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Massachusetts stirring up a new tea party for Municipal CDS

|Includes: BAC, BBT, BCS, BMO, BNPQY, BNS, C, CM, CRARY, CS, DB, GS, HSBC, JPM, KEY, LUK-OLD, MFG, MS, NMR, RBS, RJF, RY, Starbucks Corporation (SBUX), STI, TD, UBS

In a sign of the times, Boston, home of the biggest tea party in US history during the fight against “taxation without representation” some 237 years ago, may lose its party place stature to New York as the new fight against “accusation without comprehension” takes aim against municipal credit default swaps and the finance industry in general. Massachusetts is requesting information on municipal CDS from the largest investment banks including Goldman, JP Morgan, BAML, DB, UBS, CS, Barclays, Morgan Stanley and Citigroup. This time, however, New York may prefer a coffee (and doughnuts) party as tea and biscuits is so passe. After-all this is the age of Starbucks, not Tetley anymore.

Disclosure: long all stocks