this article reminded me of an oldie I wrote 5 years ago.. Maybe we need to get "all up in their faces":rofl:
http://www.nytimes.com/2011/09/02/business/global/european-banks-are-hard-selling-greek-bailout-plan.htmlsnip:
The part of the rescue announced in July is subject to the approval of Germany and the governments of the 16 other member nations of the euro union in coming weeks. If investors balk at the 21 percent write-down that is the price for getting a deal done, the whole package could collapse. European governments would be hard-pressed to come up with those extra funds themselves.
But with the price of Greek debt trading in some cases at 50 cents on the dollar — even lower than when the bailout deal was announced in July — the 21 percent haircut seems to be quite a bargain.
As a bonus, the new bonds would be governed by international law, rather than Greek law. That is a significant alteration of lending terms that would strengthen the negotiating hand of the bondholders if Greece eventually concluded it had no alternative but to default — even after this latest bailout.
snip........................
this article reminded me of an oldie I wrote 5 years ago.. Maybe we need to get "all up in their faces":rofl:
###############################################
Dear Capitol One,
Posted by SoCalDem in General Discussion ..Wed Nov 14th 2007, 03:50 AM
Guess what's in MY wallet? NOT your credit card anymore..or any other ones, for that matter
I read in the papers and saw on tv how you and your pals are "writing down" billions of dollars-worth of debts, because your Harvard MBA geniuses apparently could not understand how a Ponzi scheme works.
I am sure that you will then understand how I and my debt-ridden cohorts are now deciding that if "experts' like you people can get "caught unawares", you will certainly understand why we are "writing off OUR debts" to you and your pals.
We don't even owe you billions, and if we had been blessed with atomic microscope vision, a legal degree, and the patience of Job, perhaps we might have made it through all your where-as-es, and party-of the-first-parts in that tissuey, 14 page love note you send with your statements.
So unless you really want the cocoa-stained, peed-on couch we've been paying on for three years now, or the outgrown shoes that Johnny left on the back seat of the car that got repossessed last week, or the other stuff we have paid for many times (with the late charges and 35% interest rates), this letter will have to do.
Thinking about coming after our house? Good luck.. the bank and the 2nd mortgage holders are duking it out with the 3rd mortgage holder. We're sleeping on inflatable mattresses in my sister-in-law's family room.
So you say you'll ruin our credit? Take a number..
sincerely..
Mr & Mrs Chumps-Nomore