Saturday, July 26, 2008

Citigroup banking research reckons ANZ and NAB are the leading candidates. ANZ heads the list with a $23 billion exposure to credit default swaps (CDS) and NAB with its conduits (off-balance-sheet dumping grounds for things you can’t sell).

NAB's ugly surprise

As a consequence, local councils all around the country who were sold CDOs by investment banks for their lovely yield, their safety and their credit rating are now sitting on hundreds of millions of dollars of dud securities.

Posted by big chris @ 09:51 PM (449 views)
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