By Dennis Pettit, MNI

‘Twas a tough year for trading, hedge funds didn’t do well
Correlations broke down, trading was hell.
A eurozone debt crisis was well under way,
With dozens of headlines, each and every day.
First Ireland was broke, and Greece close behind
Their spreads moved on out, as borrowers they’re not prime.
Portugal too, needed cash in a hurry,
Who’s next soon became the market’s main worry.

Japan had its earthquake, a disaster so sad
The yen it did strengthen, the MOF said that’s bad!
Intervene as they did, with some friends in G20
Didn’t matter too much, traders bought yen aplenty!
Arab Spring did unfold, in front of our eyes
We watched crude oil surge, boy did that price rise!
Governments they were toppled, Egypt’s, Libya’s et al
We soon became experts on the Suez Canal!
And on into summer, Europe’s debt crisis did worsen
Too many headlines, seemed like every person
In government in Europe, had something to say
But in FX land we traded, sold euros every day!
And Treasuries rallied, those yields they did drop
Bill Gross thought it was over, but they still didn’t stop!
Ten year yield below 2%, just how crazy is that?
Means your retirement investments, pay diddly-squat!
And then early August, the US rating was cut
Some said it’s disaster, Congress apparently thought not!
Can’t get a budget together, no matter how hard they try
It’s enough to make the taxpayer, break down and cry!

And Wall St had a little shake of its own
Though no buildings rattled, nor did they groan.
A quake in Virginia did jiggle the ground
We all ran outside, ’til the cause it was found.

And what of the protesters, the Wall St occupiers?
They took over Zucotti Park and handed out fliers.
Other cities too, there’s a message, beware
They want income equality, they think that’s only fair.
And the eurozone crisis, it continued to bubble
Despite many a Summit, it continues to be trouble
Merkozy and others, trying to sort out the mess
But each high level meeting, seems to deliver less and less.
But there’s new plans afoot to clean up the mess
From Greek loan haircuts, to the EFSF
A new ESM, and LTRO and the IMF
Leaving traders heads shaking, asking WTF!

But too late for one firm, they made some big bets
Their record was worse, than the New York Mets
The Senator from N.J., he’s looking for the money
The investors and workers don’t think its funny.

Some leaders have passed, one sleeps with the fishes
To others retired, we’ll send our best wishes
That Silvio guy, he looks pretty hearty
Can’t wait for an invite to his next bunga party!

To that ECB guy, Jean Claude Trichet
With Europe in tatters, he got out of the way
A scheduled retirement, in comes Mario Draghi
As the eurozone economy starts to look soggy.

With the holidays upon us, we’ll offer our greetings,
May year 2012 be a good one, with only a few meetings.
May your profits be plenty and your losses be small
We’re here alongside you, working for all!

Happy holidays and a successful New Year from your scribes at
MNI and NTKN.