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Life, Death and Distressed Debt (w/ Lee Buchheit) | Interview | Real Vision™

2,493 views · Published 17 August 2018 · 2:39 · Indexed 12 November 2026

Channel: Real Vision Presents · 2018 · News & Politics

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In this interview with Greylock Chairman and CEO Hans Humes, Lee Buchheit unveils how he operated during the Brady Era and also discusses his approach for negotiating with governments, banks and world leaders.

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Life, Death and Distressed Debt (w/ Lee Buchheit) | Interview | Real Vision™https://www.youtube.com/c/RealVisionTelevision

Transcript:
A story that I sometimes tell is-- some years ago I was on tour in the Loire Valley in France-- the chateau tour, you know? And we went into this one chateau, and there was an old oak bedstead from the 14th century. So this was plague time in Europe. And on the top was a carving. The carving had, on the left, a cloaked and hooded figure, a skeleton and a bony finger pointing out like this. And on the other side was a group of young people dancing around a maypole. And the legend translated as-- and this is the skeleton speaking-- pointing to the young people-- "What you are, I once was. What I am, you soon shall be." Now, plying that parable to sovereign debt, the last thing you want is when Ruritania finally comes out of its debt crisis and begins to go back to the market, is to be sitting in a room with a group of bushy-tailed investors who were being jollied into buying the new Ruritanian bond-- the last thing you want is some guy in the bag holding up one of your defaulted bonds saying, "What you are, I once was. And what I am, you soon shall be." So I think people on your side of the table probably underestimate that concern, at least, that an enlightened sovereign will have, to the longer-term damage to its reputation. Of course, politicians are politicians. And get me through the next month, and that's an eternity. But at least, some of the bureaucrats will have to have an eye on the more durable reputation, for good or ill, that the country will incur.

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