So as the Troika tees up the Greek can to kick it further down the road this week, despite the usual warnings about that not happening, rioting is again going on in the streets as the Greek central bank has told all other Greek cities and towns to forward their reserve cash to Athens.
Meanwhile, US equity markets reversed a 200 point move on Monday on the news that China is tiptoeing into the QE pool. See yesterday’s post.
Interesting story coming out of the UK.
It appears the Bank of England asked the US Treasury Dept. why Warren Buffett’s Berkshire Hathaway is not considered a systemically import financial institutions (SIFIs) or in Street parlance “Too Big To Fail” institution like MetLife, this according to a report in the Financial Times.
Treasury did not dignify England’s central bank with a reply.
But now you know why Uncle Warren was spending so much time and effort in 2010-2012 backing the Obama administration, while these discussions were going on.
You could see the Oracle of Omaha saying, “Aw shucks, I’m not TBTF, I am big enough to bail out Goldman Sachs and Wells Fargo during the crisis.”