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The point is that what they do is deemed legal. You don't like it, I don't particularly like it, but our opinions don't matter in the slightest. As to your question, let's not bring in parallels (burglary is a criminal offence). It's a simple question that you need to answer (which I asked...

Sorry, mate, now you're talking loco... Whenever people mount a high horse and start talking about financial stability, I start having strong doubts about their motives. The point is simple. For whatever reason, LIFFE and the powers that be are OK with RSJ doing what they're doing and...

Speaking of silver content, ink and paper... If you want to read an interesting article about the options embedded in physical money, this is a good article on the subject: http://www.wilmott.com/pdfs/090407_haug_stevenson.pdf

If I am permitted, in my inaugural (and probably final) contribution to this wondrous thread, I present to you America's favorite rug muncher/killer cyborg:

Firstly, achilles, if you don't start talking like a sensible person, as opposed to a 5yr old, this will be my last post in response to your comments. So, pls, rein in your imagination and let's have no more 'chicken-necked women' or whatever... First and foremost, as someone who has all...

Guys, I am not a fan of these algo peeps, but just wondering about this 'holier than thou' talk... If you were given an opportunity to make money (I assume they do) the way RSJ does, would you turn it down on moral grounds? Say if you were offered a job with them tomorrow? Inquiring minds...

Given that it's the Italians, I wouldn't count on i... :)

Did I defeat my argument? If so, how, pray tell?

Let me first thank you for responding in a reasonable fashion. I am happy with a sensible argument. Let me try to respond to your points one step at a time. Letting Mer go wouldn't have been any different than Leh and that's precisely the point. Given the consequences of Leh (and they...

Neither myself nor any of my colleagues have any respect for him...

Well, the Fed did try to get the authority to issue their own debt, but either they thought better of it or it got squashed by Congress in the initial stages. At any rate, that's off the table now, I am told...

Fine, against my better judgement I will... Firstly, may I suggest that you start with this, which is a very good response to the 'kill CDS' crowd: http://www.acredittrader.com/?p=117 Secondly, in the current regulatory framework, the govt CANNOT just go out there and nullify CDS...

There's too many silly misconceptions and too much outright ignorance in this 'stream of consciousness' for me to even begin correcting. Suffice it to say, you clearly have no idea how the credit mkts function (no surprise there, as, having been brainwashed, you don't even bother understanding...

Well, it's quite obvious to me that you, nravo, and others making a similar argument, were nowhere near the money mkts in the aftermath of Leh. I was, however; and smack in the middle of the carnage too. You obviously will not take my word for it, but I'll tell you anyways that things were...

There's rampant confusion going on in this here thread...

Nah, it wasn't him... 49% indirects. More likely, one or a few of these guys:

Hmmmm, looks like that wee $11bn clip of 30y paper found itself a home VERY easily... Funny dat, huh?

Well, if anyone here can read Italian, here's the original press release: http://www.gdf.it/GdF__Informa/Notizie_Stampa/AdnKronos/Adnkronos_2009/Adnkronos_Giugno_2009/info-1518911049.html

I am with Daal on this... Had Lewis been allowed to pull out of the deal, the consequences in the mkt would have been absolutely staggering. If he hadn't agreed initially, that would have been a different kettle of fish. But for him to change his mind in the middle of the biggest ever...

This is some funny sh1t... You might get the North Korean, 'nucular'-powered model for that one, Mist...