Use access key #2 to skip to page content.

October 2008

Recs

2

Argentina's govt nationalizes private pension and retirement funds for whole country

October 22, 2008 – Comments (2) | RELATED TICKERS: CRESY

So the Kirchner administration apparently pulled a fast one and is in the process of nationalizing AFJP (Pension and retirement fund management companies), which will completely socialize the retirement accounts of everybody in Argentina.  The Argentinean govt has consistantly said they aren't having money problems, but since defaulting on their debt back in '01 they've been pretty cut off from world financial instruments.  They pretty much refuse to go back to the IMF and this move looks to guarantee an extra 13 billion pesos ($4bil US) a year of monies for the govt to do whatever with.  Also 55% of AFJP's portfolio was made up of govt bonds and somehow I can't see the govt paying itself interest.  I don't know how that actually works but it doesn't seem to make sense to me.  AFJP's portfolio also included stocks in many private companies meaning the Argentinean govt know has little pieces of them as well.  I'm sure they'll say some nonsense about how they won't touch the pension money flowing into AFJP, but I'm pretty sure the US govt says crap like that about Social Security too and I'm pretty sure they dip into that pot plenty, so I imagine it will be the same in Argentina.    [more]

Recs

3

Caps scoring(?) and stupid things you can do in caps that make no sense in real life...

October 14, 2008 – Comments (8)

I'm pretty sure my caps score was around -50 to -60 or so on Friday.  I checked my caps yesterday (I could have sworn after market closed, but I'm starting to have doubts) and was pleasantly suprised to find my self at +300 points with my green thumb portfolio being up +350 to +360 on the day.  I log in today and my score currently is -95, while currently beating the markety by about +4 or 5.  So what happened between yesterday afternoon and today that not only erased my gains from yesterday but set me back another 50 pts or so?  It's not a big deal, cause it's not real money, it just seems... wrong.  [more]

Featured Broker Partners


Advertisement