Friday, May 25, 2007

Ask and ye shall receive...

I asked Wachovia Bank, today, May 25:

I haven't seen anything on Wachovia's participation in the BDA matter since May 18.

Is Wachovia's participation still a possibility? Any developments?

and they replied:

No additional updates at this time.



Unknown said...

softly softly...catchee monkey:)

Unknown said...

It would seem that the UST will not budge wrt its "blockade" on BDA.

UST could of course reverse or temporarily suspend its ruling, so as to give Wachovia the time to tansfer the money.

However, UST appears not to be able to contemplate the "loss of face" resulting from such an action.

Neither, it would seem, is President Bush able to contemplate using up his remaining morsels of credibility/political clout by ordering UST to reverse its ruling.

Such is the impotence of an administration that is imploding (very publicly) and dying on its feet.

The reuslt being that the US has had to ask China, during last week's dismal talks hosted by Paulson, to help out and liquidate (or at least allow a takeover) of BDA.

Will China help the US?

Take into account the following:

1 Paulson seems to have made a mess of last week's talks with China

2 China is more than a little miffed with the fact that one of the banks in its region of Macau has been "blacklisted" by UST, and wants UST to reverse the ruling

3 China was far from impressed with being threatened by Glaser in his failed trip to Beijing

4 China was not impressed with Asher's policy "killing the chicken to scare the monkey"

They might help out, but they will want something in return.

Either way, it is pretty humilaiting for the US to find that its hands have been so publicly tied by an ill thought out piece of legislation of its own creation (The Patriot Act) and by the stubborness and wilfull disobedience of the UST.

Not to mention the added humiliation that it has had to ask China to help it sort out this mess of its own making.

Yes, the price asked by the Chinese will be very high.