NARSpin

Another Gift from the FASB

>Many of the Level 2 assets are marked to
> unrealistic prices from indices with no good arbitrage, like the ABX.]

This is a poorly researched article. That is completely inaccurate. Banks are not marking to the ABX. They may use the ABX as a guide, but do not mark to it.

Proof is in the pudding - UBS, Citi and Goldman all dumped assets in a firesale that they had carried on the books at *SIGNIFICANT* difference to what they were ultimately sold for. In UBS case, they were carrying toxic alt-a paper at .96, and sold to Billy Gross for somewhere around .80.

How to Trade This 'Bear' Market - Barron's

This is once again one of Douggie Kass's classic "too early" moments. If he covered MER,MS,LEH before Friday - he missed a ton of easy money. Expect Monday to be no different.

Monoline Duoline Rescue Plan: 5th Time the Charm?

This is just another suckers rally drawing in some more "bottom fishers" trying to time the bottom. I almost feel sorry for them. It's actually good to shake out these players - as it will eventually allow a real bottom to form.