1worldcurrency

Preview from Europe: Geithner Fails to Deliver

If he doesn't acknowledge by now that securitized lending is a giant Ponzi shell game he's either part of it or quite stupid.

No Happy Ending for Auction Rate Securities Mess - Barron's

There is no cash. Merrill Lynch will be bankrupt before they buy that 12 billion.

Will 'Dark Pools' Be the Capital Markets' Next Black Holes?

When I was a kid of about 9, my dad would occasionally take me out to Aqueduct Raceway. I wondered why neither he nor his group of friends
went up to the window very often. He explained in hushed tones that he was part of a "pool" which extended beyond their immediate group. We had paid the admission fee, why should the track get a piece of the action among 'friends". This is nothing particularly new or surprising.

Writedowns and Capital Raised by Financial Firms

interesting the way they decided to change their accounting so that loans are not delinquent until 180 days instead of 120. Very shady.
Also beware their black box of tier 3 assets.

Writedowns and Capital Raised by Financial Firms

Good luck staying solvent with Wells Fargo. They are overextended in the worst real estate markets with a growing percentage of non-performing loans. Alt-A will finish them off.