What am i missing? If the bond holders agree to the hair cut, any hair cut, then that is the sweetest deal out there right? For the bond issuer. How do i get some of that? - issue a bond - take the money - rebuy the bonds back at a way lower price - pocket the diff - live the life. And if the bond holders are pension funds with those in charge of the investments actually having no responsibility or oversight of their decisions in how Billions in retirement funds are invested, it would stand to reason that the end of the bond bull market will see major losses by retirement funds that actually hold toxic bonds. No accountability for any party and everyone makes money out of it - except the initial investor that put the money into the hands of these people. Thats how it is in many managed funds and superann cos.
@albatross - one day early by the looks of that gold price- Ive been there before - 1 day out.
