<DrumBeat: March 17, 2008The Oil DrumDrumBeat: March 18, 2008>

73 comments on Update on the Simmons-Tierney Bet

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x on March 17, 2008 - 10:45am Permalink | Subthread | Comments top

Simmons has upped his Cup-o-Crude to 17 cents. Corn is still at about 5 cents per cup. The dollar is breaking down big time. How long before foreign holders of dollars decide to spend some more on American agriculture commodities? When they do ethanol will get the blame if the recent past is any indication.

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mcgowanmc on March 17, 2008 - 11:09am Permalink | Subthread | Parent | Comments top

Why wasn't Bear shopped to China?

What can China use it's $$$'s for?

The US has actual cash of $400 Billion with 15% in the vaults.

That will have to spread over 300 million Americans.

What will millions of Americans use for cash?

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D111 on March 17, 2008 - 8:07pm Permalink | Subthread | Parent | Comments top

I can't confirm this, but I believe Bear Sterns was shopping around China for investors, and they got turned down flat.

Chinese have been burned by Blackstone, etc. and they are not about to do so again.

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Oilers Method on March 18, 2008 - 12:03pm Permalink | Subthread | Parent | Comments top


China brokerage rethinking Bear Stearns stake (March 16, 2008)

SHANGHAI: Citic Securities, China's largest listed brokerage, said on Saturday it might not proceed with a deal to invest about $1 billion in Bear Stearns because of the U.S. investment bank's financial crisis.

I think it was more of a "Hell no!".

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