Standard Chartered's Siv Forced Into Receivership

[crash2006]

http://www.telegraph.co.uk/money/main.jhtm...bcnstand111.xml

Standard Chartered has been forced to place Whistlejacket, the structured investment vehicle (SIV) it manages, into receivership after credit market problems slashed the value of the SIV's assets in half.

now the ball is going to roll.

[lowrentyieldmakessense(honest!)]

However, Standard Chartered said it "will discuss with the receiver, once appointed, alternative

Instead of putting up the liquidity line in gradual tranches, Standard Chartered is likely to have to provide all $7.15bn upfront for the receiver to accept its proposal. The bank stressed that "neither the enforcement event itself, nor any such future arrangements, if executed, would be expected to have a material impact on Standard Chartered's 2008 earnings or capital resources".

Standard Chartered continued to insist that the assets are "high quality".

please wipe your mouth as there is a tiny bit of bu11 sh1t around your lips

[OnlyMe]

Old Whistlejacket returns.

There's more, lots more.

http://www.housepricecrash.co.uk/forum/ind...l=whistlejacket

[Optobear]

http://www.telegraph.co.uk/money/main.jhtm...bcnstand111.xml

now the ball is going to roll.

I wonder if the English language will change

"leaking like a sieve" to "losing like a SIV"

[A.steve]

Old Whistlejacket returns.

There's more, lots more.

http://www.housepricecrash.co.uk/forum/ind...l=whistlejacket

The second of the two links in the first post of the referenced thread is broken...

Can you explain to a newcomer what Columbia Management is, and what the first tables represent... and why you're interested in them.

It looks as if it would be interesting if I understood what it meant... I've never heard of Columbia Management... is that Columbia, the country???

Edit... Duuuh.... OK - re-read... I get it now... Though any further background would be interesting. Did you target BoA simply because you had data for them?

Edited February 11, 2008 by A.steve

[Its time to buy]

Yep this turd is tripple "A" turd. Finest turd you can buy. Great returns.

[laughs behind your back haha what a fool]

[OnlyMe]

The second of the two links in the first post of the referenced thread is broken...

Can you explain to a newcomer what Columbia Management is, and what the first tables represent... and why you're interested in them.

It looks as if it would be interesting if I understood what it meant... I've never heard of Columbia Management... is that Columbia, the country???

Looks like Columbia Management (just a name) are the (or one the) fund management arms of Bank of America. If you had a retirement account in the US for example you may have money parked in money market funds (interest bearing funds) based on the debt from various sources. The various sources in this one in particular should raise a few eyebrows. Most of it seems to be debt related to mortages and what look to be SIV entries too. Many people take these money market funds to be 100% safe!

Did you target BoA simply because you had data for them?

Looked up the names of a few SIVS to see where they might be held and lo and behold a whole list of other mortgage crocks appeared.

Edited February 11, 2008 by OnlyMe

[trompe le monde]

and in the Times:

http://business.timesonline.co.uk/tol/busi...icle3353569.ece

the implications are that this could be a domino that triggers further losses.

Analysts feared that if Whistlejacket sold its assets cheaply, it could compel other SIVs to revalue their own assets and they, in turn, could become forced sellers. Willem Sels, a credit strategist at Dresdner Kleinwort, said: “There's some sort of self-fulfilling prophecy or spiral in these types of things.”

TLM