Last week we cowered as the Irony Gods hurled lightning bolts at the news that Alan Greenspan fully supports JPMorgan's God-given right to lose billions of dollars in unregulated derivatives while being backstopped by the U.S. taxpayer.
Unless the US limits the size of its force and the scope of its "support missions", it will wind up backstopping a corrupt, incompetent and desertion-prone Afghan military in the midst of a civil war, while having fewer logistical and supply resources than it does now.
Technical backstopping support was provided by the Swiss Tropical and Public Health Institute (Swiss TPH), Switzerland.
UBS and Ally have also agreed to provide $100 million in exit financing, while bondholders have agreed to backstop a $55 million rights offering meant to raise additional capital.
But while the European Union rescue package helps backstop billions in losses, a fresh wave of losses is expected to hit banks soon as more beleaguered homeowners default on their mortgages and housing prices continue to tumble in Ireland.
The ideal outcome from the meeting in Brussels on Thursday and Friday, as a rising chorus of central bankers and foreign leaders has made clear, is deliberate movement toward a euro zone in which countries would backstop one another's banks and bonds, while at the same time policing one another's spending.
USA coach Dan Bylsma waited until Wednesday to choose Quick for the first start in goal over Ryan Miller, who backstopped the Americans to silver medals in Vancouver while winning the tournament MVP award.
While the companies are in restructuring mode, the government intends to backstop vehicle warranties to ensure that consumers aren't afraid to keep buying GM and Chrysler products.
It also had to provide for a battery of government programs and facilities to backstop the banks' ability to fund and refund their liabilities while all of this is going on.
Montreal will count on Carey Price to backstop them as well under pressure as he did Team Canada at the Olympics, but Price (while sometimes carrying the squad) is always better when he seems confident in what's happening in front of him.
