Category: Credit default swap

Government animals are more equal than others: Part 2, property rights are human rights

24 January, 2012 (11:25) | Capital markets, Credit default swap, Default, Eurozone, Global news, Greece, IMF, Restructuring, Sovereign bankruptcy |

[Continued from yesterday's Part 1.]   By:David A. Smith   Yesterday we saw that Greece’s puppet masters appear to be compel private bondholders to take a severe loss but to exempt the European Central Bank from that selfsame loss, on the theory (though that’s not how the New York Times put it) of protecting one’s […]

Government animals are more equal than others: Part 1, creditors’ rights are property rights

23 January, 2012 (10:31) | Capital markets, Credit default swap, Default, Eurozone, Global news, Greece, IMF, Restructuring, Sovereign bankruptcy |

By:David A. Smith     In the two months since I pronounced sentence on it (“The euro is over.  Either that, or European democracy is“), the Eurozone has postponed disorderly default only through a series of progressively more contorted, dubious, and anti-democratic measures, of which the most recent was reported backwards by the New York […]

Illiquid, insolvent, or bankrupt

28 November, 2011 (11:37) | Bankruptcy, Capital markets, Credit default swap, Eurozone, Global news, Markets, Recession, Speculation |

By:David A. Smith   Everything I like is either illegal, immoral, or fattening. – Alexander Woollcott   A specter is haunting Europe; the specter of decapitalization.          Financial fissures opening up   As the New York Times chronicles without editorializing,   Europe Fears a Credit Squeeze as Investors Sell Bond Holdings   Nervous […]

How DARE you question our credit?

11 January, 2011 (12:36) | Bankruptcy, CDSs, Credit default swap, Insurance, Municipal bankruptcy, Speculation, State bankruptcy, US News |

By: David A. Smith   Long, long ago, I learned that business operates by different rules than does society.  In social settings, asking direct or personal questions can be rude or offensive, but in business, it’s par for the course.   “Sal, it’s not personal, it’s just business.”   So it is with the emerging […]

Stop SAYING that! Part 2, I do not think it means what you think it means

5 May, 2010 (10:41) | Capital markets, Cities, Credit default swap, Primer, Subprime, US News |

By: David A. Smith   [Continued from yesterday's Part 1.]   Vizzini: He didn’t fall?  INCONCEIVABLE. Inigo Montoya: You keep using that word. I do not think it means what you think it means.   I do not think it means what you think it means   In yesterday’s part 1, following The Wall Street […]