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Old 11-13-2011, 10:38 AM
Namazu Namazu is offline
Join Date: Jan 2007
Posts: 185
Default Re: Fernholz: Hack, Carney: Clueless

Originally Posted by Don Zeko View Post
OK, so bondholders were badly evaluating MF Global's credit rating because of their inaccurate evaluation of Corzine's political influence. What's the story here?
Precisely, although Corzine's political influence need have only been part of their calculation. Again, this is Occam's razor, fixed-income version, and doesn't presupposed any specific knowledge of who underwrote the bonds or their frame of mind at the time.
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