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karanjakinuthia
#2121 Posted : Friday, February 03, 2012 10:45:00 AM
Rank: Member

Joined: 11/13/2006
Posts: 551
Location: Nairobi
Ladies and Gentlemen,

The following interview with Ellis Martin of www.EllisMartinReport.com covers in detail the impending undeclared default of 5 major US banks this week by the International Swaps and Derivatives Association.

This even has the potential to cause a second financial crisis that would require significant financial intervention. If you have time to spare, listen to this interview. If you don’t have time to spare, listen to it anyway.

http://www.jsmineset.com...lt-of-5-major-us-banks/

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Mainat
#2122 Posted : Friday, February 03, 2012 11:00:27 AM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
KK-I won't worry about the story. Part of the Greek negotiation will be that the 70% haircut won't be an credit d even
Sehemu ndio nyumba
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hisah
#2123 Posted : Friday, February 03, 2012 11:35:56 AM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Mainat wrote:
KK-I won't worry about the story. Part of the Greek negotiation will be that the 70% haircut won't be an credit d even

I like your confidence! The CDS distress signals flashing since July 2011 are indicating an event is on the horizon. This is why I've been stating of late portuguese instead of greece.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Mainat
#2124 Posted : Friday, February 03, 2012 11:54:50 AM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
Hisah-the Greece negotiations have taken so long because the EU wants to use it as a template for having EU countries partially default without it being called a credit event. Yani forcing lenders to take losses capitalist style.
Sehemu ndio nyumba
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hisah
#2125 Posted : Friday, February 03, 2012 6:00:21 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Mainat wrote:
Hisah-the Greece negotiations have taken so long because the EU wants to use it as a template for having EU countries partially default without it being called a credit event. Yani forcing lenders to take losses capitalist style.

Is it workable? How do you force vulture hedgefunds to take losses by force without consequences...?
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Mainat
#2126 Posted : Friday, February 03, 2012 6:37:25 PM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
Hisah-a lot of those bondholders that hold Greece also foolishly hold other PIGS. If they are unwilling to negotiate and Greece falls under the bus, the value of their other holdings will head towards 0. Its better to book 30% than 0. Ama?
Sehemu ndio nyumba
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hisah
#2127 Posted : Friday, February 03, 2012 6:42:03 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
Mainat wrote:
Hisah-a lot of those bondholders that hold Greece also foolishly hold other PIGS. If they are unwilling to negotiate and Greece falls under the bus, the value of their other holdings will head towards 0. Its better to book 30% than 0. Ama?


It's a shotgun party, but I think the hedgies could pull a grenade under the table with those CDS games... This is why I don't see how a credit event can be avoided. The insurance costs will bomb out and looking at Allianz and Societe Generali exposures, it's not a nice scenario. This reminds me of AIG. It all looked rosy until the plug was pulled on Sept 15 2008.
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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Mainat
#2128 Posted : Friday, February 03, 2012 7:00:58 PM
Rank: Veteran

Joined: 11/21/2006
Posts: 1,590
Hisah- I am no expert on what is or is not a credit event (ISDA is). However, pls note that voluntary debt restructuring agreements rarely qualify to be categorized as a credit event. In anycase, I believe the cds sellers are also in the talks.
As a generic point, capitalism will never work if people are not allowed to fail
Sehemu ndio nyumba
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hisah
#2129 Posted : Saturday, February 04, 2012 6:30:58 PM
Rank: Chief

Joined: 8/4/2010
Posts: 8,977
First it was 3 states, now more are joining in. The vote of no confidence on the USD is growing louder...

http://finance.yahoo.com...cies-gold-100700922.html
$15/barrel oil... The commodities lehman moment arrives as well as Sovereign debt volcano!
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QW25091985
#2130 Posted : Saturday, February 04, 2012 7:30:44 PM
Rank: User

Joined: 1/24/2012
Posts: 1,675
Location: In Da Hood
warren buffet is way cool than most of you guys think !
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