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Pls turn to page 33.
Jun 22 17:08 pm
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All Comments by Bill Murray »MBIA: Moody's Twists the Knife [View article]
library.corporate-ir.n...
Thats $129 billion of CDO exposure. $129 billion. No one has booked this stuff to its true value so its difficult to tell what this stuff is really worth (and what these guys will have to pay out in insurance claims). Well, actually, JP Morgan put a $2 price tag on this stuff when they bought Bear Sterns ($150/sh company a few months earlier)? So if JP Morgan says $150 is now worth $2, wouldnt you have to say that $129 billion is now worth, 1.7 billion? Yikes.