• Sprott Money
    05/26/2016 - 05:58
    How many “emergency” “secret” meetings do the central planners around the world need to have before the citizens of the respective countries begin to fully understand and take notice that something...

Follow The Jefferson County Chapter 9 Negotiations Live

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Fri, 08/12/2011 - 13:13 | 1554659 Cognitive Dissonance
Cognitive Dissonance's picture

This one's for the Meredith.

http://en.wikipedia.org/wiki/Meredith_Whitney

Fri, 08/12/2011 - 15:55 | 1555337 I am a Man I am...
I am a Man I am Forty's picture

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

Fri, 08/12/2011 - 13:13 | 1554663 T-roll
T-roll's picture

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

Fri, 08/12/2011 - 14:01 | 1554874 Stoploss
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. 

Fri, 08/12/2011 - 13:16 | 1554670 TruthInSunshine
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...

Fri, 08/12/2011 - 13:19 | 1554689 KennyG09
KennyG09's picture

You just made work much more bearable. Lolz

Fri, 08/12/2011 - 13:29 | 1554736 Pchelar
Pchelar's picture

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

Fri, 08/12/2011 - 13:16 | 1554671 High Plains Drifter
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.

Fri, 08/12/2011 - 13:20 | 1554672 High Plains Drifter
High Plains Drifter's picture

..

Fri, 08/12/2011 - 13:16 | 1554673 caerus
caerus's picture

the chair recognizes the other chairs...

uh-oh...activity...

Fri, 08/12/2011 - 13:16 | 1554674 unununium
unununium's picture

> ... painfully slow day

Thank you weekly opex for the regular dose of valium.

Fri, 08/12/2011 - 13:26 | 1554704 caerus
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)

Fri, 08/12/2011 - 14:33 | 1555010 slaughterer
slaughterer's picture

2:30 pm.  The 'bots are back in town!

Fri, 08/12/2011 - 19:23 | 1555914 Galen Slade
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...

Fri, 08/12/2011 - 13:22 | 1554699 souljaboy
souljaboy's picture

Is Wesley Mouch chairing the meeting?

Fri, 08/12/2011 - 13:23 | 1554705 souljaboy
souljaboy's picture

10-1 they're all overweight.

Fri, 08/12/2011 - 13:26 | 1554723 bugs_
bugs_'s picture

Sewer Creditors

Fri, 08/12/2011 - 13:31 | 1554743 Seasmoke
Seasmoke's picture

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

Fri, 08/12/2011 - 13:40 | 1554793 Bob
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. 

Fri, 08/12/2011 - 13:58 | 1554821 papaswamp
papaswamp's picture

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

Fri, 08/12/2011 - 13:48 | 1554826 Josh Randall
Josh Randall's picture

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

Fri, 08/12/2011 - 13:48 | 1554828 PulauHantu29
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.

Fri, 08/12/2011 - 14:08 | 1554909 navy62802
navy62802's picture

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

Fri, 08/12/2011 - 13:49 | 1554833 virgilcaine
virgilcaine's picture

From the somber atmosphere, looks like a done deal.

Fri, 08/12/2011 - 13:53 | 1554843 kito
kito's picture

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

Fri, 08/12/2011 - 14:19 | 1554944 papaswamp
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....

Fri, 08/12/2011 - 14:19 | 1554948 jmac2013
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.

Fri, 08/12/2011 - 14:23 | 1554957 virgilcaine
virgilcaine's picture

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

Fri, 08/12/2011 - 14:23 | 1554963 slackrabbit
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

Fri, 08/12/2011 - 14:29 | 1554989 No One
No One's picture

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

Fri, 08/12/2011 - 14:30 | 1554992 Fix It Again Timmy
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...

Fri, 08/12/2011 - 14:44 | 1555047 papaswamp
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.

Fri, 08/12/2011 - 15:50 | 1555318 papaswamp
papaswamp's picture

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

Fri, 08/12/2011 - 16:48 | 1555543 ex VRWC
ex VRWC's picture

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

Fri, 08/12/2011 - 14:47 | 1555069 smlbizman
smlbizman's picture

do you think someone told them we were watching?

Fri, 08/12/2011 - 14:48 | 1555070 virgilcaine
virgilcaine's picture

where everyone go?

Fri, 08/12/2011 - 15:09 | 1555170 Raymond K Hassel
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. 

Fri, 08/12/2011 - 15:11 | 1555186 navy62802
navy62802's picture

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

Fri, 08/12/2011 - 15:35 | 1555260 papaswamp
papaswamp's picture

+1

Fri, 08/12/2011 - 15:09 | 1555169 T-roll
T-roll's picture

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

Fri, 08/12/2011 - 15:11 | 1555177 Raymond K Hassel
Raymond K Hassel's picture

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

Fri, 08/12/2011 - 15:12 | 1555181 Fix It Again Timmy
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...

Fri, 08/12/2011 - 15:27 | 1555243 SokPOTUS
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.

Fri, 08/12/2011 - 15:42 | 1555281 Incubus
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. 

Fri, 08/12/2011 - 15:44 | 1555294 Fix It Again Timmy
Fix It Again Timmy's picture

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

Fri, 08/12/2011 - 15:48 | 1555304 No One
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.

Fri, 08/12/2011 - 15:47 | 1555309 Raymond K Hassel
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. 

Fri, 08/12/2011 - 15:50 | 1555319 Incubus
Incubus's picture

boehner*

Fri, 08/12/2011 - 15:50 | 1555322 No One
No One's picture

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

Fri, 08/12/2011 - 15:58 | 1555347 ThirdCoastSurfer
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.

 

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