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Saturday, June 25, 2011

Hedge fund vultures prepare to swoop on Greece

A Greek crisis? Well, certainly for the Greek people, but not for hedge fund managers.

The Daily Telegraph reports:

Fund managers gathered in Monaco for the GAIM conference have said that depressed asset prices and rock-bottom debt instruments could be worth the risk.

Robert Marquardt, founder of Signet, a fund of hedge funds, told reporters that the Greek crisis was "certainly a great chance to make money".

As one commentor on the Daily Telegraph website puts it:

We must face off their threat, reclaim our stolen wealth and mercilessly lance this boil on the face of humanity. They truly are the most undeserving and disgusting parasites ever to infest our planet.

And that is a comment from a Daily Telegraph reader.

hat tip: Pete F on the Media Lens message board.


Douglas said...

Hedge fund vultures aren't swooping on Germany or China, because they are living within their means.

American taxpayers contributed $3 billion to the 2010 Greek bailout. But it has only postponed the impending collapse of the Greek economy, brought on by...

1. A monetary policy wildly unsuited to its economy

2. A rapidly aging population which expects to be taken care of by fewer-and-fewer young people

3. A massive tax compliance problem

4. Government employees who think that their jobs and benefits are not merely a good thing for them to have, but something akin to a natural right

5. A long history of fiscal shenanigans

Thrifty Germans are unamused at the prospect of bailing out profligate Greek politicians. Who do you consider to be the most trustworthy British pollster? How do British people feel about bailing out Greek politicians? I wouldn't go quite so far as calling them a boil on the face of humanity, but I don't approve of their financial behavior either.

Asteri said...

Greeks actually work harder and longer hours than most European's even the Germans, they pay high taxes and don't get a lot in return, except early retirement, so its not about bailing out Greece's politician's who aren't going to suffer the consequences, its about protecting Greece and its population from a early 1990s Russia style privatisations, unemployment and misery for years to come.