Tag Archives: International Swaps and Derivatives Association

Ellen Brown – The Shadow Bailout : How Big Banks Bilk US Towns And Taxpayers – 22 March 2012

Ellen BrownWall Street Confidence Trick: The Interest Rate Swaps that Are Bankrupting Local Governments

The “toxic culture of greed” on Wall Street was highlighted again last week, when Greg Smith went public with his resignation from Goldman Sachs in a scathing oped published in the New York Times.  In other recent eyebrow-raisers, LIBOR rates—the benchmark interest rates involved in interest rate swaps—were shown to be manipulated by the banks that would have to pay up; and the objectivity of the ISDA (International Swaps and Derivatives Association) was called into question, when a 50% haircut for creditors was not declared a “default” requiring counterparties to pay on credit default swaps on Greek sovereign debt.

For more reading see link:  http://www.commondreams.org link to original article

John Ward – REVEALED: Why The Troika’s ‘Validation’ Of The Greek Psi May Open Up A Can Of Worms – 10 March 2012

ANAYSIS OF A CREDIT EVENT: DIRTY DEEDS AT THE DEBT-SWAP CORRAL

Evidence of public sector bribery raises doubts as Venizelos accused of personal gain

Although the ways and means used to get to 85.8% overall Greek swap participation (0.8% over what ISDA wanted) and 95.7% including CAC enactions (0.7% over what Brussels wanted) are roughly 0.0001% relevant to the now inevitable death of the eurozone, I think it behoves all good bloggers and investigative hacks to raise some doubts about them. I believe this because all those who think 21st century commerce and politics need a major ethics transfusion always require some evidence to go on….if only to shatter the risible arguments put up by the opposing side. Continue reading

John Ward – ISDA GREEK BOND JUDGEMENT : UNANIMOUS (?) – GREEK DEFAULT – 9 March 2012

After seven hours of deliberation, ISDA tonight reached a unanimous decision that the Greek bond swap represented a default, triggering CDS insurance totalling some $3.5bn.

It’s a bit hard to see how you argue uphill and down dale for that amount of time…and them emerge unanimous.

The Dow Jones newswire was reporting earlier this evening that ISDA felt its decision ‘could only be made once CACs are formally activated by Greece’. Continue reading

John Ward – March 23rd : It Just Keeps On and On Turning Up – 9 March 2012

One of many small details to have slipped out in the six hours since Greece was saved for posterity, or something, was this gem at 12.40 pm GMT today (Friday):

‘Evangelos Venizelos, the Greek finance minister (left), said Greece is still €7bn short of its targeted debt cut of €107bn. He confirmed all bonds issued under Greek law would be part of the deal because of the collective action clauses, while those holding bonds issued under foreign law would be given until March 23 to decide.’ (Daily Telegraph live blog) Continue reading