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What just happened? ES down 3 points in 1 second.
Could we be off to the races?
That brings them down 85% in 5 years. MAJOR BULL IN THE SHOP!
Clearwire now off 26% today. Oops after the refresh it is off 29%.
"but already on outlook negative at S&P".
S&P lost ALL credibility after they downgraded the United States of America. Their ratings can hardly be taken seriously given their complete inability to recognise the value of safe-haven US treaduries. Look at the yields on T-bonds - clearly the market sees the absurdity of S&P's ratings.
the value of safe-haven US treaduries.
the value of safe-haven US treaduries.
Now if you'd said US Tragedies ........
americans are not tragedians...they have the pioneer spirit and believe only Apaches and Cheyennes, their ethnic likes, are in the tragedian club; and the Confederates. Not the sons of the blue coats.
That was close... BONUS TIME AT DEXIA!
Silly Belgium. You have no national identity, shit, NO GOVT.
Cleaners are in:
Going to be an interesting weekend
Wonder what dexias Investment grade is now ?? better ring a ratings agency
Ah, but the city of Mons (Bergen) will be the European Culture Capital in 2015. Whoever decided on that must be in the trash collection business.
Mons is a dump.
Notable for having the site at which the first soldier died in WW1 and, just 500 meters away , the site where the last soldier died...
10 million deaths - 500 meters. Another triumph for government.
Coming again soon.
I was wondering. Isn't RBC from Canada having a big investment in Dexia?
Credit events do. not. happen. (unless they benefit jpm and the squid)
Speaking seriously, how many times has a "credit event" been invoked?
I appears to me that the invention of credit default swaps has two real purposes, neither of which has anything to do with protecting securities holders:
1. Give the Wall Street crap shooters a new instrument to earn fees and speculate on with other people's money.
2. To move risk into some obscure cubby hole of a counterparty where it can be forgotten. No doubt many believe it simply disappeared.
What insurance company would issue a policy on automobiles if they knew that every car in the country would be in an accident in the next few weeks.
Without reserves or supervision, the CDS market is a total fraud.
Trainwreck.....can't take my eyes off......
Belgian govt wants to take over Dexia Belgium- unions
France to replace 3 bln euros in local Dexia loans-PM
My question is if Dexia is larger than the GDP of Belgium, even if all of the taxpayers money of Belgium and France was thrown into the mess, would it matter? We should make a new phrase, TBTN: Too Big too Nationalize.
'The only risk to this trade is that ISDA actually does its job for once, and proclaims Dexia to have experienced a credit event - thus triggering the CDS.'
You know, it's astounding that CDS trade in such immense volume, when their vital credit event trigger is so ill-defined and subject to interpretation by parties of interest.
How can such a murky definition of payout possibly pass a due diligence review? The entire CDS market is a kind of confidence racket, isn't it?
When Fannie and Freddie were nationalized, a credit event was triggered. Thus, I would not bet the farm on this compression trade idea.
Where is SuddenDebt?
Anyhow, rumors of nationalisation this weekend according to this Belgian newspaper: www.standaard.be/artikel/detail.aspx?artikelid=DMF20111007_121
Sudden Debt is probably out getting bombed on Trappist beer on this Friday evening. During the work week, it's only Maes or Jupiler. :-)
I have it on good authority that Warren Buffett is about to buy Dexia and turn it into a chain of waffle houses
they got put on watch today after the close, nice call ZH!
Beginner's question: what is the easiest way to buy CDS, are there even options on CDS available?
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