Thursday, February 18, 2010

Greece NOT Unique

The recent hidden swaps that turned up in the Greek portfolio (lol) reminded me a lot of Enron. Or was it B of A? Could of been Citi.  Anyway back in the Enron days I knew that this method of hiding losses could not be unique to Enron. In fact, if Wall Street was pushing such an approach, they themselves had to be well into it just to compete. I mean why just rake in fees on such a creative solution when you could employ it to "free up" capital yourself. Not that you had to of course..
So once again the thought occurs ..Greece probably NOT UNIQUE ......   see  Dubai Not Unique
(from Nov. 30).  I mean why help out just one struggling nation when so many others are equally in need.
Zero Hedge published a rumor several days ago that AIG had sold CDS on Greek debt and that it well may be still in force. HMMMM wonder who bought that? We know who's gonna pay.

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