Friday, Nov 09, 2007
Merrill Lynched - 27bn up the aisle....
Timesonline: New wave of debt pain hits Merrill and Dresdner
I promise that Morgan Stanley's $3.7bn is just a small downpayment on the blood and tears.
If Merrill is on the hook for $27bn, Morgan Stanley, Citi, JPMorgan, Barclays all have losses at least as big.
Watch out for merger announcements and jail terms. Think the US Economy cannot fail, think again.
Muhuhahahahaha!
Posted by lvmreader @ 11:41 AM (482 views) Add Comment
5 Comments
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1. paul said...
You may be right that this is just the tip of the iceberg. Nevertheless, the subprime strategies of these banks were just that - strategies. The banks with the least exposure will be the winners that's all. No collapse required - do not adjust your seats.
No?
2. lvmreader said...
Trust me, I prefer order to chaos, but I cannot see how the US Economy will survive in its present form.
It will have to morph into something else, but then all the lectures about corporate governance to other countries like Burma (Myanmar) etc will ring hollow.
3. Stillthinking said...
Incredible really. All the talk about the fact that paper currency is intrinsically worthless and cannot be exchanged for gold...
Then you can't even get the worthless paper back !
4. Pjd123 said...
Yet more schadenfreude on a subject that will leave no one unscathed.
Pathetic and bitter.
I want house prices down as much as the nexy guy, I also think that people who ramped up the housing market to unaffordable proportions deserve everything they get.
I just don't understand the lust for a global economic depression that will lead to misery for millions of people, whether they own a home or not.
5. lvmreader said...
RE: Lust for crash
@PJD123,
Imagine someone who called this precise mess - even started using the term Credit Contagion 4 years ago.
Imagine the same person telling all those braying idiots who boasted about the "equity withdrawl" why they were so wrong on so many levels.
Imagine having to listen to their bulls**t for 5 - 7 years, while knowing through the study of economic history what was coming.
Not lust, vindication. And certain among us have taken steps to protect themselves from over 5 years ago.