Seeking Alpha

Kinabalu » Comments » CL

  • Merrill Fire Sale - Cramer's Mad Money (7/29/08) [View article]
    MERs press release on the sale of the $11.1 billion "super senior" CDOs is a joke. They claim to have sold the securities for $6.7 billion ($0.22 per $ for the face amount of $30 billion) and taken a writeoff for the $4.4 billion difference. What they actually received was $1.7 billion in cash and a note for $5 billion from the buyer for the balance. The buyer is an affiliate of Lone Star with no assets other than the sold CDOs. Calling this a sale for $6.7 billion is ridiculous. The writeoff should be $9.4 billion.

    Is Cramer saying the model for Citigroup, Wachovia and Washington Mutual for “what they have to do to save themselves” is lie and distort?
    Jul 30 14:19 pm |Rating: 0 0 |Link to Comment
More on CL by Kinabalu
Comments by Ticker
AA, AAI, AAPL, ABK, ABT, ABX, ACAS, ACI, ACWI, ADM, AEM, AEP, AETUF.PK, AG, AGG, AGL, AGNC, AIB, AIG, AIV, ALK, AMD, AMKR, AMR, ANH, APA, APC, ATO, AU, AXP, AZ, BAC, BAC-PL, BBH, BBT, BBV, BBX, BCS, BDD, BGM, BHI, BHP, BKUNA, BMY, BND, BNI, BNPQY.PK, BP, BRK.A, BRK.B,
Kinabalu's
Comments Stats
293 comments
Rating: 244 (345 - 101 )