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Cashin On Greek Theater
While everyone's attention is focused on Dimon-related puns and trying to comprehend what actually happened at JPM (while at the same time pretending to be an expert in CDO trading models and VaR), UBS' Art Cashin provides some 'fact is better than fiction' on Greece (ah yes the other tempest in a teapot). Between the PASOK defense minister's money-laundering charges and the fact that British bookies won't take any more bets on Greece exiting the Euro (which given no CDS market has started on GGB2s seems to have become the market of choice for that trade), it seems, as the ever-prescient father-of-fermentation notes that "Europe still lurks".
Via UBS Art Cashin,
A Greek Complication - Our good friend and fellow trading floor veteran, Dennis Gartman, uncovered a possible complication in the current desperate negotiations to form a Greek coalition. Citing a letter from his friend, and client, Tino Sarantis, Dennis wrote:
Further, Mr. Sarantis informed us of a growing controversy involving the former PASOK Party Defense Minister of Greece, Akis Tsochadzopoulos, who now faces money laundering charges and charges of accepting kickbacks for the purchase of missile systems and submarines by the Greek Navy.
Tsochadzopoulos was charged several weeks ago, and with each passing day more ill news comes to the surface. Now, Tsochadzopoulos’ wife, his daughter and other members of his family are now also implicated. He had hoped that PASOK would have fared better in the elections, thus protecting him in the courts. Realizing in the days before the most recent elect that PASOK was going to lose, Tsochadzopoulos has apparently chosen to “do a deal" with prosecutors in order to receive leniency. As Mr. Sarantis has said, “There are some very, very nervous PASOK politicians in Athens.”
You Could Make Book On It - Or Maybe Not - In the off-beat indicator of the week department, we found this report from Reuters:
Want a flutter on Greece leaving the euro zone? It may already be too late. A surge in bets has forced Britain's biggest bookmakers William Hill Plc and Ladbrokes Plc to suspend betting on the odds of Greece dropping out.
The failure of Greece's leaders to form a government has renewed speculation that Greece could be forced out of the single currency.
William Hill said the level of betting on Greece quitting first was such that it had become too risky to continue taking bets, with the odds pushed right down to 1/4.
"We've had Greece as hot favourites for some time but increasingly it was becoming the only one that people wanted to bet on," said a spokesman for William Hill, Britain's largest betting firm.
"It wasn't a healthy situation for bookmakers. We found it was virtually impossible to make a book."
Britain's second-biggest betting firm Ladbrokes said it had suspended betting on Greece dropping out of the euro zone by the end of the year, after repeatedly slashing the odds.
"It is safer for us to suspend betting than to keep cutting the odds," a spokesman for Ladbrokes said. "We have been slashing the odds repeatedly over the last few days."
It looks like the European public has determined that a Greek exit is a sure thing.
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This is the only relief you can get at the moment from the utter madness.
http://www.youtube.com/watch?v=aVlNZ3SIPbo&feature=player_embedded
AAAAND the dow is green. Well done boys!
Yep, QE not in the cards obviously. Wait till the junkies throw a riot soon.
Junkies....or Big Govt Socialists. They just can't live without Buck Fernankie's teat to suck on. And while they cry and beg to suck his liquidity.... many rant and bitch about people on fodd stamps. MFing hypocrits!
its beyond ridiculous. Months back the dow was under 10k based on speculation that greece would possibly, maybe leave the Euro and the chaos that brings, now that it is actually about to happen, 13k plus.
I'm just gonna call the stock market the Uniblab from now on.
Forget the Greece to fall first bet... 1:4 odds are not worth the time.
Therefore, I am going with the TRIFECTA BOX bet on Greece, Spain, and Ireland.
Cha-Ching !
Greece, Spain, Portugal
Pink & Floyd work better for me
http://www.youtube.com/watch?v=ygQlziuyZ6w
(keep on singin' - "turn my lead into gold...")
"fuckshites"
LOL
Priceless.
Snatch is great!
The movie, too.
GREECE HAS A ARMY?!
WHOEHAHAHAHAHAHAHA!!!
Yep, they have a dog too.
http://www.thisblogrules.com/2010/03/dog-that-hasnt-missed-a-single-riot-for-years.html
Gotta love Riot Dog.
Considering the relatively small size of the Greek population, it's a bloody big one, too!
England's largest bookie isn't taking bets on Greece leaving the Euro? ... you should call Jamie Dimon -- rumor has it he'll play the odds on ANYFUNKINGTHING ...
reminds me of this.
http://www.youtube.com/watch?v=-D50bjRjwHc
god I watched too much cartoons as a kid.
Its totally ignore very bad news and then search with a microscope for any thing that can be massaged into green and then magnify the shit out of it. Between this new standard and printing like mad I expect the dow to be at 14000 by November
Damn Art why did you have to mention that useless turd Gartman?
THESE DAYS GARTMAN TRADES ON BEHALF OF BEN AT THE FED
Aristophanes' 'Wealth'...
Poverty: It's not my life that you describe; you are attacking the existence beggars lead. [...] The beggar, whom you have depicted to us, never possesses anything. The poor man lives thriftily and attentive to his work; he has not got too much, but he does not lack what he really needs. [...] But what you don't know is this, that men with me are worth more, both in mind and body, than with [Wealth]. With him they are gouty, big-bellied, heavy of limb and scandalously stout; with me they are thin, wasp-waisted, and terrible to the foe. [...] As for behavior, I will prove to you that modesty dwells with me and insolence with [Wealth]. [...] Look at the orators in our republics; as long as they are poor, both state and people can only praise their uprightness; but once they are fattened on the public funds, they conceive a hatred for justice, plan intrigues against the people and attack the democracy. [...]
http://www.youtube.com/watch?v=jqbGXl5lxEg
"Roll us both down a mountain and I'm sure the fat man would win"
I've never seen that quote before. Thanks for posting it - it's priceless.
What are they teaching in school?
That's 9th grade civics in every developed and developing nation on the planet along with Machivelli's the Prince. At least it used to be, wonder what high school turned into after the 80s/
And yes it's a great dialog. Cicero carries it further in his writings in discussing the value of "great" men.
If the English won't make book on it it's a done deal.
I don't believe any of the Fed board of governors has ever openly used the term "printing money". Is this guy running for office in Texas? Lobbying for Fed chairman in the Romney admin?
Bernank and CNBC routinely attempt to suppress this meme, so apparently all that time and effort was "misguided".
Fisher is the token Fed member to make it look like they have "a voice of reason". Make no mistake he is a paper pusher too,if he wasn't he would have physical instead of GLD.
Fisher spent the last three years railing against the activism of the Fed, and then voting right along with everyone else. I like him, think he's a smart guy, but I have no respect for his behavior.
Up above the world so high
Like Jamie Dimon in the sky
twinkle twinkle, lil czar
how we wonder who you are
Flaming shots of Ouzo all around! Start me a tab.
If JPM loss 5 billion...the market would be up 100 points by now.... fucking joke
No we know why they were so secretive about the Corzine money. They were trying to cover losses.
That may be true but the fact of the matter is they topped this thing at an occult number (13,330.30) on an occult date (May 1) so the downtrend is for real.
The First Attempt...
http://csinvesting.files.wordpress.com/2012/03/pinanta.gif?w=500&h=162
Does olive oil and gyros get cheaper with Greece leaving the EU?
no, but ...then you could see under the carpet, bets against greece and whole derative fiat joke which was ever made
If the big NWO theory is correct surely there's no way that the EU collapses. If the EU does collpase that must prove that the hands pulling the strings aren't as powerful as I've been led to believe. If the PTB are so strong that the EU survives then there are fortunes to be made betting on Europe. Am I missing something?
You have I wrong. Orde out of chaos. Imagine the chaos that must occur for :
Americans to give up their firearms
Americans to accept a north American union
Americans to accept a new world currency
Those that dreamed about world goverment believed that horrible terrible wars would bring it about. It didn't quite happen. How bad must things get fr the people to accept it? May your imagination take hue.
Sure are.
Somewhere in Greece,a young colonel is practicing in front of
a mirror.
As we can see, Mr. William Hill Plc and Ladbrokes have better risk control then Mr. Dimon ... maybe jp should hires him to help them on this issue ...
Rogue Traders Hall of Fame
http://www.cnhedge.com/thread-4425-1-1.html
what happens to the greek mortgages that are priced in Euro's when the Drachma is released at devalued 50%?
Either outright default... which is likely given Greece's recent posture, and let's face it, Greece's complete inability to repay.
Otherwise, the Euro debt will be revalued in Drachmas.
Both will yield about the same result: Non-payment.
It looks like the European public has determined that a Greek exit is a sure thing.
hmm it looks gambling is more democratic in UE than official elections. perhaps European Commission members should be picked up according to bookmakers' records - the one whose bets are winning get 'elected'.