Friday, Jan 18, 2008
Anybody got some deck chairs that I can re-arrange?
FT: Ambac left reeling as Fitch cuts triple-A rate
Fitch cuts Ambac AAA credit rating thereby reducing its ability to issue new buisness, this is the start of the next phase of the credit crunch.
Posted by who stole my pension? @ 09:30 PM (374 views) Add Comment
4 Comments
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1. lvmreader said...
Holy Cr*p
This is Game Over for some clowns.
2. lvmreader said...
The Good News and the Bad News about Synthetic CDOs
Evil Pension Fund Manager (EPFM but written EPMF): [Brooklyn Accent] Mr Schmo, about your pension I have some bad news and some good news.
Joe Schmo (JS): [Looking worried] Well what's the good news?
EPMF: Well it's like this. We had a little bit of a problem. We lost all your pension money. It's gone. That's it. And there's nothing anyone can do.
JS: Eh! WTF! And you say that's they good news. How the f**k is that good news?
EPMF: Well we still got our 10% cut.
JS: [Ashen faced] Well what's the bad news?
EPMF: We need your house. Well actually it now belongs to (rustling papers) The Government of Kyrgyzstan
JS: [Now angry] But I paid off that house with 40 years of lowly paid productive labour. I have never even HEARD of Kyrgyzstan, let alone invested there.
EPMF: Well it's like this: There is a group of products called CDOs which involve slicing and dicing loans. We invested in Synthetic CDOs and it turns out that MBIA and AMBAC got downgraded and now we have no insurance. So the buyers of the slices of the CDO are now on the hook for 7 times the amount they invested. So that means you and your house..... Hey! Mr Schmo!, what you doing?!....AAAAAAAARGH
JS: [Sound of chainsaw starting] I'll show you some slicing..........................
3. happyrenterz said...
The puncture in the bubble just got a lot bigger. Big time deflation.
4. Dohousescrashinthewoods said...
Smack. Damn that's gotta hurt.