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Posts by MSchapiro

That's not happening.  Who would lend them euros for a debt to be paid back in Drachmas? There would be terrible conditions attached and it would have to be secured.  Nothing prevents them from printing a massive amount of Drachmas and converting them to Euros, but it would likely cause hyper inflation and devalue the Drachma faster than they could print it. At that point they'd be better off defaulting. Not sure anyone wants to tell the Germans to come and take what...
It wouldn't because the debt is Euro denominated.  A much weaker drachma might make Greece competitive though. 
Mine arrived but has a very closed conservative style front/closed quarters. Anyone else find this with their EFF?      The Reda Fresco is amazing though.
Is there such a thing as a fast brit ;)?  Coming from NYC London was a bit of a shock. What do you mean you don't bring the bill when I'm still eating? Why not eat and walk?  Will snag a watch strap, another Ruthenium buckle and maybe belt with it. 
Sorry to laugh but literally spit my coffee everywhere.  Charlie, I have a few things I was going to go cheap on , but I think I'll order from you now instead. How's progress on the timascus? 
Great explanation, thanks.  Maybe just by the virtue of who I grew up with I never equated a driver watch with ruggedness, but it makes a lot of sense. 
Can you guys explain the appeal of a Diver to me?    I've just never loved the look of them, but they are perpetually popular.    Also my two JDM Seikos are on the way. Will post some pictures when they arrive probably next week. 
Anyone have pictures of Southwick EFF suits?
Not exactly. Anyone could and did sell CDS. Being AAA is only relevant because CDS were done OTC rather than on an exchange thereby making it easy for AIG to sell and not for other people.  The reason that the top tranches were rated AAA was the structure of the CLO. In theory nothing should cause a diversified portfolio of mortgages to incur greater than a 40% loss on a historical basis so the people at the top of the structure should have virtually no risk of capital...
Ratings agencies get 100% of the blame. They should have known better. AIG also gets full blame as they should have had proper controls in place. It wasn't that they were transfering their AAA status, but that they were profiting from selling insurance on mortgages. The problem is all their risks were off balance sheet, hence no one realized that when called upon they couldn't afford their potential liabilities.   At the same time an event of that scale had never happened...
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