Follow The Jefferson County Chapter 9 Negotiations Live

Tyler Durden's picture

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I am a Man I am Forty's picture

this things been going on long before mw knew what a muni bond was

T-roll's picture

This will be a "sell the news" event either way.

Stoploss's picture

I agree.  Asia is on holiday Monday, we get the sell jump this time. RUT is struggling, and there sure is a lot of short side volume today to be so quiet. Shhh. 

TruthInSunshine's picture

Jefferson County Sez: 

We iz git no luv from The Bernank. Bernank luvs Goldman & JP Morgan aint luving on us.

The Bernank Sez:        

Yo, why u doggin' me, bitch? I ain't gonna go splain to da Senate that I bailed yo azz out, aight? And California, don't EVEN ring me, aight? You aint got no red seal, either, aight...

KennyG09's picture

You just made work much more bearable. Lolz

Pchelar's picture

Yo dog, give dat bitch one-a dem bailouts.  Bitchez luv bailouts 'n shit.

High Plains Drifter's picture

its dem wascally white boys that are doing this to us. let's burn and pillage and take what is ours as a downpayment on dem reparations we is owed.

caerus's picture

the chair recognizes the other chairs...

uh-oh...activity...

unununium's picture

> ... painfully slow day

Thank you weekly opex for the regular dose of valium.

caerus's picture

watching today's market is like watching paint dry...hope the action picks up into the close

 

edit: a stillness like death (thanks kierkegaard)

slaughterer's picture

2:30 pm.  The 'bots are back in town!

Galen Slade's picture

It was pretty bad today - Tyler was Twittering stuff like, oh look, someone bought a T-bill.  ZZZ.  Oh look, someone bought two ES contracts.  ZZZ...

souljaboy's picture

Is Wesley Mouch chairing the meeting?

souljaboy's picture

10-1 they're all overweight.

bugs_'s picture

Sewer Creditors

Seasmoke's picture

.66 cents on the dollar is still .33 cents too much !

Bob's picture

I agree that we'll see a strong trend.  And that this will provide something of a real template. 

Now why, that being the case, do I think hundreds of muni's will nonetheless pay outrageous fees in every case for what is, if not now, then fairly soon, boilerplate work?

We should keep an eye on that, me thinks. 

papaswamp's picture

errrr...nobody is there....hello?  Ohh the brunette stenographer is hot!

Josh Randall's picture

ALABAMA will lead the charge - time to stop tearing "Vote for Wallace" bumper stickers off of cars!

PulauHantu29's picture

"Once you've had steak and fine wine, it's hard to return to ham and eggs."

 

That's what my Father says. He is UberFrugal and prepared for what he predicted would be an eventual "correction" ...although the pessimists call it a "deep recession." My boss cut salaries 10% (and later another 10%) and cut moderately back on benefits but we all agreed it was better then shuting down and firing everyone. This is how the private sector works. Unfortunately, there are several unions that don't want to yield so Chapt 9 is forced on them ...it is the "Great Persuader."

He also warned me again and again, "free money distorts the market and creates an Uber Bubble" referring to Zero down NINJA mortgages.

GL! to everyone. I am heading off to eat my ham and egg sandwich.

navy62802's picture

Oh come on ... don't be such a buzz kill! WE'RE IN THE MIDDLE OF A RECOVERY.

virgilcaine's picture

From the somber atmosphere, looks like a done deal.

kito's picture

this is america!!! they will be bailed out!!!! ZERO pct chance of bankruptcy!!!

papaswamp's picture

Ok so they are off doing a backroom deal away from the cameras...typical govt.. Taxpayer to be screwed...again and again....

jmac2013's picture

Everyone has seen the interview by Max Keiser with Matt Taibbi on Jefferson County's mess?  He lays out a compelling case of fraud and bribery against Jefferson County by JPM and the corrupt political figures there.  I know shocking, right.

virgilcaine's picture

sit there you drones and stand and salute when the other drones walk in. lol

slackrabbit's picture

For the love of god, and this one please be the bankruptsy that brings the house down.

The whole sorded mess just keeps on going?

Frankly at least if there were riots in the streets the right people would be hanging

No One's picture

its 1:30 CT.. has someone filed Ch. 9 yet?

Fix It Again Timmy's picture

Looks like Wall St. has gotten a room full of high-class hookers for the good-ole boys - all that I see is empty seats...

papaswamp's picture

they are behind closed doors....bribing the officials and will come out with a grand deal that in the end will screw the people....banksters and politicians will make bank. Watch...magic deal before the day is done....corrupt as anything. Or humanity will shock me and do the right thing, default and kill all the bad deals in place, save the taxpayer. I hope for the shock, but expect the corrupt deal.

papaswamp's picture

I hate it when I'm right....

ex VRWC's picture

You were right.  Accept the deal but act like they don't want to.

smlbizman's picture

do you think someone told them we were watching?

virgilcaine's picture

where everyone go?

Raymond K Hassel's picture

Someone realized it was too ironic to have 4 county employees chatting around on the clock for hours on end waiting for a hearing about filing BK to start.  They are now in a back room, still chatting, still on the clock. 

navy62802's picture

They're waiting for the markets to close for the day.

T-roll's picture

They will announce their decision promptly at 4:01 EST.

Raymond K Hassel's picture

Can we read the tea leaf of a 4:01 announcement and guess what the decision is?

Fix It Again Timmy's picture

Nice chairs, etc.  All gov't buildings should be quonset huts with folding chairs and folding tables simply because you know who is paying for them.  I could sure put that money to better use, no need to get Imperial Roman...

SokPOTUS's picture

For sure FIAT.  Surely those tables and chairs could be sold off to meet the demands of creditors to keep the Ponzi going over the weekend.

Incubus's picture

Well we're movin on up, to the east side. To a dee-lux apartment in the skkyyyy

 

actually,  I think this is the better song:  http://www.youtube.com/watch?v=T5DnqW3F57E

 

They should remake it, only with the Bernanke and Geithner as the leads. 

Fix It Again Timmy's picture

STFU and just say "Chapter 9, baby - suck it up".

No One's picture

searching twitter for #jeffco.. and the "deal" is 2.3B remaining in debt at 7.8%.. The old rate was 6.1%.. Don't know the old principal.

 

HAHAHAHA... Is this a good deal??? WTF??? Just file 9, and get it over with.

Raymond K Hassel's picture

I'm about to get a boner - it's sounding like the council is going to give JPM the unanimous finger. 

No One's picture

What's awesome is that all this is over a sewer.. ironic.

ThirdCoastSurfer's picture

The meeting is on.  It doesn't look good.

$2.9b is the total amount to be borrowed. A 7.8% increase is immediate followed by a 7.8 increase in 6 months and a 7.8% increase 12 months later. 25% in 18 months. These increases are estimates contingent to the State agreements to their conditions. 

The debate is focusing on all the unknowns, or contingencies, of which there are many. 

For example, the proposal will require the State to legislate:

A reduced interest rate for repayment based on the State paying the difference. 

Auth to fund a 1/4 billion dollar reserve should JeffCo fall behind

Auth to cover any losses that exceed the reserve should the reserve fail.