Tuesday, March 23, 2010

Annals of finance: Those crazy Greeks! 

It turns out that the single largest speculator betting against the government of Greece is a bank that same government controls.

While there had been speculation that Greek banks were selling Greek CDS to hedge funds, it had never crossed anyone's mind that a Greek bank could be betting on the collapse of its own sovereign host (especially one which does not own Bernanke's printing press), and that in such size! Frankly this beats even our very own AIG fiasco by orders of magnitude in stupidity.

What an unbelievable joke the intersection of global capital markets and politics has become.

Of course, Goldman, Sachs and George W. Bush are responsible in some as yet undetermined way.


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