Realcent.org

Very interesting interview:

http://www.youtube.com/watch?v=9802NwSSS6U

Don't know why I did this exactly, maybe boredom or maybe I had a little to much Jack in my Coke tonight? but I have been wondering at what point they would classify the situation in Greece as a DEFAULT. After watching the video link posted above, it may be a little more clear now. So I thought what the hell, and just emailed four different ISDA offices and asked the question.

Probably won't get anything from it but who knows??

If someone owed me money and I was considering knocking off up to 70% of their debt, I would sure call it a default!

I sure wish he would have said the names of the 5 banks involved in the video.

If it's just Greece, is it really going to sting that bad here in the US? 11 million people is a pretty small country. I don't doubt there are more to come but I have a hard time believing that Greece alone will topple everything.

Well it wont be an official anything until the bonds come due in mid March. They have til then to decide what to call it.


EDIT:
Pick 5

Rank Name Headquarters Deposits (billions)
1 JP Morgan Chase & Co. New York, NY $1,009
2 Bank of America Charlotte, NC $884
3 Wells Fargo San Francisco, CA $785
4 Citigroup New York, NY $774
5 PNC Financial Services Group Pittsburgh, PA $193
6 HSBC Holdings London $161
7 Bank of New York Mellon New York, NY $160
8 U.S. Bancorp Minneapolis, MN $159
9 SunTrust Bank Atlanta, GA $113
10 State Street Corp. Boston, MA $112

I go with 1 2 4 6 8