Monday, Oct 15, 2007
Titanic Losses
WSJ: Rescue Readied By Banks Is Bet To Spur Market
The high-stakes plan to rescue banks from losses on mortgage securities amounts to a big bet that a consortium of financial giants -- at the prodding of the U.S. government -- can persuade investors to pour more money into the troubled credit market.
Over the weekend, the Treasury hosted talks to help a group of banks set up a $100 billion fund.
Oh the SIV iceberg looms on the horizon, Question is are there enough lifeboats?
Posted by yoss @ 01:16 PM (279 views) Add Comment
3 Comments
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1. planning4acrash said...
Wait a second, are banks proposing to buy their own securities?! Well, nobody else will buy them any more. Another CDO game of hot potatoes anybody?!
2. Kitten said...
Isnt this amazing. Just like the bankers in the US 1929 stock market crash. It didnt work.
3. wiltshire said...
I'm not smart enough to understand exactly how this stuff works, but I'm guessing that all the banks are going to do now is find more and more elaborate ways to keep the carousel turning whilst they carefully arrange their own safe exits leaving, as ever, the average Joes holding, well, nothing at all eventually.