Richard Shinnick

The Monolines Need $200 Billion? No Way

Tom, question for you. Whether the number is silly or not, if it is $1 more than they will actually need, they fail. So, if they will actually need $15 billion and can only raise $10 billion, they fail, right? So, dumb question, what difference does the number mean for the monolines? They may be toast anyway. It really is only relevant for the counter-parties, right?