BNP Paribas (BNPQY.PK), which has been hired to convince Greece's creditors to take a haircut,...

BNP Paribas (BNPQY.PK), which has been hired to convince Greece's creditors to take a haircut, is telling them their CDSs may not pay out, as the terms of the old debt can be changed. The more holders who agree, the more money BNP makes, while some wonder about the bank's own exposure to those CDSs. (see also)
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Comments (8)
  • wyostocks
    , contributor
    Comments (9114) | Send Message
    The comedy in this is delightful.
    Great to start the day on a funny note.
    20 Nov 2011, 07:35 AM Reply Like
  • Papaswamp
    , contributor
    Comments (2241) | Send Message
    In other words...those that dropped cash on CDS have discovered they are worthless.
    20 Nov 2011, 09:12 AM Reply Like
  • untrusting investor
    , contributor
    Comments (9903) | Send Message
    Hard to believe that anyone would invest/gamble millions or billions based on this type of nonsense, clear conflicts, and ever shifting rules.
    20 Nov 2011, 10:13 AM Reply Like
  • The Geoffster
    , contributor
    Comments (4291) | Send Message
    Incredible. The rule of law is falling to the expediency of the moment. In other news, a NYT editorial supports the confiscation of wealth to fill budget gaps. Taking the savings of the thrifty to satisfy the wants of the profligate might be good politics, but it's also the stuff revolutions are made of.
    20 Nov 2011, 10:29 AM Reply Like
  • bdarken
    , contributor
    Comments (645) | Send Message
    Spot on Geoffster.


    The more this goes on, the more clearly we are faced with some very core value choices: Do we (in the USA) believe in the rule of law or not?


    Or, what happens when the few in power play fast and loose with the money of the many, and the many catch on? And what do they do?


    The French Revolution devolved into fascism in a matter of months.


    Or do they just shrug and take it, ill-equipped and not interested in the issues at hand?


    Interesting times. How is it that the people writing CDS's are not in civil/criminal court?
    20 Nov 2011, 12:49 PM Reply Like
  • EMS
    , contributor
    Comments (586) | Send Message
    Newsflash: No one (the masses) cares. At all. The few that do are in Zuccati park. People are quite occupied and far too busy to care, walking around goofing on their smartphones and playing angrybirds.
    20 Nov 2011, 02:40 PM Reply Like
  • buybuybear
    , contributor
    Comments (389) | Send Message
    Only half of your house burned down, so no, we're not going to pay out your fire insurance.
    20 Nov 2011, 10:52 AM Reply Like
  • nobby73
    , contributor
    Comments (1176) | Send Message
    The absurdity of the fight over CDS is more about who stands to lose versus a sound reason to declare this a non-credit event. What the eurozone governments are trying to do is strong-arm the bond market in order to protect mistakes made by their own banks and goes a long way to explain why there has been such heavy dumping of Eurozone debt.
    20 Nov 2011, 01:04 PM Reply Like
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