Monday, 30 April 2012

Monday .... game on

A busy day for me today as I'm advising on a commodity transaction. It's always a tough ask on these deals as there's usually multiple groups behind the scenes all looking for their 2%. I'm relaxed about this mornings meeting as I'm going into this on the basis that there's only going to be one way I can do the deal. If they can do a better deal away, then I'm guessing they wouldn't be dealing with an independent.
I don't see the difference??
So we're just starting to get leaks about a Spanish plan to adopt the good bank / bad bank model (GBBB). I'd like to think they will get this done. The problem is, unlike previous versions of GBBB Spain is a member of a bigger economic block . . . as soon as we see what's going into the BB we're going to get a series of write-downs in multiple European banks. Some people are already saying it would work like NAMA the Irish bad bank, but this is bigger and more complex . . . . and remember a lot of the products and structures likely to be written down would have a contagion effect elsewhere in the EU banking system. Who next then? The Italians? The French (don't laugh . . . we know how leveraged they were).

Anyone see the reports that the inventor of BRICs, aka Jim O'Neill of Goldman Sachs is in line to become next BoE Governor? Look, I know several people that will be screaming about this. I believe that it would be ... how shall we say this??? ... "unwise" at best. Why not just let Lloyd Blankfein run Europe? It has to be quicker and dare I say it cheaper than just appointing every GS employee to each individual central bank?

I got out for a 35k ride just after lunch. I timed it beautifully to coincide with the one rain downfall for the day. Both me and Pinarello got covered in the grey clay that spun up from my wet wheels. I estimate at least 2 hours work to get back to show condition. The main thing is that I knocked off over a 1000 calories and managed to do some of my old hill climbs nearer to town which confirmed that my technique and general fitness are better than they were a year ago.

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