JPMorgan, which has a strong presence in Delaware, and the university have been working closely together since 2009. Weber, who joined the university three years ago, said officials had by then realized university programs weren’t hitting the mark in terms of what employers wanted. So, JPMorgan helped the university create and pay for its Institute for Financial Analytics and Delaware created a minor in global enterprise technology. Now, JPMorgan has a fully staffed and functioning office — using student interns — on the first floor of the university’s Purnell Hall.
David Keohane, FT Alphaville, US default stripshow, here.
This piece of comparative calm is very definitely to be read in conjunction with Cardiff’s post on how the Treasury’s payment system (might) work.
It’s to do with the fact that there is no cross-default clause in US Treasuries. That means a missed payment on one bond would leave the other bonds unfazed, and equally usefully, if needed bonds can be split up into a ‘delayed component’ and a ‘normal component’ .
Pity the EM sovereign with such sloppy protections, eh?