Staring at the abiss with Paul Krugman | 235 comments (235 topical, 0 editorial, 0 hidden)

Re: solidarity (none / 0)

Oh, they aren't going home, they're playing Extend and Pretend: Phase II, in which they don't even have to cook their books to make the collateral look double what it is, they just use tax money to make it all look good.

by rifek on Fri Mar 23rd, 2012 at 07:22:29 PM EST
[ Parent ]

Re: solidarity (none / 0)

Yeah, but extending and pretending doesn't get you out of the insolvency, it just prevents you from being resolved immediately. Sitting on shit until it matures doesn't, barring direct divine intervention, make it not-shit, let alone give it a gilt edge. If you want to dig yourself out of a serious insolvency, you need to make something happen to your balance sheet.

- Jake

Friends come and go. Enemies accumulate.

by JakeS (JangoSierra 'at' gmail 'dot' com) on Fri Mar 23rd, 2012 at 11:04:14 PM EST
[ Parent ]

Re: solidarity (4.00 / 2)

You're forgetting the first rule of investment bankers: When it hits the fan, IBG-YBG (I'll be gone, you'll be gone.).

by rifek on Sun Mar 25th, 2012 at 12:33:45 AM EST
[ Parent ]

Staring at the abiss with Paul Krugman | 235 comments (235 topical, 0 editorial, 0 hidden)

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