You Arrogant Ass, You’ve Killed Us

It comes as no surprise that I have been expecting this whole Greek bailout scheme to fail, and fail spectacularly, but I have to admit that even I was somewhat surprised by this news overnight

Greek Prime Minister George Papandreou called a referendum and a parliamentary confidence vote, raising the prospect of derailing the European bailout effort and pushing Greece into default. Stocks and the euro tumbled.

Papandreou’s gambit risks pushing the country into default if rejected by voters, and raises the ante with dissidents in his own party. Papandreou’s popularity has plunged after a raft of austerity measures cut pensions and wages, increased taxes and sparked a wave of social unrest. An opinion poll published Oct. 29 showed most Greeks believe the accord on a new bailout package and a debt writedown is negative.

I frankly assumed that they’d just nod their heads and take the 50% write-down last week and then simply not pay a dime so that in a few weeks there would be another write-down. No, this wrapping one’s self in the flag twitchy populist appeal allows him to let the People show those Germans who pay all their bills what they really think of them and lets the politicians off the hook.

The Euro is getting hammered, stock markets around the world are getting whacked…oh, and could Jon Corzine’s Golden Touch have turned MF Global into Credit Anstalt?

U.S. regulators are investigating whether hundreds of millions of dollars are missing from client accounts at MF Global, The New York Times and Bloomberg News reported late Monday after the broker-dealer filed for bankruptcy protection, swamped by big bets on European debt.

Ah, welcome to November!

Update: ZeroHedge wants a Corzine Perp Walk

…The next thing you know, your firm is bankrupt and hundreds of clients are about to learn that all their money is gone. Poof. This is not a fictional tale. This is precisely what very likely happened at MF Global in the past 72 hours. And someone has to go to jail. That someone, if indeed this criminal act is proven to have taken place, should be none other than Jon Corzine himself.

16 Responses to “You Arrogant Ass, You’ve Killed Us”

  1. JeffS says:

    Corzine doing the Perp Walk sounds like a grand idea. It’s just too bad it didn’t happen while he was still in office. It just makes me wonder… he copying the activities of his buddies in Federal office?

    As for Greece…..their Prime Minister is merely passing the buck, in the grand tradition of politicians. The fact that his entire country is going down the toilet at the same time in nothing more than mere coincidence.

  2. Gary from Jersey says:

    We need to know exactly why Corzine was fired at Goldman and how he managed to stick Jersey with so much debt. People who know him (I work with a couple) say he thinks he’s the smartest guy in the room; here’s his chance to prove it. If he can’t, he should pick up some of the tab with the hundreds of millions he apparently stole before wrecking Jersey.

  3. Syd B. says:

    This is truly a mind frying development out of Greece. This couldn’t possibly be good news for my Greek bond portfolio.

  4. Mr. Bingley says:

    Could be a chance to double-up for a savvy 1%er like yourself, Syd!

  5. Syd B. says:

    I hate to jump to conclusions, but does this mean high tax rates and lavish entitlement programs don’t work?

  6. aelfheld says:

    Greece is nothing but #OWS with a flag and some picturesque ruins.

  7. Syd B. says:

    The immense irony is that “Occupy Greece” will be made up of bankers and corporate creditors.

  8. Ave says:

    Hi Swillers, just back from El Salvador where people who had nothing to begin with have less than nothing now after the rains washed away their meager bridges and roads. But honestly, why is ANYONE expecting European countries to be able to agree on anything, considering their current governments are ALL so new, they have been at war with each other for centuries in one form or another, and at least half of the continent has lived under dictatorships/facism/communism and /or socialism IN OUR LIFETIMES? The European Union is going down the loo in slow, inexorable motion and no one should be surprised.

  9. Mr. Bingley says:

    Hope the trip went well, Ave!

  10. Yojimbo says:

    I certainly liked your idea of doubling-uo now. I just sold all of my buggy whip futures which were not moving, for some inexpicable reason, and went long and strong on the Greek bonds. This is going to be my first read of the day for investment advice.

    Thanks Bingster!

  11. Syd B. says:

    I’ve been seriously thinking of getting into the Pitch Fork distribution business.

  12. Mr. Bingley says:

    Pitch Forks?

    I think it’s tine.

  13. Mr. Bingley says:

    Yojimbo, I can give you my broker’s name at Acrapolis Investing – Jon Corzineides.

    He’s awesome!

  14. Yojimbo says:

    Gee thanks! I’ve been looking for a hedger firm that specialized in European sovereign debt. What a great stroke of luck.

    Thanks Bingster!

  15. Mr. Bingley says:

    I remain, Sir, your ever obedient servant.

  16. Ave says:

    Mmmm, I think moussaka for dinner tonight…Thanks Bing, the trip was outstanding, but just discovered our home has been without power since Saturday, trees whacked the gutter off the garage and our tenants are in an NYC hotel room. Of course they couldn’t be bothered to let us know there was a problem…so guess what, according to the Town of New Castle all power will be restored tonight of which fact I’ve duly informed them! Now for a nice glass of red wine…

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