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The ESM Investor Presentation - Home-Study Guide For All Sovereign Wealth Fund Suckers
To all those willing to part with their country's (or their own) hard-earned cash to fund more experimental and unfounded financially-engineered debt for the nations of the union in Europe, the EFSF's Regling has prepared a 30-page investor presentation. The slide-deck explains the machinations, support, and payback (highly liquid, regular issuance, broad yield curve coverage) of this great and good grand ESM plan that will - no doubt - save the known universe and fund Europe across one more bridge. This time it's different - with all its 'paid-in' capital and promises - should any nation decide to abdicate its sovereignty. Hhmm, no mention of 2x leverage...
We hate to say this but it just doesn't seem so compelling...
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Slide 7 already killed all interest for me as an investor.
OK so you're not a sucker.........next!
Greece and Spain are funding approx. 20 and 90 billion in this fund! Ain't they the ones receiving funding from this mechanism. I give up -- I am clearly financially illiterate!
OK kids, let's start at the disclaimer. Edit - "Everything we tell you is a lie....Now, on with the presentation""
This presentation (the “Presentation”) has been prepared by and is the sole responsibility of the European Stability Mechanism ("ESM"), and has not been verified, approved or endorsed by any lead auditor, manager, bookrunner or underwriter retained by ESM
Dammit those numbers on page 7 were supposed to be in a much smaller font.
I lost interest at slide 4 "Inter-governmental institution under international law" selling junk debt instruments when the issuing entity's only assets are subscribtion calls on shareholders/LPs who all enjoy Sovereign Immunity.
Non-Financial Risk...
European Socialist Mechanism
is anoyone chomping at the bit to buy some german bonds so germany can give 190B EUR to ESM for spain, greece, or italy? german debt/GDP about to climb 10% just with this funding of other broke-ass euro trash countries.
OT: PM raid.
That's gotta be costing those cats a fortune.
Gold almost down to pre-QEfinity levels. Just plain ridiculous.
Yup knockdown day.
Four year investigation of silver manipulation and the CFTC finds nothing. Yet everyone can see the manipulation everyday.
The CFTC's motto should be "making the markets safe for criminals."
Did Blythe write it?
"Hhmm, no mention of 2x leverage"
Not to worry Tyler - the printing company just forgot that paragraph because its staff was on strike and their printers don't have any ribbons - seems there's been a huge shortage of printer ribbons this summer but they have a bunch on backorder
So are the bailout/potential bailout countries contributing to the ESM as well, I'd like to know how that's going to work out?
This ESM con act makes the sovereign CDS market look safe.
Since the PIIGS, Slovenia and Cyprus won't contribute anything and Germany is allowed to 'only' contribute 190B, that leaves quite a lot for France to pick up. Thank god, the French haven't figured that out, yet.
France figured it out long ago. They left their wallet at home. So sorry, next time the bailouts on us, promise.
Scope of activity: supra-legal privileges trading, tax evasion (and trading) and ponzi-sucking.
Edit: bad format for copy-paste, here's the link for the PonziBankTM Treaty
ESM and its managing directors can borrow and steal all the money and property they want with full immunity! You can not sue this bandits!
Welcome to the new postdemocratic Europe.
By the way its to late to complain as it was signed by traitors from 17 countries of the eurosone 1. february 2012.
Speaking of Sovereign, New York city is not part of the United States of America. At Social Security
Report to Congress on Options for Enhancing the Social Security Card. Link herehttp://www.ssa.gov/history/reports/ssnreportap.html
Scroll down to the very bottom of the page, it reads:
"Participating entities: All 50 States, as well as the following non-State entities: New York City, Washington, D.C., and Puerto Rico. (The Virgin Islands, Northern Mariana Islands, Guam and American Samoa do not have automated birth registration, so participation is not cost-effective.)"
Funny, I didn't see Goldman Sachs mentioned anywhere in there. Oversight or deliberate omission???
Quote from page 4 "An Intergovernmental organisation under public internation law."That must be a typo It is quite clear this organisation is well above public law in fact it is above every law.
Okay I had wanted to do a little review and satire, but gave up after page 6. My mood has turned to sour for satire.
I can´t see why anyone or any entitiy would be buying any EU bonds right now...not one reason...do people really think the 6% Spanish bond they bought today....one.... they will get their money back in full.......two....with interest....????
Nothing to see here, only the super double secret floating bond cap at work.
The dollar amounts are paltry. That's your tell that "nobody is lending to them"actually. In short "the operation was a success but the patient died." Bailouts are a FAILURE. The State cannot pay its bills...indeed now the State cannot get a loan. I'm sure something stupid follows...
IMVHO, the " The dollar amounts are .... " . And the VALUE of One USD is ..... . Oh .. the downer was I.
If the current Depression is bad in the USA "the Economic Gods really have a nasty surprise for the EZ." There are no people left over there! Sure "they have their tribal councils and smoke peace pipes in the wampum room"...but honestly EZ....you think you're immune from the lifestyle adjustment? It might not be possible to devalue of course....but the term "bottlenecks" does come to mind. Oh, and "customer." That's a big one too. It's not just means of production...but the ability to deliver the load. And of the idea that there is some "global marketplace" outside of the media and credit space is laughable. Where do we sell our goods? In the country of origin obviously. That why Japan and Korea have CRUSHED the Chinese. They make the cars in the country they're going to sell them in (overwhelmingly in the USA. i've been told there's more made in the USA in a toyota than a Ford actually.) Doing that and succeeding is REALLY hard btw. I find it fascinating they have tho. (That's for all those immigrants who keep saying I'm anti-immigrant btw.) in short Ben Bernanke understands that the only way to grow the US economy is for the US economy to grow. Sounds simple enough....of course we can fire all the school teachers instead...just like Chrysler did to their workers...as with Pontiac, as with Saturn..."and stare in wonder at where all the customers are." Or are they taxpayers? I forget...
Paper Paper everywhere, but the real question is who's buying and with what?
LMFAO
Key differences... pg 4... Capital Structure... "subscribed capital"...
Why does this feel like a drug dealer extending credit to an addict to me?