Yesterday–

The fundamental reality is that their economies can no longer support the inflated, leveraged, fictional values the holders of these worthless scraps of paper demand and the reckoning is going to come from their pockets simply because they’re the ones holding the hot potato.

Today-

Hedge Funds Scramble to Unload Greek Debt

By LANDON THOMAS JR., The New York Times

January 25, 2012, 7:29 am

Hedge funds that in the last month or so have purchased an estimated 4 billion euros ($5.2 billion) of beaten down Greek bonds that mature on March 20 are now trying to unload their positions, according to brokers and traders.

That is because it is becoming clear to one and all that Greece – under pressure from its financial backers – is preparing to impose a broad-based haircut that would hit all investors with a loss of 50 percent or more, whether they agree to the deal or not.

…

Starting in December, the counterintuitive, go-long Greece bet was one of the more popular pitches made to funds in New York and London.

Investment banks – Merrill Lynch was particularly aggressive in recommending the trade, investors say – argued that even though Greece was near bankrupt, those who bought the paper maturing in March could double their money when Greece received its latest bailout tranche due that month.

…

Now, with momentum building in Europe for an agreement on a 50 percent-plus haircut to be reached before March 20 – one that would be legally binding on all holders – the smart money is not looking so smart anymore.

Oh, but it gets so much better.

European Central Bank Moves to Avoid Loss on Greek Bonds

By LANDON THOMAS Jr. and JAMES KANTER, The New York Times

Published: January 24, 2012

For months, the proposed debt restructuring deal between Greece and its private sector creditors had excluded the central bank from taking a loss on its Greek bond holdings while banks and hedge funds would have losses of 50 percent or more.

…

Private sector investors, including large European banks and hedge funds, have complained bitterly – and in some cases threatened legal action – over the central bank’s insistence that its 55 billion euros in Greek bonds were exempt from the loss that the private sector is facing, which some have estimated at 60 cents on the euro.

The central bank bought the bulk of its Greek bonds in 2010 in a failed attempt to stabilize Greece’s collapsing bond market, paying discounted prices of about 70 to 75 cents on the euro. As part of the current talks, the central bank might exchange its current bonds for a different form of Greek debt at a cost similar to that of the distressed bonds.

EU ratchets up pressure with Greek default threat

By Ambrose Evans-Pritchard, International Business Editor, The Telegraph

9:39PM GMT 24 Jan 2012

The head of the European Commission’s economics team Mario Buti said Brussels is prepared to allow credit default swaps (CDS) on Greek bonds to come into play if talks fail to reach a deal that gives Greece enough debt relief to claw its way back to viability. “Triggering CDS may have to be considered,” he said.

…

Charlesa Dallara, the head of the International Institute for Finance (IIF) representing creditor banks, said EU officials were playing with fire by talking about default and demanded that the EU stick to the agreement reached last October.

“We put an offer on the table and it remains on the table. All parties need to contribute to the solution. We are wiping off the face of the earth €100bn in existing claims against Greece,” he told Bloomberg.

First Act of Greek Default Proceedings Drawing to a Close

Author: Claus Vistesen, EconoMonitor

January 24th, 2012

Let me be clear, absolutely clear, here. Within any conceivably realistic macroeconomic model, there is no way that Greece can reach a stable debt level with moderate growth under these conditions. Under the interest rate scenario noted above (let us say with an average interest rate of 3.8% on the new debt) the nominal interest rate would still be substantially higher than the growth rate of the economy. The only way, the nominal debt level could then be kept stationary is by forcing the fiscal balance into surplus. However, the problem is that this affects the denominator in the debt/GDP calculation by sucking out demand (growth) from an economy already structurally impaired (within a currency union and all that).

…

The deal which now seems to be close to completed by no means closes proceedings. It is very likely in my opinion that private creditors who are currently the only ones being forced to take a haircut due to seniority of the IMF and the ECB will face a near 100% loss on their holdings. The argument is simple. Given the amount of debt held by the ECB and the IMF and the fact that these two institutions are senior debt holders the debt held by private creditors becomes junior debt and thus the tranche which takes the first (and in my opinion likely complete) loss in the event of a default.

Of course, once we reach this point the issue of CDS contracts will rear its head yet again since if a 50-60% haircut can be considered voluntary anything beyond this becomes very difficult to characterize as such. Any rating agency would find it difficult not to classify further losses as a default and thus begins the fun in earnest. And then comes the ECB and IMF’s share. It will be political dynamite if the ECB had to print on the liability side to cover losses on the asset side on Greek sovereign debt or if the IMF had to ask its contributors for extra cash to cover for losses on loans made out to Greece or any other economy. Obviously, much will be done to prevent this, but just look at the numbers of Greece’s economy and you will see that it is not that outlandish, especially if Greece opts to stay in the euro zone. Finally, Greece only represents the starter here. Any deal agreed to  in Greece will be ardently watched in Ireland and Portugal who will feel they are entitled to the same deal with their private creditors.

Germany Loses Its Grip

By Delusional Economics, Naked Capitalism

Wednesday, January 25, 2012

(I)t is just one symptom of the actual problem. That problem was highlighted overnight with the European flash PMI’s. Germany once again outperformed the rest of Europe, France treaded water, admittedly with its head held a little higher, while the periphery of Europe slowly drifts away. The latest Euro PMI was a little better than expected, in some part due to the ECB’s actions over the last month or so no doubt, put the forward looking indicators suggest more weakness to come and I expect the divide to grow as Europe slows further. As I have stated previously that the German data is a double edged sword because, although it is good for Germany that its economy is powering, it is a big negative for the rest of Europe because one of the major issues that brought on the crisis in the first place was the competitiveness imbalance of nations under the single currency.

…

So now even if Greece manages a deal to write-off some of its debt the markets will quickly turn their eyes to Portugal who will no doubt require a second bail out, but increasingly a debt restructure as well.

With Spain also struggling and Italy under increasing pressure, the continuation of contagion appears to be taking its toll on the politics of Europe with Germany’s ability to control the situation diminishing.

…

Germany also appears to be losing support from even its strongest allies. Last week the Dutch central banker Klaas Knot gave an interview blaming Germany for the failure of the EFSF.

…

To add to that, Luxembourg’s new foreign minister gave an interview with German media yesterday in which he called the fiscal compact a ‘waste of time and energy’.

Is the failure of austerity-centric policy finally taking its toll on Germany’s ability to steer Europe’s response to the financial crisis? This would certainly explain why Mario Monti seems so sure that his country will be receiving the fiscal and monetary backstops. The outcomes from next week’s EU summit will provide more clues.

I’m grouchy about 2 things.  First and foremost I’ll be missing the Phineas and Ferb Time Warped series for about the 3rd time.  Secondly, Barack Obama has broken so many false populist promises that watching him talk is not just unconvincing, it’s physically painful.

The most optimistic estimates are that he’ll play some variation on his Osawatomie, Kansas speach which was frankly feckless and weak.  The usual suspects- Klein, Bernstein, DeLong, Sargent are all making the same tired old excuses for inaction at best and Republican policies as the norm.

It’s noteworthy that there has been less leakage of the prepared text which I suspect is due more to the collapse of his sellout to the Banksters on mortgage fraud and robo-signing than his and Holder’s fanatical prosecution of whistle blowers and journalists instead of war criminals and thieves.  The gang that couldn’t shoot straight screws up again, unless you prefer to call them simply evil which certainly matches the facts.

dday has the best preview I was able to find.  In addition to Warren Buffet’s secretary as a poster child for tax reform, he’ll also have Admiral William McRaven of the Bin Laden kill team, and Steve Jobs’ wife.

Not quite sure what she’s meant to illustrate unless it’s the efficiency of working people to death in overseas sweat shops.

I expect there will also be a full throated denial of science in defense of fracking and global warming from the president who had no problem denying women access to Plan B contraception and supporting the Stupak amendment.

If you don’t have access to a TV CSPAN will be starting its coverage at 8 pm with ceremonial entries.  They’ll also have the Republican response from Mitch Daniels who today attempted to strip Union rights from workers.

They should all be fired and prosecuted to the fullest extent of the law.

Not that I personally think their analysis is all that sound, but the second of the big three rating agencies has announced their intention to declare a CDS triggering event regardless of how the negotiations continue.

As we are constantly reminded by the Banksters, the intent of a Credit Default Swap is as insurance against a default in payments.  In fact they are used to make side bets on outcomes and their notional value almost always exceeds the actual underlying asset by orders of magnitude.

So the question is- will they pay off?

In the 2008 financial collapse the chief issuer of these instruments, American International Group, went bankrupt and only massive intervention by the U.S. Treasury Department and Federal Reserve Bank allowed them to make good their obligations at face value.

This was Insurance Fraud on a historic scale.  The rules require you to cover your policies.

Because we don’t know the actual amount of CDSes it is difficult to predict whether they will be honored or not but that’s only the first wave of the problem.  Spain, Portugal, and Italy also face default because of the usurious interest rates currently being demanded and a Greek default is only likely to increase their vulnerability.

European policy makers have shown no indication that they actually understand the magnitude of the difficulty and every response so far has been wrong headed austerity.  The fundamental reality is that their economies can no longer support the inflated, leveraged, fictional values the holders of these worthless scraps of paper demand and the reckoning is going to come from their pockets simply because they’re the ones holding the hot potato.

It’s coming.  It’s coming soon.  A lot of people and institutions that considered themselves quite well off are going to find their estimations substantially reduced.

Greek Debt Talks Still Without Resolution; Bondholders Make Final Offer

By: David Dayen, Firedog Lake

Monday January 23, 2012 6:20 am

The debt talks between Greece and their bondholders, thought to be a done deal late Friday, spilled into the weekend and still found no resolution as of today. The short version is that the creditors want a higher coupon, or interest rate on the new bonds they’ll accept in exchange for taking at huge hit on the bonds they currently hold.

…

At a low interest rate, the creditors would then call the deal involuntary, a credit default swaps would trigger. However, according to the Fitch rating agency, there is no such thing as a voluntary debt restructuring, and they would read any deal as a default event. This is why Noriel Roubini says we will see “a credit event” in Greece either way.

…

The bondholders presented what they called their "maximum" offer over the weekend. Charles Dallara, the managing director of the Institute for International Finance, who has been negotiating on behalf of the creditors, said that both sides were at a “crossroads” and the “limits of a voluntary deal.” Interestingly, the biggest holdout could be the European Central Bank, which holds 55 billion euros of Greek debt and doesn’t want to take any losses on it. The EFSF, the European bailout fund, may have to buy the debt off the ECB at par to get a deal structured.

Greece has already said they would change the terms of the bonds by law, if need be, but then some creditors would hold out and there would be litigation and CDS triggering.

Anything controversial or unmanageable out of Greece would risk contagion elsewhere in Europe, especially in Portugal, probably the next most-threatened country on the periphery. The dangers in Europe are very much apparent here.

S&P: Greek Debt Restructuring Would Be a Default

By: David Dayen, Firedog Lake

Tuesday January 24, 2012 8:55 am

Standard and Poor’s has become the second rating agency to say that, regardless of the conclusion of the Greek debt restructuring, they would judge the country as in "selective default". With two rating agencies – Fitch is the other – now on the record about default, it’s almost certain that the announcement of the deal, if we ever get one, will trigger credit default swaps.

So I see no point in having the negotiations continue. They were predicated on getting bond holders to accept a voluntary haircut, to avoid the triggering of CDS. That will now be impossible. And the Greek government has the ability to change the law and mandate the new payments on debt. So they might as well just do that, at this point. In truth, there never was a voluntary haircut, anyway. So everyone might as well tell the truth.

An S&P official does not believe that a Greek default event would necessarily lead to contagion in the Eurozone. However, we’ve seen the cascading effect play out many times in the past year or so. As much as the regulators want to tell themselves they don’t foresee a problem, one could be staring them in the face.

In fact, we may already by seeing contagion in the form of Portugal’s struggles.

IMF slashes world growth forecast

By Paul Handley (AFP)

3 hours ago

On Monday in Berlin, IMF managing director Christine Lagarde pressed European leaders to build a stronger backstop to prevent the problems in the continent’s weakest economies — Greece, Spain and Portugal — from pulling down others.

“We need a larger firewall,” she said. “Without it, countries like Italy and Spain that are fundamentally able to repay their debts could be forced into a solvency crisis by abnormal financing costs.”

The Fund warned against overly sharp budget-balancing by those countries that can afford to move slowly to reduce their deficits.

Otherwise, they will just create more drag on the global economy.

“Decreasing debt is a marathon, not a sprint,” said Olivier Blanchard, the IMF’s chief economist. “Going too fast will kill growth and further derail the recovery.”

The recommendation was pointed at Europe’s largest economies Germany, France and Britain, all of which it said would continue to grow this year, albeit at a weak pace.

Germany’s economy was seen growing 0.3 percent, France’s 0.2 percent, and Britain’s 0.6 percent.

The United States, the world’s largest economy, was projected to grow 1.8 percent in 2012.

The growth downgrades covered the entire world.

The Greek debt talks fall apart

Felix Salmon, Reuters

Jan 24, 2012 04:33 EST

Remember here that Greece itself is basically just an intermediary, stuck between the Troika (EU, ECB, IMF) on the one hand, which is going to fund its deficits for the foreseeable future and therefore can demand anything it wants, and bondholders, on the other. And the problem is that what’s acceptable to the bondholders – a 4% coupon, basically, on restructured debt – is unacceptable to the Troika.

…

In a way, this is a good thing, because it only serves to clarify the fact that Greece is defaulting in a way that’s going to make its bondholders very unhappy. All the talk of a “voluntary” restructuring was a way of attempting to paper over that fact, and that paper was always extremely thin. Maybe a bit of honesty will help people face up to reality in a way that they’ve been very reluctant to do until now.

…

No one thinks of this deal as a “one and done” restructuring. Bailing in the ECB or the EFSF at this point would just be denial: it would encourage the EU to think (or at least to say) that the Greek debt problem was solved for perpetuity, when it clearly isn’t. So let’s force the private sector to take its big NPV haircut now. And then the next step can come a few years down the road, when Greece discovers it can’t pay the Troika what it owes.

Iowa AG Miller Claims No Foreclosure Fraud Settlement This Week

By: David Dayen, Firedog Lake

Monday January 23, 2012 2:55 pm

Perhaps Tom Miller, the head of the executive committee negotiating a foreclosure fraud settlement, is feeling a little too much heat today.

…

(L)et’s just go back to what this is all about, because it has very little to do with the usual media storylines and narratives running about. Somewhere along the lines the financial industry stopped keeping the records they were legally required to keep to ensure that they had standing to foreclose on borrowers. Instead of untangling the mess, they participated in a cover-up, by fabricating documents and affidavits on a mass scale to sucker courts into allowing foreclosures. That is no different than criminal theft. If I came into a courtroom looking to foreclose on a homeowner, and my proof of ownership was a plastic bag with the words “I OWNZ THAT” scrawled on it, that would be little different, under the eyes of the law, from what the banking industry has done over the last decade. Strip away all the complexities in the law and that’s what you’re left with.

So state and federal regulators attempting to settle with banks for stealing homes are really violently upsetting any pretense of a rule of law in America. Setting aside the fact that the penalty is completely inadequate and there’s no indication that banks will actually follow through on the specifics, some things are more important than a financial settlement can provide. The current group of big banks and loan servicers broke the richest market in the world, the residential US housing market. They really do need to pay for this. Because if they don’t, they will continue to violate the law as they have been doing unchecked for the past several years.

The lights will be burning late tonight as they frantically re-write the State of the Union.

Good.

I’m sorry for you left coasters, but LXVI is going to be an I-95 affair between New York and Boston.  If I can find it I’ll have some passages from The King’s Best Highway which I got for eksmas about how this vital artery of colonial communication led to our freedom from monarchical tyranny.

Or not.

FIVE TURNOVERS!  That’s what it took for the ‘9ers to eek the slimmest of victories over the Saints.  The Giants are not that mistake prone.

I could drag this out but why bother?

The unfortunate thing about Throwball is that I saw enough last weekend to satisfy me for an entire season and make my picks.

The Ravens didn’t show anything against the Texans that leads me to believe there will be a surprising upset against the execrable Patsies who at least had the good grace to eliminate Tebowmentum from our national discourse.

I only hope the Ravens do sufficiently well to make the point crystal clear.

Pre-game hype happening on CBS right now.

Foreclosure Fraud Settlement Terms Laid Out, But Holdout AGs Not Signed On

By: David Dayen, Firedog Lake

Saturday January 21, 2012 9:38 am

When I started digging into whether this Monday meeting with HUD and DoJ officials to go over a proposal for a foreclosure fraud settlement was legitimate, I couldn’t find one state Attorney General who mattered actually committed to showing up. When I say AGs who “matter,” I mean the ones who have been critical of a settlement in the past. I mean the Justice Democrats. I mean Eric Schneiderman in New York, Beau Biden in Delaware, Martha Coakley in Massachusetts, Catherine Cortez Masto in Nevada, Kamala Harris in California, not to mention the AGs from Hawaii, New Hampshire, Missouri, Mississippi, Maryland, Kentucky, Minnesota, Oregon and Montana who showed up (either themselves or representatives) at the meeting in DC last week to discuss alternatives to a settlement. I mean them. They aren’t going to Chicago, by all accounts.

…

My sense is that this settlement proposal comes from the Obama Administration, Iowa AG Tom Miller and the small group of negotiators on the executive committee of state AGs, and pretty much nobody else. There’s just no guarantee that any of the Justice Democrats – or any of the Republicans, for that matter – will agree to any of it.

The Administration is trying to put the squeeze on the state AGs, particularly California, dangling $10 billion in “aid” in the deal. The aim, as Marcy Wheeler writes, is to increase pressure on Kamala Harris to agree to the settlement. The core issues haven’t changed, however. Harris called the settlement inadequate last year and it remains just as inadequate. This is a $25 billion settlement when there is $700 billion in negative equity in the country. This is a settlement that, according to HUD Secretary Shaun Donovan, will help 1 million homeowners, when 10.7 million are underwater and millions of others have been wrongfully foreclosed upon. This is a settlement that could put $17 billion of credits toward principal reduction (the rest of the money would go to legal aid, refis, short sales, token payoffs to foreclosed borrowers, and penalties), when there is more than twice as much sitting unused in an account as part of HAMP.

And these credits would get paid mostly by the owners of mortgage-backed securities, investors rather than the banks themselves.

…

According to previous reports, investors would not have approval on the modifications. So the majority of the settlement, where banks get the release of liability, would get paid with other people’s money. Servicers actually make out because they would reimburse themselves for the loan modifications, taking money that would otherwise go to the investors. The investors, in short, would get massively screwed by this deal.

But again, I’ve seen no evidence that anyone outside of the small circle of the Administration and the AGs on the executive committee negotiating the deal actually agree to it. Call it the 12-state deal, rather than the 50-state one. This is only closer to getting done in the sense that the folks who have wanted to cave all along are ready to do so.

Speaking of caving, why on earth would the Obama Administration in general and Eric Holder in particular want to do that?

Insight: Top Justice officials connected to mortgage banks

By Scot J. Paltrow, Reuters

Fri Jan 20, 2012 9:31am EST

(Reuters) – U.S. Attorney General Eric Holder and Lanny Breuer, head of the Justice Department’s criminal division, were partners for years at a Washington law firm that represented a Who’s Who of big banks and other companies at the center of alleged foreclosure fraud, a Reuters inquiry shows.

The firm, Covington & Burling, is one of Washington’s biggest white shoe law firms. Law professors and other federal ethics experts said that federal conflict of interest rules required Holder and Breuer to recuse themselves from any Justice Department decisions relating to law firm clients they personally had done work for.

…

As Reuters reported in 2011, public records show large numbers of mortgage promissory notes with apparently forged endorsements that were submitted as evidence to courts.

There also is evidence of almost routine manufacturing of false mortgage assignments, documents that transfer ownership of mortgages between banks or to groups of investors. In foreclosure actions in courts mortgage assignments are required to show that a bank has the legal right to foreclose.

In an interview in late 2011, Raymond Brescia, a visiting professor at Yale Law School who has written about foreclosure practices said, “I think it’s difficult to find a fraud of this size on the U.S. court system in U.S. history.”

Holder has resisted calls for a criminal investigation since October 2010, when evidence of widespread “robo-signing” first surfaced. That involved mortgage servicer employees falsely signing and swearing to massive numbers of affidavits and other foreclosure documents that they had never read or checked for accuracy.

…

On Wednesday, John O’Brien Jr., register of deeds in Salem, Mass., announced that he had sent 31,897 allegedly fraudulent foreclosure-related documents to Holder. O’Brien said he asked for a criminal investigation of servicers and their law firms that had filed the documents because they “show a pattern of fraud,” forgery and false notarizations.

Corrupt guzzle to zatch (look it up).

Update: Newt Wins! MSNBC @ 7 pm.

Stephen Colbert’s unfunny run for president

By Colbert I. King, The Washington Post

Published: January 20

I don’t find comedian Stephen Colbert’s involvement in the Republican presidential race the least bit funny.

…

I fail to see the humor in Colbert urging South Carolinians to vote in Saturday’s primary for businessman Herman Cain, who dropped out of the presidential race but whose name remains on the ballot. Throwing away votes degrades a system already brought low by the unprecedented airing of negative ads so early in the nominating process.

Besides, too much has gone into getting the right to vote to treat the ballot like a game. Cain, who held a joint rally with Colbert in South Carolina on Friday, should know better.

…

Acquiring the millions needed to get a presidential campaign off the ground requires grueling hours of asking people and groups to part with their treasures on behalf of your cause.

Now introduce into that mix an entertainer who takes neither himself nor the political process seriously, who lives for laughs and satire, and has the prominence and enough dough to form a super PAC and try to muscle his way into the nominating process. The result is a mockery of the race.

Maybe I’m becoming a curmudgeon. But I don’t see the humor.

As nearly as I can determine, that is his real name and he is a real contributor to the Washington Post.  You can’t just make this stuff up folks.

Chuck Todd @ Winthrop University

Part the First

Part the Second

Moron.

Stephen Colbert shows Republicans how to draw a crowd

By David Horsey, L.A. Times

January 21, 2012, 8:16 a.m.

Reporting from Charleston, S.C. — Under the looming live oaks at the College of Charleston on Friday, Stephen Colbert delivered a clinic on how to produce a whiz-bang political rally. Significantly, not one of the Republican candidates this year has exhibited the star power to bring off such an extravaganza themselves.

…

Before Colbert delivered his satirical address, he allowed Cain a good chunk of time to give a speech very similar to one he delivered the day before to a sparse audience at the Southern Republican Leadership Conference. The multitude Colbert provided him was at least 20 times bigger, but Cain’s platitudinous profundities would have been better saved for a Kiwanis luncheon. Even if sexual harassment allegations had not caught up with him, it’s clear that, by now, he still would have been sidelined alongside Rick Perry, Jon Huntsman and Michele Bachmann. Colbert is not only more funny, he is a far sharper analyst of contemporary politics.

The pertinent question raised by Colbert’s attention grab on the day before South Carolina’s primary vote is why the four remaining Republican candidates are not drawing crowds as big and adoring as Colbert’s. Yes, Colbert is a celebrity. He’s an expert entertainer. And it’s not too hard to get a few thousand college kids to skip class on any day of the week. But four years ago at this point in the campaign, both Barack Obama and Hillary Clinton were pulling in crowds as big or bigger. John McCain was packing the gymnasiums pretty well too. And, later in the campaign, Sarah Palin proved she could rock an arena.

This year’s candidates are avoiding big events because they do not want to be photographed in half-empty halls. Gingrich actually refused to speak to the GOP leadership conference because so few Republicans showed up.

Rally

Stephen on Morning Joe

Hardball

What’s up with that Occupy Wall Street stuff?  I don’t get it!

30 Rock

WH Correspondents’ Dinner

He’s talking about you Chuck.

I’m putting this up while it’s still early enough to get to the polls in South Carolina, home of sedition, treason, and slavery (not that I’m under any illusion about the penetration of our readership in the Palmetto State), but I’ll bump it to become our anchor Open Thread when the results start coming in.

Modern Stage Combat

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ek hornbeck, The Stars Hollow Gazette, and DocuDharma– your go to SuperSource for embeddable The Definitely Not Coordinating With Stephen Colbert Super PAC advertising.

<iframes> use Suicidal Sweatshop Chinese Child Labor!

Meet me at Camera 3- (they’re people!).

Our story so far-

Mitt the Ripper- Serial Killer?

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Not Abel?

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What about NO do you not understand?

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Related-

• Truthiness-
• The ONLY Question of any Political Significance in 2012

ek, don’t you think you’re a little old to be scouring the InterTubes

Yes, yes I am.

Today’s EARTH SHATTERING DEVELOPMENTS!!1!

36%!!!!!!

Mothers I’d like to Focus Group.

And Cain has a great singing voice.

Double Negative

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<iframes> are evil.  EVIL I tells ya.

SuperPAC pr0n– Jon and Stephen “not co-ordinating” in front of a lawyer.

It feels so good to be bad.