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Commentary

Bailouts Everywhere

  • After Ireland and Greece, Germany guarantees all deposits (translation, bloomberg link)
  • Iceland thinking of a $14 billion rescue (which for Iceland is a LOT of money)
  • TED Spread at 3.87, which is statistically equivalent to a sudden volcano in Worli, Mumbai.
  • Germany also bailing out Hypo, which is a real too-big-to-fail estate company.
  • Companies like Charter and Freescale are bailing themselves out buying back their own debt at obscenely low prices.
  • Lehman’s creditors say JP Morgan was responsible for it going down, by holding back assets. Heck, JPM bought Bear Stearns, which did the same thing to LTCM in 1998 – obviously JPM inherited the attitude.
  • Holland nationalises Fortis.
  • Wachovia gets rapped for running to Wells Fargo who gave a sweeter deal, over Citi who rescued it. The court says no, you gotta deal with Citi. Wachovia doesn’t quite agree.
  • Tata Motors bails out of Singur.

Phew.