• This appears to be the boat that Elliott took, which perhaps would have gotten away had they like unfurled their sails? Maybe? I'm not much of a sailor.


    Argentina Can Make Its Problems The Snake’s Problems

    Oh Argentina. Still a mess! Basically all the bad things happened on Wednesday: Judge Griesa ruled that (1) Argentina really can’t pay holders of its exchange bonds without also paying off Elliott Associates on its old, unhaircut, defaulted bonds, and (2) neither can anyone else, including such luminaries as Bank of New York (the indenture […]

    / Nov 26, 2012 at 3:28 PM
  • sandy pic


    Hurricane Sandy Destroys Trillions Of Dollars Of Securities But That’s No Big Deal

    I’m a little obsessed with the Depository Trust & Clearing Corp. One way to think of the financial industry is that it is basically a machine for abstracting real human activity: you buy a house made of bricks and wood and stuff, but the financial industry enters numbers in a computer to represent your mortgage, […]

    / Nov 2, 2012 at 2:57 PM
  • News

    Nothing Will Ever Be AAA Again

    We assume that you, like everyone else, have been madly dumping Treasuries now that S&P has downgraded them. Smart! And presumably in your flight to safety you’ve been buying AAA rated corporate bonds, from let’s say XOM or MSFT. Which are obviously safer than Treasuries because, while sure the U.S. Treasury can print dollars and […]

    / Aug 8, 2011 at 11:52 AM
  • News

    A Historic Day

    Of course, history will be made today. After a long buildup, today is the big day. Can you feel the anticipation? We can. You will have to wait until this evening for your release, though. Of course, we refer to the release by the DTCC of CDS information at 5pm Eastern time today.

    / Nov 4, 2008 at 2:07 PM

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