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  1. 07-08-2010, 01:26 PM #1
    carolinamtnwoman
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    The Bank-Insurance-Municipal Daisy Chain

    The Bank-Insurance-Municipal Daisy Chain
    Why the Federal Government Will Bail Out the States


    By David Goldman
    Asia Times - Inner Workings
    July 7, 2010


    Bank preferred debt, I argued on March 1, 2009, would not be allowed to go under after the fashion of Fannie and Freddie preferred, because shutting off payment on bank preferreds would ruin the insurance industry. Credit protection on the insurers was trading at over 1,000 basis points above LIBOR that week, which marked the nadir for the banks. As I wrote then,

    …the global insurance industry took down 40% or more of the commercial bank “hybridâ€
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  2. 07-08-2010, 02:11 PM #2
    roundabout
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    'Between a rock and hard place', comes to mind.

    Did the Central Planners miss this?
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