Argentina Bonds Quotes

Adolf Eichmann went to the gallows with great dignity. He had asked for a bottle of red wine and had drunk half of it. He refused the help of the Protestant minister the Reverend William Hull who offered to read the Bible with him: he had only two more hours to live and therefore no “time to waste.” He walked the fifty yards from his cell to the execution chamber calm and erect with his hands bound behind him. When the guards tied his ankles and knees he asked them to loosen the bonds so that he could stand straight. “I don’t need that ” he said when the black hood was offered him. He was in complete command of himself nay he was more: he was completely himself. Nothing could have demonstrated this more convincingly than the grotesque silliness of his last words. He began by stating emphatically that he was a Gottgläubiger to express in common Nazi fashion that he was no Christian and did not believe in life after death. He then proceeded: “After a short while gentlemen we shall all meet again. Such is the fate of all men. Long live Germany long live Argentina long live Austria. I shall not forget them.” In the face of death he had found the cliché used in funeral oratory. Under the gallows his memory played him the last trick he was “elated” and he forgot that this was his own funeral. It was as though in those last minutes he was summing up the lesson that this long course in human wickedness had taught us-the lesson of the fearsome word-and-thought-defying banality of evil.

During his time working for the head of strategy at the bank in the early 1990s, Musk had been asked to take a look at the company’s third-world debt portfolio. This pool of money went by the depressing name of “less-developed country debt,” and Bank of Nova Scotia had billions of dollars of it. Countries throughout South America and elsewhere had defaulted in the years prior, forcing the bank to write down some of its debt value. Musk’s boss wanted him to dig into the bank’s holdings as a learning experiment and try to determine how much the debt was actually worth. While pursuing this project, Musk stumbled upon what seemed like an obvious business opportunity. The United States had tried to help reduce the debt burden of a number of developing countries through so-called Brady bonds, in which the U.S. government basically backstopped the debt of countries like Brazil and Argentina. Musk noticed an arbitrage play. “I calculated the backstop value, and it was something like fifty cents on the dollar, while the actual debt was trading at twenty-five cents,” Musk said. “This was like the biggest opportunity ever, and nobody seemed to realize it.” Musk tried to remain cool and calm as he rang Goldman Sachs, one of the main traders in this market, and probed around about what he had seen. He inquired as to how much Brazilian debt might be available at the 25-cents price. “The guy said, ‘How much do you want?’ and I came up with some ridiculous number like ten billion dollars,” Musk said. When the trader confirmed that was doable, Musk hung up the phone. “I was thinking that they had to be fucking crazy because you could double your money. Everything was backed by Uncle Sam. It was a no-brainer.” Musk had spent the summer earning about fourteen dollars an hour and getting chewed out for using the executive coffee machine, among other status infractions, and figured his moment to shine and make a big bonus had arrived. He sprinted up to his boss’s office and pitched the opportunity of a lifetime. “You can make billions of dollars for free,” he said. His boss told Musk to write up a report, which soon got passed up to the bank’s CEO, who promptly rejected the proposal, saying the bank had been burned on Brazilian and Argentinian debt before and didn’t want to mess with it again. “I tried to tell them that’s not the point,” Musk said. “The point is that it’s fucking backed by Uncle Sam. It doesn’t matter what the South Americans do. You cannot lose unless you think the U.S. Treasury is going to default. But they still didn’t do it, and I was stunned. Later in life, as I competed against the banks, I would think back to this moment, and it gave me confidence. All the bankers did was copy what everyone else did. If everyone else ran off a bloody cliff, they’d run right off a cliff with them. If there was a giant pile of gold sitting in the middle of the room and nobody was picking it up, they wouldn’t pick it up, either.” In

Breaking the bonds Juan Carlos Fábrega, the governor of Argentina’s Central Bank, resigned in the wake of a vituperative speech by President Cristina Fernández de Kirchner, in which she accused him of acting in concert with the banks to weaken the currency. Mr Fábrega was regarded as a pragmatist in an administration that is short of them; his successor, Alejandro Vanoli, is a loyalist. With reserves dwindling, inflation rising, the peso under pressure and foreign capital markets still out of reach after the default in July, the removal of Mr Fábrega adds to the sense of an economy adrift.

in the history of the bond market.68 So successful did Argentina’s default prove (economic growth has since surged while bond spreads are back in the 300-500 basis point range) that many economists were left to ponder why any sovereign debtor ever honours its commitments to foreign bondholders.69

En uno de los films de James Bond, El mañana nunca muere, el villano Elliot Carver le dice: “Ambos somos hombres de acción, señor Bond, pero su era se está acabando. Las palabras son las nuevas armas. Los satélites, la nueva artillería”.

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