The Credit Crisis Financial Stocks Short Journal
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http://finance.yahoo.com/news/PrePaid-Legal-Services-prnews-806636093.html?x=0&.v=1
Pre-Paid Legal Services Announces Update on Inquiry
ADA, Okla., April 15 /PRNewswire-FirstCall/ -- Pre-Paid Legal Services, Inc. (NYSE
PD - News) announced that, as a part of an ongoing inquiry by the Division of Enforcement of the Securities and Exchange Commission ("SEC"), we received an additional subpoena from the SEC on April 13, 2010. The subpoena requests us to provide documents relating to certain membership information, member complaints about provider law firms, our efforts to achieve compliance with all payment card industry requirements, the resignation of Harland C. Stonecipher as Chief Executive Officer and President and the resignation of Tom Smith as a director.
The subpoena is part of an ongoing inquiry by the SEC. The SEC has stated that the inquiry is non-public and should not be construed as an indication by the SEC or its staff that any violation of law has occurred, nor should it be considered a reflection upon any person, entity or security.
We will continue to cooperate with the staff of the SEC and seek a resolution of this matter. We are not able to predict the outcome of this inquiry.
Pre-Paid Legal Services Announces Update on Inquiry
ADA, Okla., April 15 /PRNewswire-FirstCall/ -- Pre-Paid Legal Services, Inc. (NYSE
PD - News) announced that, as a part of an ongoing inquiry by the Division of Enforcement of the Securities and Exchange Commission ("SEC"), we received an additional subpoena from the SEC on April 13, 2010. The subpoena requests us to provide documents relating to certain membership information, member complaints about provider law firms, our efforts to achieve compliance with all payment card industry requirements, the resignation of Harland C. Stonecipher as Chief Executive Officer and President and the resignation of Tom Smith as a director.The subpoena is part of an ongoing inquiry by the SEC. The SEC has stated that the inquiry is non-public and should not be construed as an indication by the SEC or its staff that any violation of law has occurred, nor should it be considered a reflection upon any person, entity or security.
We will continue to cooperate with the staff of the SEC and seek a resolution of this matter. We are not able to predict the outcome of this inquiry.
And the greeks picked up the phone
http://www.nytimes.com/2010/04/16/business/global/16escudo.html?ref=business
In a statement, Dominique Strauss Kahn, the managing director of the I.M.F., said that he would send a team of experts to Athens on Monday to âbegin discussionsâ with Greek officials âon policies that could provide the basis for Fund financial assistance, under a multi-year program, in the case that the authorities decide to ask for such assistance.â
Lets see what kind of austerity he will ask for
http://www.nytimes.com/2010/04/16/business/global/16escudo.html?ref=business
In a statement, Dominique Strauss Kahn, the managing director of the I.M.F., said that he would send a team of experts to Athens on Monday to âbegin discussionsâ with Greek officials âon policies that could provide the basis for Fund financial assistance, under a multi-year program, in the case that the authorities decide to ask for such assistance.â
Lets see what kind of austerity he will ask for
No more taramasalata? No hummus with your pita?
If the EU approval of the authority to bailout Greece takes too long, this could lead to problems like runs on Greek banks
http://www.cumber.com/commentary.aspx?file=041210.asp
Or downgrades by the rating agencies on greek debt, maybe to a point that they are not accepted by the ECB(I believe the ECB does not accept junk status bonds). Lets remember that the rating agencies had no problem downgrading Lehman to a point where people didnt want to do business with them anymore and they had to file(IIRC S&P sent them to A- in the friday before the glorious weekend). So I dont share the view that political pressure will prevent the agencies from sending the bonds to junk. If they become junk(and all it takes is for the value to keep going down as current market interest rates seem to be an input in the agencies models), a greek bank run could happen and they would have to do a 100% IMF bailout
http://www.cumber.com/commentary.aspx?file=041210.asp
Or downgrades by the rating agencies on greek debt, maybe to a point that they are not accepted by the ECB(I believe the ECB does not accept junk status bonds). Lets remember that the rating agencies had no problem downgrading Lehman to a point where people didnt want to do business with them anymore and they had to file(IIRC S&P sent them to A- in the friday before the glorious weekend). So I dont share the view that political pressure will prevent the agencies from sending the bonds to junk. If they become junk(and all it takes is for the value to keep going down as current market interest rates seem to be an input in the agencies models), a greek bank run could happen and they would have to do a 100% IMF bailout