This page has been archived and commenting is disabled.

Cashin On Greek Theater

Tyler Durden's picture




 

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.

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Fri, 05/11/2012 - 10:21 | 2417201 writingsonthewall
writingsonthewall's picture

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

Fri, 05/11/2012 - 10:22 | 2417214 SilverTree
SilverTree's picture

AAAAND the dow is green. Well done boys!

Fri, 05/11/2012 - 10:29 | 2417253 SheepDog-One
SheepDog-One's picture

Yep, QE not in the cards obviously. Wait till the junkies throw a riot soon.

Fri, 05/11/2012 - 10:36 | 2417287 SmoothCoolSmoke
SmoothCoolSmoke's picture

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!

Fri, 05/11/2012 - 10:39 | 2417300 crawldaddy
crawldaddy's picture

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.

Fri, 05/11/2012 - 11:43 | 2417578 Carl Spackler
Carl Spackler's picture

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 !

 

Fri, 05/11/2012 - 13:00 | 2417849 Nobody For President
Nobody For President's picture

Greece, Spain, Portugal

Fri, 05/11/2012 - 10:40 | 2417301 ThirdWorldDude
ThirdWorldDude's picture

Pink & Floyd work better for me

 

http://www.youtube.com/watch?v=ygQlziuyZ6w

(keep on singin' - "turn my lead into gold...")

Fri, 05/11/2012 - 10:53 | 2417376 ebworthen
ebworthen's picture

"fuckshites"

LOL

Priceless.

Fri, 05/11/2012 - 10:22 | 2417207 hedgeless_horseman
hedgeless_horseman's picture

 

 

Snatch is great! 

The movie, too.

Fri, 05/11/2012 - 10:30 | 2417255 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

All....bets....are....off.

Fri, 05/11/2012 - 10:25 | 2417225 Sudden Debt
Sudden Debt's picture

GREECE HAS A ARMY?!

WHOEHAHAHAHAHAHAHA!!!

Fri, 05/11/2012 - 10:32 | 2417263 SmoothCoolSmoke
SmoothCoolSmoke's picture

Gotta love Riot Dog.

Fri, 05/11/2012 - 10:42 | 2417318 Mitzibitzi
Mitzibitzi's picture

Considering the relatively small size of the Greek population, it's a bloody big one, too!

Fri, 05/11/2012 - 10:26 | 2417226 bdc63
bdc63's picture

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 ...

Fri, 05/11/2012 - 10:42 | 2417310 crawldaddy
crawldaddy's picture

reminds me of this.

 

http://www.youtube.com/watch?v=-D50bjRjwHc

 

god I watched too much cartoons as a kid.

Fri, 05/11/2012 - 10:24 | 2417227 the 300000000th...
the 300000000th percent's picture

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

Fri, 05/11/2012 - 10:26 | 2417229 Dr. Engali
Dr. Engali's picture

Damn Art why did you have to mention that useless turd Gartman?

Fri, 05/11/2012 - 10:37 | 2417294 Ted Baker
Ted Baker's picture

THESE DAYS GARTMAN TRADES ON BEHALF OF BEN AT THE FED

Fri, 05/11/2012 - 10:25 | 2417235 GMadScientist
GMadScientist's picture

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. [...]

Fri, 05/11/2012 - 11:05 | 2417435 GMadScientist
GMadScientist's picture

http://www.youtube.com/watch?v=jqbGXl5lxEg

"Roll us both down a mountain and I'm sure the fat man would win"

Fri, 05/11/2012 - 11:13 | 2417460 realtick
realtick's picture

I've never seen that quote before. Thanks for posting it - it's priceless.

Fri, 05/11/2012 - 13:19 | 2417892 CPL
CPL's picture

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.

Fri, 05/11/2012 - 10:31 | 2417259 SmoothCoolSmoke
SmoothCoolSmoke's picture

If the English won't make book on it it's a done deal.

Fri, 05/11/2012 - 10:32 | 2417267 InconvenientCou...
InconvenientCounterParty's picture
"Fed's Fisher says relying on central banks to constantly print money is misguided"

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".

Fri, 05/11/2012 - 10:39 | 2417293 Dr. Engali
Dr. Engali's picture

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.

Fri, 05/11/2012 - 17:57 | 2418819 TheProphet
TheProphet's picture

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.

Fri, 05/11/2012 - 10:31 | 2417269 Caviar Emptor
Caviar Emptor's picture

Up above the world so high

Like Jamie Dimon in the sky

twinkle twinkle, lil czar

how we wonder who you are

Fri, 05/11/2012 - 10:34 | 2417281 Morphine Drip
Morphine Drip's picture

Flaming shots of Ouzo all around! Start me a tab.

Fri, 05/11/2012 - 10:36 | 2417283 The Axe
The Axe's picture

If JPM loss 5 billion...the market would be up 100 points by now....  fucking joke

Fri, 05/11/2012 - 10:39 | 2417296 Dr. No
Dr. No's picture

No we know why they were so secretive about the Corzine money.  They were trying to cover losses.

Fri, 05/11/2012 - 10:39 | 2417304 realtick
realtick's picture

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.

Fri, 05/11/2012 - 10:44 | 2417323 crawl
crawl's picture

Does olive oil and gyros get cheaper with Greece leaving the EU?

Fri, 05/11/2012 - 19:35 | 2418987 ethnik
ethnik's picture

no, but ...then you could see under the carpet, bets against greece and whole derative fiat joke which was ever made

Fri, 05/11/2012 - 10:47 | 2417343 TradeRush
TradeRush's picture

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?

Fri, 05/11/2012 - 11:13 | 2417459 Waffen
Waffen's picture

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.

Fri, 05/11/2012 - 11:37 | 2417555 Winston Churchill
Winston Churchill's picture

Sure are.

Somewhere in Greece,a young colonel is practicing in front of

a mirror.

Fri, 05/11/2012 - 10:54 | 2417389 third world
third world's picture

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 ...

Fri, 05/11/2012 - 11:16 | 2417472 cnhedge
Fri, 05/11/2012 - 11:34 | 2417536 hampsterwheel
hampsterwheel's picture

what happens to the greek mortgages that are priced in Euro's when the Drachma is released at devalued 50%?

 

Fri, 05/11/2012 - 18:01 | 2418824 TheProphet
TheProphet's picture

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.

Fri, 05/11/2012 - 18:02 | 2418830 TheProphet
TheProphet's picture

Both will yield about the same result: Non-payment.

Fri, 05/11/2012 - 12:05 | 2417631 mantrid
mantrid's picture

 

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'.

 

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