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Bank Of America Buries YPF

Tyler Durden's picture




 

So much for YPF. Next question: what happens to Repsol (not to mention main shareholders Caixa and BBVA)? Luckily Spain has everything else under control.

 

 

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Mon, 04/16/2012 - 21:19 | 2350249 vote_libertaria...
vote_libertarian_party's picture

So it's a strong buy buy buy now?

Mon, 04/16/2012 - 22:04 | 2350337 johngaltfla
johngaltfla's picture

Buy the Maldives (er, sorry Barry), I mean Malvinas. They'll be nationalized next!

 

(Or not, BP has dibs)

Mon, 04/16/2012 - 23:53 | 2350487 SoCalBusted
SoCalBusted's picture

Yes, timing is great for another Falklands war.

Tue, 04/17/2012 - 00:39 | 2350578 Oh regional Indian
Oh regional Indian's picture

Haaaah! Talk about a dead man calling a dead man a dead man! BoFa Kills YPF! 

What if YPF nationalization was a nod and a wink for letting Falklands "be" for "Her"? Very possible.

ori

stream-of-consciousnesstwo

Mon, 04/16/2012 - 22:56 | 2350416 greyghost
greyghost's picture

notice how the conversation about nationalization quickly changes to the running out of oil mantra...again. peak oil...peak climate change....peak solar power...peak wind power...peak money printing...oh hell everything to $1,000 and end this constant talking the book program. oh wait...what about peak natural gas and the peak price for it? oh no that is so 2005 at $16.00 and now under $2.00?????

Tue, 04/17/2012 - 00:06 | 2350508 smb12321
smb12321's picture

Haven't you learned that introducing anything to the ZH comment board contrary to the "world is going to hell in a handbasket and I'm positively giddy" emotion is just not allowed.  Get with the program!

Tue, 04/17/2012 - 01:32 | 2350629 in4mayshun
in4mayshun's picture

Not true. Its just that the MSM smothers us in rainbows and butterflies all day long and we come here for a dose of reality.

Mon, 04/16/2012 - 21:18 | 2350250 buzzsaw99
buzzsaw99's picture

Argentina should downgrade BAC.

Mon, 04/16/2012 - 22:05 | 2350325 AU5K
AU5K's picture

Argentina is a workers paradise with energy sovereignity. 

The people's oil may now be distributed equally by need.  As long as you dont need more than 1 gallon per week. 

Proletariats unite!

Tue, 04/17/2012 - 00:06 | 2350514 smb12321
smb12321's picture

Funny but seriously, you have to wonder why time after time countries go through this dog and pony show knowing what the end results will be - less production, more misery, worse situation.  I mean, it's almost a no-brainer (take that anyway you like).

Mon, 04/16/2012 - 22:17 | 2350363 Levadiakos
Levadiakos's picture

Why not downgrade BAC now? It'll be nationalized soon enough

Mon, 04/16/2012 - 21:18 | 2350251 fonzannoon
fonzannoon's picture

Bank of america knows a lot about nationalization. Where is Citi they are the experts.

Mon, 04/16/2012 - 21:29 | 2350270 bugs_
bugs_'s picture

salute!

Mon, 04/16/2012 - 21:24 | 2350259 Cursive
Cursive's picture

We have not seen the last of this headline:

Downgrading to Underperform on announced nationionalization

If I could trademark today, the royalties for the next 5 years would support me.

Mon, 04/16/2012 - 21:27 | 2350264 fonzannoon
fonzannoon's picture

I don;t know Cursive that does not fit the narrative. I think Steve Leisman will lead the way with

"Upgraded to outperform on announced  nationalization"

They will leave it to Jim Cramer to explain why the drop in share price is a good thing.

Mon, 04/16/2012 - 21:27 | 2350266 fonzannoon
fonzannoon's picture

For whatever it's worth I was being sarcastic and I believe ironic.

Mon, 04/16/2012 - 22:48 | 2350405 Cursive
Cursive's picture

@fonzannoon

The events of these days are so surreal, I think Salvador Dali would be weirded out.

Tue, 04/17/2012 - 03:48 | 2350724 BeetleBailey
BeetleBailey's picture

"I like being cynical...it's just hard to keep up"

Lily Tomlin

Fits this denre of "news" headlines

Tue, 04/17/2012 - 00:18 | 2350539 TNTARG
TNTARG's picture

Buy, Buy.

Tue, 04/17/2012 - 01:21 | 2350619 Amagnonx
Amagnonx's picture

The only reason you would tolerate having your natural resources stolen by foreign kleptocrats in the first place, is because they could simply invade you and steal them back - while shooting all the people who dared to try and claim their own property in the first place.

When the army backing those kleptocrats is spread across half the world, bogged down all over the middle east and inciting a powerful nation like Iran - then its time to make hay while the sun is shining.

South America - claiming its right to own and use its own assets.

 

 

The CIA and US Govt are still paying off the Al Quaida for all the good work taking out Gaddaffi and their ongoing work in Syria, so we might not see them here in Sth America for a while yet - that won't stop them blaming these nationalizations on terrorism though.

Tue, 04/17/2012 - 02:56 | 2350691 Tom Servo
Tom Servo's picture

powerful nation like Iran. LOL.  I'm no war hawk, but Iran's conventional military would get absolutely raped by the US military might.  The insurgency against occupation on the other hand, would be teh epic.  Thank Allah i'm too old to be drafted (I hope!)...  hey hope is a strategy!

Tue, 04/17/2012 - 08:33 | 2350897 Element
Element's picture

Um dude ... have a look at Afghanistan ... the USA military can't handle a bunch of super pissed-off uneducated bearded opium-smoking goat hearders who could be from the 16th century, but who have an AK-47, RPG and a mobile phone.

This small Afghan insurgent war has now been going on now for longer than WWI and WWII combined.

This is called intergalactic scale incompetance, misguidence and abject failure.

However, Iran would give the US the biggest fight it has has since WWII.

It would be a real and sincere tragedy, for about 250,000 US families, if it took place, plus it would collapse what remains of global trade and peace, and trigger a wave of global inflation, more printing and fiat currency collapses.

i.e. the USA would be destroyed.

 

Best back away and smile and leave them alone ... because they just might want to "bring it on".

Mon, 04/16/2012 - 21:25 | 2350262 death_to_fed_tyranny
death_to_fed_tyranny's picture

BANK OF AMERICA IS BANKRUPT! MORALLY AND FINANCIALLY! BANK OF AMERICA IS A LEACH ON THE FEDERAL RESERVE PRINTING PRESS! DIE BAC DIE! FUCK YOU BEN BERNANKE!AND FUCK YOU JON CORZINE!!!!

Mon, 04/16/2012 - 22:05 | 2350333 Dr. Engali
Dr. Engali's picture

Technically all the banks are, but since we can change the accounting rules any time we want from mark to market to mark to myth .... Well that's how they stay solvent in the U.S.S.A

Mon, 04/16/2012 - 22:36 | 2350386 Prometheus418
Prometheus418's picture

Let me guess... you bought puts on it.

Should have known better- they're in Carlin's Big f'ing club.

Mon, 04/16/2012 - 21:28 | 2350269 BORT
BORT's picture

No difference to GM bond

Mon, 04/16/2012 - 21:42 | 2350279 CrashisOptimistic
CrashisOptimistic's picture

There is a critical buzzphrase in the story that has become pervasive and reveals reality to those who look closely.

From Reuters: YPF, controlled by Spain's Repsol, has

been under intense pressure from Fernandez's center-left government to boost production. Objections to the lack of investment by Repsol have been strident.

That's the meme. "We don't have oil production because we don't have enough investment."

People, oil is $120 fucking dollars a barrel. How much return does a drilling investor have to have?The investment isn't coming because even $120/barrel isn't enough when the geology globally is so increasingly unpromising.
Simply that. The odds on success for a well drilled have fallen, and so has the willingness to spend the money to drill. Does Argentina really think that Repsol would not drill if there were good odds for oil there?
Repsol doesn't drill because the odds are poor.
Argentina would get $X per barrel whethere Repsol makes a profit or not. Of course they want Repsol to drill! At a loss!! They don't have reason to care about profit. They just want their oil royalty. Repsol's response: You can buy our leases and drill yourself, if you want. You could even confiscate our leases and drill yourself if you want.
They won't. They know there's no profitable oil there.
Mon, 04/16/2012 - 21:57 | 2350319 Augustus
Augustus's picture

Argentina would be an excellent place to drill.  the problem is the way the taxes are applied and the forced sale of NG at Very low prices. After making it unprofitable to drill and produce domestically, Argentian is importing gas and oil at world prices.  Similar policy to what the O'Bummer is trying to accomplish here.  Shut down as much US exploration as possible, beg Brazil to increase production.  Force Canada to create and fund facilities to sell on the world market at world prices, rather than being tied to US market.

 

Mon, 04/16/2012 - 22:11 | 2350353 CrashisOptimistic
CrashisOptimistic's picture

You don't seem to have the data.

Argentina oil production peaked at about 900K bpd in 1998.  It has been relentlessly down from there to the present number of about 575K bpd (with consumption about 580K bpd) regardless of right wing or left wing government.  They can't find profitable oil because there is none to find.  It's already been found and pumped.

There is nothing anyone can do about this.

Mon, 04/16/2012 - 23:21 | 2350456 Charles Wilson
Charles Wilson's picture

Spoil Sport

Tue, 04/17/2012 - 00:55 | 2350596 blu
blu's picture

Abiotic oil comes from the center of the Earth forever.

Oh burned you ! In your face. Suck on my burn, beotch.

 

Just kidding. Abiotic oil is insane. They really are screwed.

Tue, 04/17/2012 - 01:36 | 2350634 in4mayshun
in4mayshun's picture

Abiotic oil makes much more sense then old dinosaur and plant fossils. But maybe it takes the earth a little longer than a few years to replenish the oil.

Tue, 04/17/2012 - 00:02 | 2350501 Amish Hacker
Amish Hacker's picture

Augustus, check your data on Obama and US oil E&P. I think you'll find that the number of oil drilling rigs has gone up 60% in the last year, to the highest level since 1987, when Baker Hughes started keeping track of such things. In March, US onshore oil production increased 5.9% YOY, to the highest level in a decade.  http://thinkprogress.org/climate/2011/08/31/307946/drill-baby-drill-fail...

I was surprised to see the graph (at the above link) that showed US crude production declining every year for eight years under Bush-Cheney, then going up each year since Obama's election. Maybe the "all bidness" is about maximizing profits, not production.

Tue, 04/17/2012 - 00:15 | 2350527 smb12321
smb12321's picture

Right.  The figure is up DESPITE the administration's efforts to hamper it.  Thank Clinton and Bush for the volume.  Their policies put in place 10-15 years ago are now yielding results which is why it is so intellectually honest for BO to yap about founts of oil under his wise countenance.  You know, I know, all god's chillin knows Obama has about as much interest in oil as the EU does in sound economics.

Tue, 04/17/2012 - 06:59 | 2350828 Confundido
Confundido's picture

Exactly. Look at the story of Petroandina, ticker was PAR. They were visionaries and sold to Pluspetrol, when these fucking thieves capped the price of the barrell in ARG. The company is now run under the name of Parex Resources, in Colombia. Well done!

Mon, 04/16/2012 - 22:47 | 2350404 Fed_Printstone
Fed_Printstone's picture

I also seem to remember having read somewhere recently that Argentina unilaterally sets the price they pay for a barrel of crude oil.

I think the companies are obliged to sell at something like US$75 or so, making it even more wildly unprofitable to operate in screwball CFK-istan.

 

Tue, 04/17/2012 - 00:18 | 2350535 TNTARG
TNTARG's picture

Wrong. False.

Mon, 04/16/2012 - 23:02 | 2350423 TheProphet
TheProphet's picture

The YFP investment was 25% of Repsol's revenues, and 30% of their exploration budget. I don't think it was underinvestment.

Tue, 04/17/2012 - 00:15 | 2350529 TNTARG
TNTARG's picture

You shoud try to find better information. If I where an YPF shareholder I'll keep my shares, sit on them and wait. YPF was a very profitable company when it was under gvt control UNTIL it was almost destroyed to be sold under Menem's ultra-liberal and ultra-idiot and corrupted government strongly supported by Bush senior, IMF and all that beautiful people. Then Repsol bought it and paid WITH THE REVENUES OF THE COMPANY ITSELF. They didn't spent a dine. Then instead of making invesments in Argentina they used the profits to buy other companies and shares abroad. I think it was a good deal for them anyway. But they broke the contract and as we all know (!) contracts are to be honored. So Fernandez gvt takes control. Fair enough. Don't we all love Capitalism? Well, it's Capitalism here too, folks.

Tue, 04/17/2012 - 01:26 | 2350624 Demologos
Demologos's picture

This sounds about right.  Menem's looting of Argentina was similar to Carlos Andres Perez's looting of Venezuela.  The Wall Street/London banking cabal lost both countries after sucking the population dry.  Now its about bad mouthing Fernandez (or previously her departed husband Nestor) and Hugo Chavez over sour grapes.

I have to disagree with the Tylers on their comment that a state takeover automatically will cause a drop in production.  Production was already declining with YPF in charge.  It could go up now, as has most of Argentina's industrial production since Menem and his IMF economics minister were booted.  No, it wasn't pretty.  In some cases, factory workers seized plants from the owners who were purposefully closing them down to sabotage Kirchner's effort to breathe life back into the economy.  Too bad, so sad. 

Similar in Venezuela.  The oil industry operators tried to shut production down to sabotage Chavez.  Chavez booted them and got it going anyway.  Heck, the steel industry in the US tried a similar trick in the 60's and Kennedy bypassed their asses too.  Probably one of the many transgressions that bought him a bullet.

As for Argentina lacking oil, that may not be true.  Brazil just signed a $1.5 BB deal with FMCTI for oil drilling in pre-salt formations offshore.  There could be similar formations off of the Argentine coast too.  It seems to me that the cost of oil drilling in Argentina has got be be reasonable compared to the US and Canada.

Tue, 04/17/2012 - 05:33 | 2350770 davood
davood's picture

These Gringos know shit for history and the truth (even the majority on ZH including the Tylers).

According to Adrian Salbuchi (who is Argentinean and is featured on RT), Repsol, which took over YPF under the IMF rape and pillage policies during the reign of that fuckhead Menem, is controlled by the British interests, i.e., BP.

So, it makes perfect sense for Argentina to take back what was a state controlled company that was sold off to foreign interests, Spanish and/or British, under the crony capitalism of an IMF-bought president (aka John Perkins and his "Confessions of an Economic Hitman.")

It's not like the UK (Iran in 1953) and the US (Iraq in 2003, Afghanistan in 2001, Libya in 2011) never ever "nationalized" the assets of other countries. Or tried to as with Vietnam.

Fuck the hypocrisy of the Yankees!

Tue, 04/17/2012 - 08:06 | 2350885 Canucklehead
Canucklehead's picture

In all seriousness, what is Argentina good at?  I'm curious.  A hundred plus years ago, some ancestors of mine looked at emigrating to Argentina instead of Canada.  They decided on Canada... work ethic and all.

Tue, 04/17/2012 - 08:35 | 2350963 davood
davood's picture

In all seriousness, Argentina is much more better situated than Canada or the US or EU to survive and thrive during GD2 and WW3.

The Argentineans are a very sturdy and savvy people, having survived many economic and financial crises.  Unlike the typical Canuckhead or Yankee who hasn't got a clue about survival other than eating out at McDonald's or shopping at Walmart, Argentineans know how to survive.

The only direction for Argentina to go is up as they have since the crash of 2001/2.  The only direction for Canada and the US and EU to go is down, way down.  Spain and Greece are already a lot worse than Argentina was in 2001/2.

Argentina has an abundance of natural resources like clean water, oil, silver, gold, argricultural products, etc. (as Canada does), but come GD2/WW3 she will not be ground zero, or next to ground zero, for all that direct NBC (nuclear, biological, chemical) effects.  Already the west coast areas of Canada and the US are affected by the radiation (plutonium has a half-life of 24,000 years) from Fuckashima.

As I Canadian, I chose Argentina rather than Canada to survival and thrive during GD2/WW3.  It's going to take a lot more than "work ethic and all" to surive this round of calamities.  BTW, the Germans in Patagonia, Argentina have very good work ethics.

http://d1161650.domain.com/Argentina.pdf

Canada and the US are already ground zero for a stealth biological war than has been going on since 1942 against their own citizens (the real singular manufactured cause of MS, Alzheimer's, Parkinson's, "Chronic Fatigue Syndrome"):

http://d1161650.domain.com/01_25_01_hr1_donald_w_scott.mp3

http://d1161650.domain.com/01_25_01_hr2_donald_w_scott.mp3

http://d1161650.domain.com/01_25_01_hr3_donald_w_scott.mp3 

Mon, 04/16/2012 - 21:36 | 2350283 Comay Mierda
Comay Mierda's picture

i guess im slow cuz i dont understand how the hell a country nationalizes a foreign company.  they just go into shareholder accounts and steal their shares?  wtf?

Mon, 04/16/2012 - 21:47 | 2350304 Global Hunter
Global Hunter's picture

I believe the mechanics are they take the assets (land, exploration and drilling equipment, service stations etc.) and leave the shareholders alone and they get to keep their shares of whatever assets if any are left.

Mon, 04/16/2012 - 22:00 | 2350328 Dr. Engali
Dr. Engali's picture

That's exactly it. Chavez did the same thing to the oil companies. Took all the physical assets and the shareholders were left with what ever assets were held in other countries.

Mon, 04/16/2012 - 22:07 | 2350349 AU5K
AU5K's picture

yeah but the government buys the shares, and the price for those shares is set in the free mark... no wait, a government tribunal is being formed to set the price.  well, i'm sure they will be fair.  yeah, fair.

Mon, 04/16/2012 - 23:50 | 2350481 DeadFred
DeadFred's picture

How do they nationalize a company? The short answer is guns. A government's monopoly on the use of force is their most important asset. The Spanish navy isn't what it used to be. Rule of law is becoming a rather fragile thing now days but Wall St., the US and the EU authorities would be just a bit hypocritical to do much complaining.

Mon, 04/16/2012 - 21:36 | 2350284 infiniti
infiniti's picture

Wall street equity research reports; America's #1 source for ex-post analysis of where your money went.

Mon, 04/16/2012 - 21:38 | 2350286 LongSoupLine
LongSoupLine's picture

 

 

Wow!!...when Bank of Countrywide downgrades you, it must be bad!

Hell, that's like being called a whacko...by Jeffery Dahmer.

Tue, 04/17/2012 - 05:45 | 2350777 mvsjcl
mvsjcl's picture

Or John Wayne Gacy calling you a clown?

Mon, 04/16/2012 - 21:39 | 2350291 Bennie Noakes
Bennie Noakes's picture

Anyone know of any other Argentinian companies like YPF that Argentina might look upon as tempting cash cows?

I feel an urge to short something.

Mon, 04/16/2012 - 21:57 | 2350320 Dr. Engali
Dr. Engali's picture

If you haven't already it's probably too late.

Mon, 04/16/2012 - 22:09 | 2350352 Levadiakos
Levadiakos's picture

Apple

Mon, 04/16/2012 - 22:17 | 2350361 Dr. Engali
Dr. Engali's picture

Yeah but he asked about Argentine companies.

Mon, 04/16/2012 - 22:20 | 2350370 Levadiakos
Levadiakos's picture

Persinkety is he? Short IRS. Yup IRS. Check it oiut then get back to me.

Mon, 04/16/2012 - 22:06 | 2350338 1C3-N1N3
1C3-N1N3's picture

d'Anconia Copper

TV says the owner's a real party animal, too.

Mon, 04/16/2012 - 22:39 | 2350387 Prometheus418
Prometheus418's picture

Short AAPL, but do it soon.  Short Facebook in a month or two.

Truth be told I don't even know if Facebook has had it's IPO yet- I just don't care.  But with the idiotic splurging on some app that makes things look like crappy old poloroids, it's a no brainer.  Facebook is a dead man walking.

Mon, 04/16/2012 - 23:47 | 2350479 walküre
walküre's picture

Canada Venture Xchange MVN : Madalena Ventures

The other guy was right though. Too late. Down 18% today on the back of the YPF announcement.

Mon, 04/16/2012 - 22:02 | 2350330 slewie the pi rat
slewie the pi rat's picture

USA buries PRKY

Government armed raids on small pig farmers, forces farmer to shoot all his own pigs

http://www.naturalnews.com/035585_Michigan_farms_raids.html#ixzz1sG74cfEU
Mon, 04/16/2012 - 22:32 | 2350382 Levadiakos
Levadiakos's picture

Veterinarian Gregg Cutler told the Ward Poultry Farm in San Diego County, CA last February to throw thousands of unwanted chickens into wood chipping machines to be mangled to death,

Mon, 04/16/2012 - 22:37 | 2350389 fuu
fuu's picture

Fake slewie is fake.

Tue, 04/17/2012 - 00:11 | 2350520 slewie the pi-rat
slewie the pi-rat's picture

i thought YPF was young people fuking

clonie is going due process? is that too much of a stretch for her?   clonie:  the due process spook?

Tony Soprano: I gotta be honest with you. I'm not getting any satisfaction from my work either.
Dr. Jennifer Melfi: Why?
Tony Soprano: Well, because of RICO.
Dr. Jennifer Melfi: Is he your brother?
Tony Soprano: No. The RICO statutes?
Dr. Jennifer Melfi: Oh.
[chuckles]
Dr. Jennifer Melfi: Of course, right.

[Dr. Melfi gets out her prescription pad]
Tony Soprano: Here we go. Here comes the Prozac!

Dr. Jennifer Melfi: Do you have any qualms about how you actually make a living?
Tony Soprano: Yeah. I find I have to be the sad clown: laughing on the outside, crying on the inside.

[Tony after informing Carmella he's on Prozac warns her to keep it secret]
Tony Soprano: I'm serious. The wrong person finds out about this and I get a steel-jacketed anti-depressant right in the back of the head!

 

Mon, 04/16/2012 - 22:41 | 2350394 Teamtc321
Teamtc321's picture

This administration need's to sign into law the reduction in gravity by 50% so I can slam dunk a basketball without using a ladder. 


Tue, 04/17/2012 - 00:49 | 2350554 Teamtc321
Teamtc321's picture

Don't look fake according to 

Senator Darwin L. Booher

 

http://www.misenategop.com/senators/readarticle.asp?id=4863&District=35

 

"

DNR order threatens heritage swine farmers because of how their pigs look

When Mark Baker retired from the Air Force after protecting our nation for 20 years, he never thought he would be fighting his own state government to protect his family’s livelihood.  Unfortunately, that’s what is happening now."

 

You can also watch a video created by the Bakers themselves at:
http://www.youtube.com/watch?v=843yH_0RMIA

 

http://bakersgreenacres.com/

Tue, 04/17/2012 - 07:02 | 2350832 writingsonthewall
writingsonthewall's picture

If you read the article properly (and strip out the teeth gnashing) - the cull is to prevent an invasive species problem.

 

I do agree there is a concern that there is a corporation behind this which is clearly working with Government to eliminate the small farmers (welcome to corporate-fascism pal - I did try to warn everyone)

 

...but I suspect this comes from "one or two bad farmers" who have shown a lack pf responsibility towards fencing and as a result some invasive specieis have escaped.

 

...just like the 'bad apples' who bet on CDO's and brought the market to their knees.

 

This is what happens when profit is the motivational factor in production - corners get cut and risks are mis-understood and then taken.

 

Same for pork as is the same for finance.

Tue, 04/17/2012 - 05:54 | 2350781 writingsonthewall
writingsonthewall's picture

Yeah - you see this publication.....well not such an accurate one.

 

Last week I was reading about a story where this publication talked about the use of aborted foetuses in the making of Nestle products.

 

Sadly this 'nature news' (deliberately) confused the difference between a cell line DERIVED from a embryonic cell taken in 1979 - to the actual embryonic cell itself.

 

...thay also confused the very simple concept of "being used to produce" and "being used to test taste" - which is what the cells are infact used for.

 

Therefore I would urge skepticism with this particular 'news source' - until it apologises for a very basic mistake.

This is the article in nature news

http://www.naturalnews.com/032043_human_fetal_cells_artificial_flavors.html

 

This is a very good explanation of the ACTUAL use of the product.

http://www.forbes.com/sites/matthewherper/2012/01/27/fetal-cells-in-soda...

Note the bits the nature news 'left out' rather conveniently - oh and since when do we quote the 'Children of God' as a trusted scientific source?

 

Deception, everywhere.

 

I hate to say it - but "buying opportunity"? Although as we all know - the market can stay irrational longer than you can stay solvent - and with such deception from the Christian right - and such fear amongst the sheepeople - this irrationality could last forever (if it weren't for the human races existence being finite - as defined by Armageddon - whoops)

Mon, 04/16/2012 - 22:06 | 2350341 navy62802
navy62802's picture

Haha, is that a bit of sarcasm I detect?

Mon, 04/16/2012 - 22:09 | 2350351 Levadiakos
Levadiakos's picture

How is this different from GM/Chrysler?

Mon, 04/16/2012 - 22:21 | 2350371 Dr. Engali
Dr. Engali's picture

It's different because we are talking about Argentina and it's a banana republic. Here we have the rule of law.... Well okay we don't have the rule of law but in Argentina you don't have property rights , over here in the U.S.S.A we have ..... Okay used to have property rights. But that's all beside the point. They are a banana republic we aren't because we don't grow bananas.

Mon, 04/16/2012 - 22:24 | 2350373 Levadiakos
Levadiakos's picture

Its different because..............oh wait!

Tue, 04/17/2012 - 00:00 | 2350496 TNTARG
TNTARG's picture

Doctor, bad diagnostic. It's because of the rules that the gvt takes control. They just didn't accomplished their part of the deal. Then the deal is over.

Tue, 04/17/2012 - 01:02 | 2350604 blu
blu's picture

But they both start with "A".

And in numerology, the names of both countries add up to --- an important number. Or something.

See you are sooooo wrong.

Mon, 04/16/2012 - 22:14 | 2350357 Caviar Emptor
Caviar Emptor's picture

This is the move that "breaks ranks". Like competitive devaluation for currencies, it's a move that desperate governments with desperate economies do when they feel their back against a wall. There'll be more

 

Mon, 04/16/2012 - 22:26 | 2350374 Levadiakos
Levadiakos's picture

Well Obama IS on the continent.

Mon, 04/16/2012 - 22:26 | 2350375 apberusdisvet
apberusdisvet's picture

If Argentina has no oil or gas how is Casey going to get to his rich man's playground in the hills; donkeys?

Mon, 04/16/2012 - 23:45 | 2350478 Oracle of Kypseli
Oracle of Kypseli's picture

Perhaps wine can be used in a tight situation. Actually, life in that place is so slow that walking or biking is fast enough. 

Mon, 04/16/2012 - 23:56 | 2350491 TNTARG
TNTARG's picture

What do you know?!!!! Anyway be happy but try to see the wall ahead when you're running so fast.

Mon, 04/16/2012 - 22:51 | 2350406 dwdollar
dwdollar's picture

Not everyone has Uncle Scam's magic money machine. Did BAC get that memo?

Mon, 04/16/2012 - 23:02 | 2350424 What_Me_Worry
What_Me_Worry's picture

Can't wait until Congress "nationalizes" the printing press.  Of course, that won't happen until it has almost converged to its production cost.

This is the reason the PM miners aren't worth holding LT here.  PMs just aren't a national necessity, yet.

Mon, 04/16/2012 - 23:07 | 2350432 I am a Man I am...
I am a Man I am Forty's picture

It's normal for the host country to own a 51% controlling interest if it is their oil/gas etc. that's in the ground.  They probably got a shit deal from a bought off politician.  I don't know anything about this deal but others are structured that way with American companies.

Tue, 04/17/2012 - 01:46 | 2350642 Sandmann
Sandmann's picture

Great ! North Sea Oil returns to The Nation......and no doubt the same for Coal - that's a major energy source. The US Government should nationalise Oil, Gas, Coal and reduce its deficit.

Tue, 04/17/2012 - 00:27 | 2350557 TNTARG
TNTARG's picture

Bank of America buried YPF? We're so fucking worried! Argentineans won't sleep tonight.

Tue, 04/17/2012 - 02:08 | 2350662 q99x2
q99x2's picture

Peak aboo

Tue, 04/17/2012 - 03:35 | 2350708 Ted Baker
Ted Baker's picture

ARGETINE WILL CONTINUE ISOLATING ITSELF FROM THE WORLD - IT WILL AGAIN DEFAULT BADLY AND THE LEVEL OF POVERTY WILL SKY ROCKET

Tue, 04/17/2012 - 03:55 | 2350729 Element
Element's picture

So ... Honda's Repsol MotoGP team is sweet ... right?

Tue, 04/17/2012 - 07:02 | 2350833 Reflective Insu...
Reflective Insulation's picture

I was checking continuously this blog and I'm impressed.

 

 

Ebay Watch

 

 

Tue, 04/17/2012 - 10:09 | 2351246 Shizzmoney
Shizzmoney's picture

Luckily Spain has everything else under control.

Bet the MSM wont report this shit:

Spain bans cash transactions over 2,500 euros... governments don't like untraceable funds

http://t.co/stRtfyWk

 

 

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