It goes without saying that the BBoys Club was pretty upset last year at this time when those Swiss ibonkers were negotiating for shared losses on CDO & real estate insurance contracts with Timmy’s Treasury Titans. With the smell of taxpayer funding blowing in the cool fall breeze around Office of the Secretary of Daffytaffy, the ibonkers turned around on the Treasury Titans and said simply, and politely,no. No to sharing the losses with the taxpayer. All but one scoffed at the idea of sharing financial disgorgement – guess which one.
So to have initially accepted and to have agreeing to take a 2% haircut on all collateralized securities when everyone else said it couldn’t be done was reckless. So what has happened to the reckless Swiss chocolatiers Financier lately? Let’s see who is pushed outside the inner circle next.