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.

Financials Offer Patient Bulls Many Opportunities

uber spin at it's finest.

Pick Up Undervalued Financials - Barron's Interview

It's funny watching all the bottoom fishers for financials,commercial real estate and the such. The streets will be "littered with corpses" of these bottom fishers as the air slowly leaks out of the baloon.