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How not to sell bonds; By Gov. Christie
Topic Started: Jan 14 2011, 03:02 AM (100 Views)
jon-nyc
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Cheers
Ooops!

http://www.crainsnewyork.com/article/20110113/FREE/110119920#
In my defense, I was left unsupervised.
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Axtremus
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HOLY CARP!!!
The emperor says "I am naked."
The market would not have known had that not been said.
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JBryan
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I am the grey one
Here is a bit more balanced account:

http://www.businessweek.com/news/2011-01-14/christie-bankruptcy-remark-amid-bond-sale-draws-flak.html

Quote:
 
“Mr. Christie made a rookie mistake,” said Mike Pietronico, who oversees $360 million as chief executive officer of Miller Tabak Asset Management in New York. “The market is very sensitive to the word ‘bankrupt.’”

The Christie administration rejected that interpretation.

“The governor has been making these comments and warnings for months, all while instituting and pursuing reforms to fix the well-documented policy failings of prior administrations -- which, by my recollection, analysts have recognized and applauded,” Drewniak said.

Andrew Pratt, a spokesman for Treasurer Andrew Sidamon- Eristoff, said in a telephone interview that “I don’t think anybody who is a serious student of the bond market thinks the governor’s comments had anything to do with this bond sale.”


Sounds to me like there could be a political component here.
"Any man who would make an X rated movie should be forced to take his daughter to see it". - John Wayne


There is a line we cross when we go from "I will believe it when I see it" to "I will see it when I believe it".


Henry II: I marvel at you after all these years. Still like a democratic drawbridge: going down for everybody.

Eleanor: At my age there's not much traffic anymore.

From The Lion in Winter.
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jon-nyc
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Cheers
Both are Bloomberg stories, the earlier editions (quoted in Crains) hadn't yet taken in the comments of the Governors office.

As one of the Wall Street blogs I read put it "The only people Bloomberg could find to argue that the sudden reduction in the size of the bond deal had nothing to do with the governor’s unfortunately timed remarks were members of his team."

But yeah, adding the denial from the governors office does make it more balanced.
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