Just out from Jefferies which reports that it has lowered its Gross exposure to PIIGS by another 50% (down 75% in total), which we wonder: why, if Gross is not Net? Just ask Morgan Stanley.
JEFFERIES RESPONDS TO `RUMORS, HALF-TRUTHS AND OUTRIGHT LIES'
JEFFERIES CITES `INTENTIONAL MISREADING OF OUR PUBLIC FILINGS'
JEFFERIES REPURCHASED $50M OF 2012 BONDS IN `PAST FEW WEEKS'
And, like Europe, it is all evil speculators fault:
Last week, a representative of a hedge fund, who we
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