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Date: 08 Apr 2010
Time: 12:00:52 -0500
Janet Tavakoli - 'printing money to save banks - a galactically bad idea.' with elegance and grace she expalins - incentivised destruction. http://www.youtube.com/watch?v=WA20Am0pwtA&feature=player_embedded# The blame game starts : http://www.telegraph.co.uk/finance/financetopics/financialcrisis/7475531/Markets-spooked-as-Greek-rescue-plan-crumbles.html 'However, Mr Papandreou is in danger of exhausting sympathy in other EU states. His game of playing off the EU and IMF against each other has begun to irk fellow leaders, and his insistent claim that Greece is the victim of speculators may be unwise in any case. It creates the impression that the country has been cut off from access to the capital markets. By demonizing credit default swaps his rhetoric may discourage investors from buying Greek bonds, since many use these contracts to hedge their holdings. Deutsche Bank chief Josef Ackermann said the furore over CDS swaps showed a "basic misunderstanding" of modern finance.' Its worth while reiterating this quote : 'Deutsche Bank chief Josef Ackermann said the furore over CDS swaps showed a "basic misunderstanding" of modern finance.'' This is to realise what a moral mess we are in when people thinking like this are in control of banks. You know those places that you give your money who now use it to destroy companies and countries because they worked out a way to incentivise destruction and smugly brush off those who bring the truth with: "basic misunderstanding" of modern finance.''