Posts Tagged ‘refi’

Notes From Underground: Charles Dallara, Send In the Eunuchs to Prevent Getting Screwed

January 22, 2012

As the tragedy/comedy of negotiations over the private sector involvement (PSI) in any form of debt relief for Greece continues, it is important to remember that the Institute of International Finance (IIF) has no real leverage in the situation and is merely trying to attain some type of outcome better than the supposed 90% haircut. The IIF represents the interests of large and medium banks as it seeks a compromise that is “fair” to all parties. Let’s remember that while the large banks are pressing for a better deal, many of them are being bailed out by the LTRO program put in place by the ECB.

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Notes From Underground: Cramer, The Running Dog of the Governing Classes

September 14, 2011

The potential for a big market-moving story was in the works but the usually aggressive, boisterous Jim Cramer, in his interview with Treasury Secretary Timothy Geithner, resembled a tea party at an American Girl store. It seems that when Cramer fears being audited he goes quiet. The questions about Europe were milquetoast, leading to ridiculous answers–“I am sure Europe will be there in three years.” It proved to be worthless and provided little clarification on the issues of “THE TWIST” and how the U.S. was going to act in concert with the Europeans to help resolve the effects of the severe credit crisis that is impinging global financial institutions and certainly European economic growth.

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