BNP Paribas: US funds have completely shut down their lending to us

1. AFOE is a highly reliable group blog.

2. OTOH, the WSJ is a very good paper, BUT with the exception of the opinion page. It was on the opinion page. On any paper, this is not a particularly good source of decent information (with the exception of the FT, in my experience, and of course opinion), and in the case of the WSJ, doubly so.

3. The attacks on the FT for rumor-mongering in the Zero Hedge post are, um, interesting, as in, you know, the FT does compete with the WSJ. Interesting way of planting an attack on the FT, said planting not exactly being above & beyond the squirrely ethics of News Corp.
 
Quote from Martinghoul:

This article is bullsh1t, ...
Moreover, there's all sorts of ways for BNP to fund in USD and it's not going to affect their costs much.
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AFAIK it's just as simple as borrowing dollars from ECB, which in turn borrows from the FED.


Quote from Martinghoul:

I am not defending the Euro and I am not b1tchy. I just HATE sloppy journalism.
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no, admit it ! you are an antiamerican pro-euro communist ! :D
 
Quote from C6H12O6:
AFAIK it's just as simple as borrowing dollars from ECB, which in turn borrows from the FED.
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Yep... To be sure, the rate is punitive (by arnd 75bps), so if you have to do bazillions, you're not gonna be a happy camper. But BNP doesn't have bazillions of USD assets on its balance sheet any more. Proof's in the pudding: the latest result of the 7 day ECB USD tender showed that two banks bid for $575mil, which is a piddly amount.
no, admit it ! you are an antiamerican pro-euro communist ! :D
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Busted :)!
 
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