deal for Hayman Private Equity. Lending 20 billion to a bankrupt, tax evading country is stupid, IMO.
Go Get 'Em
In a Greece struggling amidst the throes of draconian, IMF-led budgetary cutbacks, another symbol of revolution is rising. They call him either "Riot-Dog" or "Rebel-Dog", depending on the source.
http://rawstory.com/rs/2010/0508/riotdog-icon-greek-protest-movement/
That document looks more like a "Proposal to Perform" that I signed to have a new septic system installed, rather than a document offering to loan 20 BILLION dollars...... If you look closely on the second page, you can see where the printing was paused to change the ribbon on the daisy wheel.
How does this 'solve' any problem on any more than a short-term basis?
I mean, on an immediate level I understand the mindset, but the bottom line is that the ongoing speculative attack on Greece is a choice, part of a plan, undertaken by people who aren't Greek and have little if anything to do with the functioning of Greece's economy (especially from the public sector, from whom it's demanding blood), such as it is.
The opium-smokers as TD called them earlier are the problem. G-Pap is a flunkie and a sop. Not unlike Obama, actually.
Someone has to ask this:
Is this document an attempt at a Pap-smear?
Lulz.
+2
+1 (I'd click the flag as awesome if there were the option here)
LMAO
Wickedly perfect!
pronounced 'hymen'.
Penetrating comment.
Not really. More of a cover-up. It won't last.
This is a fraud. Why would a Euro loan be based on Libor rather than Euribor? Also, why is the name of the supposed Private Equity firm offering the loan almost, but not quite, the same as that of a real and well known firm? J.T. Marlin anyone?
So let me get this straight, a Boston-based PE shop (which I never heard of) had intentions to offer a E20 billion loan through a non-binding Memorandum of Understanding to Greece at roughly LIBOR+125bps in February 2010.Hmmm, this sounds like pure fantasy to me!
I'm sure you are correct, Leo.
@ QuantTrader
I think someone else said it on another thread, but Im pretty sure the UK Government were saying this kind of thing, to themselves, if not the world back in 92.
..right up until Soros and crew tore them a new arsehole.
re this document, I think it's fake, this company does seem to exist, but doesnt seem to have anough Google presence to be the kind of company who can lend out 20 Billion to Governments.
this is the only significant mention of them I see
http://issuu.com/therealreporter/docs/therealreporter9
"The mobs are smarter than we think: "Bandits, Where did the money go ?"
This document looks fraudulent to me. The terminology "ready willing and able" is not used in a business commitment letter and the representation regarding compliance with "regulations if the "G-7" would never be made until formal documentation and legal due diligence.
Ay best, this is a plant.
Hayman PE....hmmm
The first rule of Project Mayhem is you do not ask questions....
Acropolis Now! Hayman was just the messenger boy
This article is obvious garbage - why post it, it damages the credibility of the blog.
The website/email is fake, the company does not reside at the address, the documents are full of spelling mistakes and poorly drafted language (for example "CDS market" is not defined) - obviously not the work of a lawyer, a poor attempt at a forgery, probably by someone to whom English is their second language.
Looks like a forgery to me: unnumbered pages, inconsistent fonts, postmaster email address in the header, legal jargon without sufficient detail to back it up.
The typos are pretty bad.
I don't know any lawyers who still use "first party" and "second party" (except perhaps as a joke or example of bad drafting). That includes lawyers pushing 80 years old.
A legal document of the type shown would normally have fill in the blank signature lines with title and date lines, not an area to hand-scrawl those items.
So, in conclusion, it boils down to a "good news, bad news" story. The good news is that foreign investors offered to help bail out Greece, on unbelievably generous terms. The bad news is that the foreign investors were writing from Nigeria.
Looks like the intern drafted the letter...but bonus points for mentioning the offers Russia and China had put out there, with no austerity measures. China could toss out 20bn euro without thinking. Why would they be turned down?
by Steaming_Wookie_Doo
on Sun, 05/09/2010 - 10:13
#339182
Looks like the intern drafted the letter...but bonus points for mentioning the offers Russia and China had put out there, with no austerity measures. China could toss out 20bn euro without thinking. Why would they be turned down?
Steaming_Wookie_Doo,
The Greek Banks planned on accidently Hedging their way out, by shorting themselves. Completely on accident, like Goldman accidently hedged themselves… out of a hole, accidently.
The whole we can’t get a lone to destabilize the market.. after they shorted the market... really they where just being market makers and trying to make money for their shareholders, it is really just a good disciplined approach to take.
If you are the Bank Hellena (or whatever) and the market is short proof save your shorts… well that would be a sort of short monopoly wouldn’t it? The Greek Banks planned on shorting their markets (alone) to pay for their bailout. The ban shorts, let your own banks short themselves, instead of trying to print money out of thin air… to, too bad our guys did the same thing.. except instead of using the funds for bailout dollars, instead of using the insurance monies for the bailout dollars… our Banks took the Bailout dollars and called the short profits BONUS MONIES BITCHES!!!!
I think that we could as a group start using terms more sheepeople friendly… to more effectively get the information out in a more palatable format, for the idiots… because until the idiots understand this shit, nothing will change.
The Banks with the help of the Communist Government of Greece… Decided to create duress, short themselves and bar others from playing in their rigged game. So that they could recoup their (the banks) losses. A lot of you English professors can clean that up, but please bar in mind we are trying to reach joe six pack, not your Bro at the club… get it? got it? good!
I think it’s funny that Pinko, Commie,s know how to… or want to short banks so that the Banks could continue?! Or maybe I am giving the Greeks to, too much credit… Maybe they wanted to short themselves and get the Bailout monies, NAAAAAA!!!! Greece is the cradle of civilized world, they would never be greedy, they are Commie’s… its against their secret code of share the wealth… So if being a commie is about sharing the wealth with the people… what is? the people, sharing their wealth with the few wealthy called? other than a robbery of the ignorant? maybe we can coin a phrase? it is the (in theory mind you) the exact opposite of the evil communism… what is the name for our evil? we could call it pull yourself up by your boot straps disease? or ism! Wait never mind, I forgot we have a name for it… God’s work! God would want hose very few to have 600 foot yachts while children starve all over the world… absolutely!
Happy Sunday all! JW
This will make RiotDog angry.
http://www.facebook.com/photo.php?pid=1196134&o=all&op=1&view=all&subj=1...
ZeroHedge got had on this one...
China and Russia too?
G Pap was holding out for a free toaster.
I've uploaded a new DOW chart.
http://www.zerohedge.com/forum/latest-market-outlook-0
http://stockmarket618.wordpress.com
I have one salient question.
What was Fabrice Tourre doing on January 11 and February 2, 2010?
Tyler, check out the founding date for Hayman. Dont you find it is a little, well unconventional that a shop which was only 6 months old to offer such a big amount of money to a sovereign and with such low cost of borrowing. Here is the document Hayman submitted [courtesy of an anonymous commentator of the aforementioned blog] to The Commonwealth of Massachusetts. I find it odd that such a yung shop would have access to such amount of money.
The age of a Copr means nothing... the law group fronting for the Corp. means something... Bacik, is not a law group that I would expect to see if there where a real capability to perform.
The offer may in fact be one off, as it seems.. But China and Russia both wanted to bailout Greece.. but then the Banks would not be able to short themselves... see? I hope you are feeling better Cheeky.
cheeky, i miss you so very much.
There's no doubt in my mind these documents are fake. Whoever manufactured these is clearly not a native English speaker, nor do they have a remote clue as to what real legal English documents look like. Not even a drunken sailor would make so many typos on a love letter to his long lost girlfriend. If that weren't enough, neither this Hayman PE firm nor any of its principals seem to exist in any official registers like the SEC's etc. Finally any investment firm of such allegedly high stature would have retained a top law firm such as Skadden Arps, or Sullivan & Cromwell, Wachtell Lipton, etc.
There does seem to be a Scottsdale, AZ connection :-)
Registrant:
Domains by Proxy, Inc.
DomainsByProxy.com
15111 N. Hayden Rd., Ste 160, PMB 353
Scottsdale, Arizona 85260
United States
Domain Name: HAYMANNET.NET
Created on: 09-May-09
Expires on: 09-May-10
Last Updated on: 09-May-09
=========
John Andrew Bacik
SCOTTSDALE, AZ US1. 20090188537 Flexible Umbrella Systems - umbrella system relating to the general protection of fixed outdoor umbrellas, especially during windy conditions 07-30-2009
I'm sure if the documents are found to be fake, the riots will stop immediately, the krautstag will pass the bailout cash without needing the IMF, and palace guards all over Greece will line up to start hummering G-Pap....
Uh....people...These were written by MBA's!
If they can run the economy so well, I'm sure they know how to spell!
Maybe YOU'RE the one who is stupid and can't spell.
Hayman loan was in Bearer Bonds left to the principals by a dead Nigerian(s). All they had to do was send them $5k and their banking details.
Typos, unusual sentence structure and an in-and-out web site hardly prove a front group to be illegitimate, IMO. Considering the tremendous stakes, the possibility of an authentic offer is very strong. But the strongest angle is Papandreou’s possible refusal, given his close connections to world socialism and IMF takeover.
As I see it, financials are constantly going in and out, creating companies and entities in the Cayman Islands and wherever to mislead their competitors, stockholders and governments. The precedent for shell corporations used to shield parent companies from legal liability or traceabililty is probably legion in current financial business and organized crime. So until proven otherwise, I remain open to the possibility.
Even some think tanks are corporate front groups. And how about Chief Obama’s Chief Advisor Axelrod’s astroturfing outfit?
And, in that Ben Bernanke said that the Fed would provide funds to private companies as part of its economic support programs and in that the Fed refuses to divulge who receives this taxpayer money, one begins to form suspicions as to, say, how many front groups the Fed hides behind while resuscitating its bankrupt "friends."
"the market's record flash crash, which certainly accentuated by HFT algos gone haywire, was to a big part caused by the live broadcasting of the real-time storming of the Greek parliament on Thursday night in Athens"
Oh please, I'm supposed to swallow this hook, line, and sinker?
Although it makes for an interesting argumentum a fortiori in your post, I can't see how it melds with your other constructs on how and why the market melted down on Thursday.
So what are we supposed to believe here, it was fat finger?, a liquidity crises?, an engineered meltdown to convince the corruptocrats on Captial Hill not to vote to audit the Fed?, a bunch of incompetent protestors on the steps of Greece's parliament?, or any other myriad crackpot theories put out to titillate the masses?
Unless of course, conspiratorily, if you're trying to emphasize that the Greek parliament protest was guided by some sort of US covert ops to show anarchy in the streets of Greece to help add emphasis to the overall belief that the world is coming to an end, then I can accept that.
I mean come on. A $150 billion Euro is not a lot of cash. Good ole Benanke shits golden nuggets over at the Federal Reserve every morning that are worth that much, so a Greek bond meltdown is a game of Patty Cake to him.
This is all just a grand show put on by the masters of deciet known as the Banksters/Governments/MSM.
It's the equivalent of American Idol, Survivor, Dave Letterman and anything else you can think of thrown in including the kitchen sink.
You're either in two camps. You either believe this is a manufactured crises, or you believe the world is being run by a group of morons with IQ's of 130+ who ran a thriving business into the ground through sheer negligence.
I was watching those protests last Thursday and they looked a little staged to me. I love a good conspiracy but this whole things stinks of rotten fish if you ask me.
From the desk of: ROLAND HURSNER OF HAYMAN PRIVATE EQUITY
TEL:1-617-217-2084
FAX:234-1-759 8827
HIS EXCELLENCY GEORGE (PAPPY) PAPANDREOU
LEADER OF GREECE
EXCELLENCY,
STRICTLY CONFIDENTIAL
WE ARE MEMBERS OF A SPECIAL COMMITTEE FOR INVESTMENT AND
PLANNING OF HAYMAN PRIVATE EQUITY LLC
(aka "HELL"). THIS COMMITTEE IS PRINCIPALLY
CONCERNED WITH CONTRACT AWARDS AND APPROVAL. WITH OUR
POSITIONS, WE HAVE SUCCESSFULLY SECURED FOR OURSELVES
THE SUM OF TWENTY BILLION EUROS. THIS AMOUNT WAS
CAREFULLY MANIPULATED BY OVER-COLLATERALIZATION OF AN OLD
CREDIT DEFAULT SWAP CONTRACT.
BASED ON INFORMATION GATHERED ABOUT YOU AND YOUR COUNTRY,
WE BELIEVE
YOU WOULD BE IN A POSITION TO HELP US IN TRANSFERRING
THIS FUND (EURO 20 Billion) INTO A SAFE ACCOUNT. IT HAS BEEN
AGREED THAT THE OWNER OF THE ACCOUNT WILL BE
COMPENSATED WITH 20% OF THE REMITTED FUNDS, WHILE WE
KEEP 70%, AND 10% WILL BE SET ASIDE TO OFFSET EXPENSES
AND PAY THE NECESSARY TAXES.
ALL MODALITIES OF THIS TRANSACTION HAVE BEEN WORKED
OUT BY OUR ADVISOR FABRICE TOURRE OF GOLDMAN SACHS INTERNATIONAL
AND ONCE STARTED WILL NOT TAKE MORE THAN 10
WORKING DAYS, WITH YOUR FULL SUPPORT. THIS
TRANSACTION IS 100% RISK FREE.
IF THIS PROPOSAL SATISFIES YOU, PLEASE REACH US ONLY
BY FAX OR PHONE, FOR MORE INFORMATION.
IT MIGHT BE DIFFICULT TO GET THROUGH TO ME, BECAUSE OF POOR
TELECOMMUNICATION SYSTEM HERE IN BOSTON. PLEASE KEEP TRYING, YOU
WILL DEFINITELY GET THROUGH. PLEASE TREAT AS URGENT
AND VERY CONFIDENTIAL.
YOURS FAITHFULLY,
ROLAND HURSNER
NB.:
FOR CONFIDENTIAL REASONS AND DUE TO THE POOR
COMMUNICATION SYSTEM IN MY CITY, MOST OFTEN FOREIGN
CALLS COULD BE DIVERTED TO THE WRONG PERSON. SO FORYOU
TO BE VERY SURE YOU ARE RIGHTLY SPEAKING WITH ME, IT
IS VERY IMPORTANT THAT WHEN YOU CALL AND ASK FOR ME,
THE MOMENT I PICK UP THE PHONE, YOU SHOULD ASK ME
FOR THE 'CODE WORD' AND MY ANSWER WOULD BE 'ABACUS'
BEFORE WE PROCEED DISCUSSIONS, BUT IF I DO NOT SAY
'ABACUS',THAT MEANS YOU ARE NOT SPEAKING WITH ME JUST
DISCONNECT THE LINE AND CALL ME BACK TILL I GIVE YOU
THE CODE WORD.
Whichever Tyler posted this should reconsider next time. These documents are silly and by posting them you are lowering the ZH bar.
Wow thanks for such a great and detailed article here. I have never heard about such a deal before. It seems that George got in a great trouble huh? He will have to do a vocational guidance test in order to find a new job now. Not good for him. But that's the reality and that's the trumph of truth. Thanks for the great article here by the way.