Tour de France - Blazin' Saddles: Rabobank bail-out

Eurosport - Sun, 26 Jul 12:28:00 2009

Following the example set by governments all around the world, Juan Manuel Garate put together a package to save his under-fire institution on Stage 20 on the Tour de France.

CYCLING 2009 Tour de France 20e etape Garate Martin SLIDE - 0

The 2009 Grande Boucle plc had accrued much interest for Rabobank but from the outset the Dutch consortium was in the shadows of rival Danish financial giants Saxo Bank - despite rumours of insider trading between two Luxembourg-based sister companies and the much-publicised crash of the Voigt-Arvesen brand.

While Saxo CEO Bjarne Riis's moneymen met yield expectations by delivering shareholders three winning deals, Rabobank were found out criminally short-selling their wares.

Rabobank's greatest asset, Denis Menchov, saw his stock tumble quicker than Bear Stearns despite positive early forecasts based on Italian-related, non-taxable returns on his giro.

The beleaguered Menchov rallied again and again, but his price kept falling and falling - often in the most innocuous of circumstances - until it hit negative equity, jeopardising any futures contract.

Star floor trader Oscar Freire, who took the green brokers' coat for maximum points delivered in one full session last financial year, failed to match the performance of the peloton's current blue chip portfolio of Mark Cavendish.

While dollar-green Thor Hushovd, the bull market expert from Grimstad, believes common-stock Cavendish may be as tainted as rogue traders such as Jerome Kerviel, the Manx Missile remains on course to blow away all capital gain records and deliver on his bond for his Columbian consortium of telecommunication backers.

Rabobank's future investments hedge Robert Gesink sank quicker than the Northern Rock after taking on toxic debt before his favourite markets - the mountains - had even opened for trading.

Even Joost Posthuma found the extra hours he was carrying out for his fixed-income securities had had a negative influence on his future value increment and was left looking in a state more commonly seen in a man just after death.

Pitiful all-round company performance in the first three quarters saw Rabobank's credit rating plunge as they failed to keep up with the savage bear market of the peloton.

But then along came the Garate kick from derivatives expert Manuel, a recent Spanish merger and acquisition, which bailed out Rabobank at the 11th hour as effectively as any governmental parachute scheme.

Garate - who now has single portfolio successes in the three major markets of France, Spain and Italy - was elected Spain's top tarmac trader in 2005 and has now proved himself in the fiercest commodity known, the Ventoux.

A saviour at 33, the Spaniard is in line for an unethically disproportionate windfall bonus and looks set for a place on the Rabobank board.

CONTADOR, ON L'ADORE: In Spaniard Alberto Contador the Tour has a worthy and much-loved winner. While his in-team rivalry with Lance Armstrong provided much of the early drama in this year's race, BS was never in doubt that the 26-year-old would show his class over the three weeks and end up in yellow.

Although BS's mother always tells him not to trust a man with just one eye-brow, it is clear that Contador makes a big effort to pluck and for that he should be commended. He is certainly the rider of his generation and his future Tour wins will in time make him a worthy successor to the Armstrong hegemony.

Interestingly, the home French support seems to have taken more to the Spaniard than to the American, citing his superior human qualities. And yet, Andreas 'The Droid from Dresden' Kloden aside, BS has never seen a rider more robotic than Contador.

QUOTE OF THE DAY: "Dear Blazin' Saddles you are a complete @#$%. If I¬ ever have the mispleasure of seeing you I'll punch¬ your lights out." A rather uncouth chap called Philc seems to have a lot of beef. Tell us what's wrong, Phillip.

PLAT DU JOUR: One of BS's good friends Mr S recently ate in Paris' swanky Le Bristol restaurant. A mere Australian, imagine his surprise when, while eating his foie gras, the Gallic crooner Johnny Halliday occupied the table next to him and his delightful girlfriend.

Their star-struck-ability intensified during their main course of sea bream and garlic when the actor Alain Delon was seated just metres to their left. To celebrate, they ordered a bottle of a rare vintage from the small vineyard on the slopes of Montmartre. The end.

PREDICTION: Rabobank's rate of return will double with an unexpected deal delivered on the Champs Elysee by Oscar Freire.

Don't forget to follow Blazin' Saddles throughout the day on www.twitter.com/saddleblaze.

Felix Lowe / Eurosport

Comment 1 - 16 of 16

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  1. Overwhelmed. Incredible writing...who knew a poor­ schmuk like you knew so much about money!? And as for­ the reference, chuffed beyond all recognition. An­ extraordinary three weeks of coverage BS. Bravo

    From Mr. S, on Mon 27 Jul 6:16AM
  2. BS, great shame the tour is now over and we will not be­ getting your daily updates. Keep up the good work in­ the future and don't let these numptys leaving­ negative messages get you down.

    From Andrew R, on Sun 26 Jul 10:27PM
  3. Please find another job.

    From chunkybone, on Sun 26 Jul 8:05PM
  4. Brilliant...very clever

    From Shane, on Sun 26 Jul 6:19PM
  5. Comment hidden due to its low rating. Show

    Good Grief... and I thought Sean Kelly was a boring­ git... incomprehensible, inconsequential drivel

    From t5terrier, on Sun 26 Jul 2:37PM
  6. What a load of clichéd drivel!

    From ronbannell, on Sun 26 Jul 11:42AM
  7. Comment hidden due to its low rating. Show

    Your financial analogy is a load of nonsense.Maybe a­ few bottles too many of the local produce were to­ blame.

    From dutch.malongo, on Sun 26 Jul 11:21AM
  8. What a great cycling-focused spin on the world of­ financial machinations. Intelligent and entertaining­ writing; the best this Tour.

    And Ventoux was the most­ spectacular stage for individual and team riding.

    From heliosgaia, on Sun 26 Jul 10:41AM
  9. colin, at age 26 Contador has won 4 Grand Tours, a year­ younger than Lance when he won his first. Watch this­ space.

    From terrytrudgian, on Sun 26 Jul 10:17AM
  10. lance can form as many teams as he wants.........he­ will never win another tdf @ 38 his era as been and­ gone 7tdf will never be matched though

    From COLIN, on Sun 26 Jul 10:05AM
  11. The truth is that BZ are pathetic haters. They hate LA­ and actually anyone whos not brittish.

    From liophy, on Sun 26 Jul 10:05AM
  12. Nice one BS you must have had that in reserve, and­ never mentioned "sub-prime"once.

    From thetrotter, on Sun 26 Jul 10:03AM
  13. Make sure and find a 12 euro pint of black liquid­ feigning guinness (or dearer) off the champs!

    From Michael M, on Sun 26 Jul 8:20AM
  14. That Montmartre vin is pure plonk. There's a­ reason Paris is a city and not a vineyard.

    From Al Zheimer, on Sun 26 Jul 12:07AM
  15. Sorry, but you've written an entire July 2009­ cycling article without using the word­ "polemics". No worries, I've got your­ back.

    From John, on Sat 25 Jul 11:57PM
  16. Dear Blazin' Saddles you are a complete legend. If­ I ever have the pleasure of seeing you I'll give­ you a big kiss. :)

    From Martin, on Sat 25 Jul 11:31PM
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