Nonsense: Greece Wants to Buy Nouriel Roubini’s Firm, Offers Crete in Exchange

Oct 12, 2011
J. Webster
Comments Off on Nonsense: Greece Wants to Buy Nouriel Roubini’s Firm, Offers Crete in Exchange

Why in the hell would Greece do that? Easy, they’re tired of Roubini saying their country is falling apart and they won’t be able to pay their debts. Other countries like Spain, Portugal and Ireland might chip in as well, to buy his firm. They too of course are tired of his glass half empty type projections and predictions.

Moreover, the straw that broke the camel’s back for Greece was when Roubini called their recent bailing out of creditors a giant Ponzi scheme. He also said they should leave the European Union and the Euro, an idea which they disagreed with entirely.

Once Greece, and perhaps these other countries, own Roubinhi’s firm, they figure they can control the message better and boost confidence in their own financial systems. Dr. Doom’s firm would then become a ‘look on the bright’ side research company. Yes, there are those types of firms.

From CNBC: Bidders are being told to submit a range of what they would be willing to pay.

Greece is willing to sell the islands of Crete and Siros to Roubini for his entire firm. The one caveat though is Roubini must stay and live on one of the islands for at least five years, or until the financial crisis has past. He would also only be allowed to tweet positive things about Greece, Spain, Portugal or Ireland.

Some details about Roubini’s firm and the sale:

Roubini Global Economics, the economics research firm begun by noted economist Nouriel Roubini, is for sale, according to sources who have been approached by an investment bank conducting an auction for the firm.

RGE, as it’s known, has grown quickly since its founding by Roubini, who is its chairman. It has over 85 employees, and is still losing money.

According to people who have seen the offering book for the sale, the firm is projected to have revenues of $14 million this year and it will post a loss of roughly $2 million dollars, and projects eight percent revenue growth into next year followed by 40 percent revenue growth in 2013.

Source: CNBC

Why is Dr. Doom selling his firm? He has said that this is the peak of the crisis time for a while. Of late, the world has had it’s fair share of financial disasters, although earlier and all in one big perfect storm a bit earlier than he had projected. But he doesn’t see another crisis coming, a serious one, for a number of years. He thought he should strike while the iron his hot and go out on top.

Sure, Europe and most of the economies around the world are still a mess right now, but the call has already been made, things can only get better from here. We’ve hit bottom, he said. My predictions have come true. I can now walk away.

Perhaps Roubini will take the deal and go sit on the beaches of Crete and maybe even get a tan.

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