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DMTB, we have to stop with all this negativity... BWol will be bigger than any of us can imagine. It's inevitable! It's his density!

Good point... He's definitely bigger than Stanley though.

EDIT: Actually, with buffalo it's even easier to make a mistake. If it happens to be a Cape buffalo, rather than a water buffalo, a mountain tiger might find itself wishing it did a little more thinking before doing the pouncing.

What you be talking about!!!! Bwol's already bigger than GS by orders of magnitude... Wake up, mate!

You know what? I thought there was no way this could be any better... Boy, was I wrong! I had no idea bwol was in a marching band!!! How do you spell A-W-E-S-O-M-E? The only thing that can top this is if bwol turns out to be a male cheerleader. That would just be surreal.

Whatever you say, mate... [B] Dude, you have absolutely no idea what you're talking about, do you? Do you actually know what a swaption is? Do you realize that rate vol mkt-makers (as well as many others) never go through a CFA, 'cause a) it's useless in their biz; b) they're...

Unless the buffalo actually turns out to be a T Rex...

The man's a mystery wrapped in an enigma. I think what he does is simply beyond the ken of puny minds like ours and we should just accept it. I know I have. I dunno... Maybe before 2008, but not these days.

This is not strong demand... Primary dealers are mandated by the Tesoro to participate and bid for minimum amounts in these auctions. Next thing you know a few hours later they puke all this paper out in the mkt. We've seen it time and again in Greece, Portugal, Italy, Spain, Belgium etc.

The problem is with this intiative is its irrelevant size. The credit lines offer 5x (6 mo) and 10x (12 - 24 mo) the contribution of the country to the IMF resources. So, as an example, Italy's contribution is SDR 7.882bn, which means that it can borrow up to a max amount of SDR 78.82bn, which...

Yes, I can understand "capital management". But how can you arbitrage "capital management"? I could see "capital management and arbitrage", even though "arbitrage" is an overly abused term that's normally applied indiscriminately to things that aren't, but not the term you use. I have no...

Seriously, dude, thank you... I was starting to doubt my own sanity. It just has to be some sort of a grand joke, surely?

They have cashflow issues... I wouldn't go catching this particular knife.

Huh? The Spaniards voted out the conservatives because it looked like Aznar's government clumsily tried to lie about the attack to get themselves re-elected. There was widespread opposition to Spanish participation in the war in Iraq before the bombing. Same for Zapatero's calls to withdraw...

Yep, agree... It's a whole lot of things going wrong and no existing mechanism (political, economic, etc) to address the issues. And it's very hard for a committee to create a mechanism from scratch in the heat of battle.

And no sovereign backstop ('cause there doesn't seem to be a sovereign)...

Their biggest problem is that they're a Belgian bank. I am only half kidding.

Tears... What's the plan for the King? Will he be split in two, if you guys can't figure out a way to stay together? Sad joke, really, but there you have it...

No, I don't... Pls feel free to explain to me which part of what I said specifically suggests to you that I have lost it.

That it is...