Reply #27

In the discussion thread: Weekend Economists Ask: "What Were They Thinking?" March 16-18, 2012 [View all]

Fri Mar 16, 2012, 10:03 PM

27. One Half of Italy's New Sales Tax Receipts Go Directly to Morgan Stanley in New York

Last edited Sat Mar 17, 2012, 12:32 AM USA/ET - Edit history (1)

Complex derivatives deal from the 1990s backfires on Italy.

Bankers win. The people pay.

One of my less scrupulous bosses once told me, "The way I like to win a race is to punch the other guy in the stomach and then yell, 'Let's race.'"

And I replied, "Well that may be all well and good, but if the guy you punch is Italian or Greek, I would not stop running at the finish line."

He was a Irish lad, who having enjoyed a temporary run of luck, was left terribly over his head, pretty much in everything. And as you might suspect, he ended badly, and took a lot of his type, whom he had gathered into his contrivances, down with him. Its the little things that make life worth living.

No wonder the American derivatives dealers are leaving Europe.

The bad news is that they are coming home.

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84 replies	Author	Time	Post
Weekend Economists Ask: "What Were They Thinking?" March 16-18, 2012 [View all]	Demeter	Mar 2012	OP
Here is one of her "dating" songs	Demeter	Mar 2012	#1
Wow..thank you for introducing me to her.	dixiegrrrrl	Mar 2012	#77
LEAP/E2020: The five devastating storms in summer 2012 at the heart of the world geopolitical swing	Ghost Dog	Mar 2012	#2
There's a hopeful note way at the bottom -	bread_and_roses	Mar 2012	#72
BRICS is Brazil, Russia, India, China--Developing nations, they call them	Demeter	Mar 2012	#82
What were they thinking in Dearborn, MI?	hamerfan	Mar 2012	#3
Back at ya	Po_d Mainiac	Mar 2012	#16
That be so.	Ghost Dog	Mar 2012	#24
Concerns rise over eurozone fiscal treaty	Demeter	Mar 2012	#4
When Irish Eyes Are Hopeful	Ghost Dog	Mar 2012	#10
Standard Chartered banker detained in China	Demeter	Mar 2012	#5
Friday evening ZeroHedge snapshot: "Where "The Money" really is..."	Ghost Dog	Mar 2012	#6
Re. "You are here" (for the sake of your eyeballs/	Ghost Dog	Mar 2012	#12
Nearly 8 PM EDT AND NO BANK FAILURES YET	Demeter	Mar 2012	#7
Lyrics - WHAT WAS I THINKING?	DemReadingDU	Mar 2012	#8
More signs of a bumpy Chinese landing	girl gone mad	Mar 2012	#9
The Chinese are accustomed to rough landings	Po_d Mainiac	Mar 2012	#17
China will ensure tankers can haul Iran oil I BET THEY WILL; THANK YOU, CHINA!	Demeter	Mar 2012	#56
Iran’s Crude Oil Exports to Fall 50% on Embargo, IEA Says	Demeter	Mar 2012	#57
THE US IS STILL OPERATING UNDER THE DELUSION THAT IT CAN CREATE ITS OWN REALITY	Demeter	Mar 2012	#58
Iran Deleted From the World's Banking Computers	Demeter	Mar 2012	#59
Will SWIFT ban on Iran strangle Spain?	Demeter	Mar 2012	#60
A Tale of Two Tales What Real World? By Fred Reed	Demeter	Mar 2012	#62
Oh, Fred, I like to read him	DemReadingDU	Mar 2012	#63
Can't argue with him at all.	dixiegrrrrl	Mar 2012	#79
And the trade medium will not be the U$D	Po_d Mainiac	Mar 2012	#70
The PIIGS Strike Back	Demeter	Mar 2012	#11
Thanks for the clip. I have never heard an intelligent banker yet.	mbperrin	Mar 2012	#35
Ann Arbor's own	Tansy_Gold	Mar 2012	#13
White House Pours One Out for All the Dead Journos, Waterboards the Living	girl gone mad	Mar 2012	#14
. ((broadcast TV news—i.e. nice haircuts talking to the elderly)) .	Ghost Dog	Mar 2012	#15
Do as we say, not as we do	Po_d Mainiac	Mar 2012	#19
Source (link) please?	Ghost Dog	Mar 2012	#25
Officer Pike comes to Maine	Po_d Mainiac	Mar 2012	#30
Too cool.	Ghost Dog	Mar 2012	#34
and sad	Po_d Mainiac	Mar 2012	#39
That's real.	Ghost Dog	Mar 2012	#40
Scahill was on Democracy Now! yesterday.	Fuddnik	Mar 2012	#20
I have NEVER had such a case of "Voter's Remorse" as I have these days	Demeter	Mar 2012	#23
There are no options in that system	bread_and_roses	Mar 2012	#54
Illinois' lost decade CHI-TRIB EDITORIAL	Demeter	Mar 2012	#18
My native state. How sad. How tragic. n/t	Tansy_Gold	Mar 2012	#71
Italy Said to Pay Morgan Stanley $3.4 Billion	Demeter	Mar 2012	#21
One Half of Italy's New Sales Tax Receipts Go Directly to Morgan Stanley in New York	girl gone mad	Mar 2012	#27
Currency Wars: Are American Derivatives Dealers Leaving Europe?	Demeter	Mar 2012	#33
You're busted, Demeter. So busy posting, you take too little time to read the SMW, even.	Ghost Dog	Mar 2012	#32
Busy? You Said It	Demeter	Mar 2012	#36
The Kingdom of Heaven is Within You.	Ghost Dog	Mar 2012	#38
It's more like this	Demeter	Mar 2012	#41
I'm sorry.	Ghost Dog	Mar 2012	#43
Christine shares a secret crush with the Kid (and her mother)	Demeter	Mar 2012	#22
This Is Your Defense of Goldman Sachs and Wall Street?	Demeter	Mar 2012	#26
Comment from DWBartoo	Demeter	Mar 2012	#28
And one from workingclass	Demeter	Mar 2012	#29
And a third from textynn	Demeter	Mar 2012	#31
Carry on, Weekenders	Demeter	Mar 2012	#37
Why Larry Summers lost the presidency of Harvard / Cathy O'Neil, mathbabe	Demeter	Mar 2012	#42
Ghost Dog is the only one that can clean up Wall Street	Po_d Mainiac	Mar 2012	#44
That would be entirely too easy	Demeter	Mar 2012	#46
Damn. Now I'm busted.	Ghost Dog	Mar 2012	#47
CORPORATE "FREEDOM OF sPEECH"	Demeter	Mar 2012	#45
Bill Black: (Re) Occupy Greece	Demeter	Mar 2012	#48
How a Whistleblower Halted JPMorgan Chase's Card Collections	Demeter	Mar 2012	#49
OCC Probing JPMorgan Chase Credit Card Collections	Demeter	Mar 2012	#51
J.P. Morgan Chase's Ugly Family Secrets Revealed By Matt Taibbi	Demeter	Mar 2012	#61
g'morning -- great thread	xchrom	Mar 2012	#50
Dehydration or Sleep Apnea are two good ways	Demeter	Mar 2012	#52
I think it's the weather - it's off and on - rain & sun.	xchrom	Mar 2012	#53
Whistleblowers Reaping Rewards in U.S. Mortgage Suits	Demeter	Mar 2012	#55
Well, the Kid wants to go out in the delicious Spring Air	Demeter	Mar 2012	#64
Beware, son II Facebooked that he was attacked by huge misquitos yesterday.	kickysnana	Mar 2012	#66
Yeah, the bugs are out	Demeter	Mar 2012	#67
Everyone have a safe and sane St. Paddy's Day.	Fuddnik	Mar 2012	#65
Corporate Malfeasance – And Why It Corrupts By John Perkins	Demeter	Mar 2012	#68
Federal jobless aid ending for 80,000 S.C. residents	Demeter	Mar 2012	#69
Foreign millionaires fled Zurich after tax change	xchrom	Mar 2012	#73
awesome grilled steak dinner w/ friends last night....followed by ... morning?	xchrom	Mar 2012	#74
Sunday morning, pouring buckets of (muchly needed) rain	Tansy_Gold	Mar 2012	#75
that all sounds very, very good!	xchrom	Mar 2012	#76
Goldman Sachs Board Must Act on Smith Op-Ed, Ex-Partner Writes	xchrom	Mar 2012	#78
Betcha a weekend they don't	Demeter	Mar 2012	#81
Ladies and gentlemen of the thread, I am wiped	Demeter	Mar 2012	#80
Snow on the mountain and wise words	Tansy_Gold	Mar 2012	#83
For those with Link TV,	Fuddnik	Mar 2012	#84

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