Funny how gutless NYT is for flaming Trichet when is leaving office. I wonder if they do the same with Geitner when he out.
To me, the interesting part with this is the timing. Anyone who ran the numbers knew Greece was in trouble. Now, an article in NYT is opening people up to the reality that Greece is gone as if some pols have confided to the paper of record, Greece is done.
The what-me-worry stock market was up as was oil. Of course, the bond market isn't having any of it. Italian 10 year bonds are now up to 6.66%. European CDS keep going higher, and bids on the EFSF bonds were completely underwhelming.
Jeffries, the next broker on the chopping block, did a massive sell of foreign debt after the market took down its price not believing that its hedges were worth much.