Doing the Lord’s work

Or at least the work that financial news networks should be doing but aren’t because they’re too busy glorifying the money culture.

Pseudonymous blogger prompts financial firm to freak out

Zero Hedge did some digging about National Rural Utilities Cooperative Finance Corporation (CFC) and found potentially serious problems. Shortly after the post appeared, credit default swaps on CFC widened sharply and the company issued a press release attempting to trash Zero Hedge, to the point of getting pissy, as well as clueless.

An anonymous blogger who goes by the alias Tyler Durden (the same name as Brad Pitt’s psychopathic character in the movie “Fight Club”) wrote an unflattering opinion of CFC securities in his blog “Zero Hedge.” The blog, which circulated across the Internet complained that CFC’s credit default swaps (CDS) were trading too tightly

a) Hmmm, if someone names themselves after a psychopath then maybe they’re trying to tell you something. Zero Hedge popped out of nowhere a little while ago, got traction fast, and is now widely read. Whoever writes it is an insider with serious knowledge about how CDS work. And is pissed.

b) “Which circulated across the Internet”? Where were they expecting a blog to circulate, in the bathtub?

The press release goes onto cite comments made to the Zero Hedge post that defend CFC’s business model! Pretty sure we’ve never seen that before.