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Response to Demeter (Reply #21)

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

Crazy!!

Jesse's take:

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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Demeter Mar 2012 OP
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LineLineReply One Half of Italy's New Sales Tax Receipts Go Directly to Morgan Stanley in New York
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