WASoF
bumpy ride
Wait. Isn’t this what got us up this creek in the first place?
We have “Toxic Assets.” Leveraged to the hilt. No one knows what they’re really worth. Not sure anyone will ever buy them. We gotta get ‘em off our books.
Haaave a coookie...
Morgan Stanley plans to repackage a downgraded collateralized debt obligations backed by leveraged loans into new securities with AAA ratings in the first transaction of its kind… . The bonds were created from Greywolf CLO I Ltd., a CDO arranged in January 2007 by Goldman Sachs Group Inc. and managed by Greywolf Capital Management LP, an investment firm based in Purchase, New York.
MMmm.... yummie coookie
Two years after the credit markets began to seize up, costing the world’s biggest financial institutions $1.47 trillion in writedowns and losses, banks are again taking so- called structured finance securities and turning them into new debt investments with top credit ratings.
...Structured finance securities fueled the writedowns and losses at the world’s biggest financial institutions since the start of 2007, helping to plunge the U.S. economy into the worst recession since the 1930s.
Yer killin’ US, here!
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