In light of Friday's Futures Fireworks and Moral Hazards Bernanke better have a spare helicopter ready just in case he burns out the motor in his current one too quickly. I have located one for him already. In a hedge fund blowup liquidation sale John Devaney who previously put his boat 'Positive Carry' up for sale is now seeking to dump his helicopter for $11 million. The reason cited for the sale was 'changing corporate travel requirements'.And just as Devaney's need is diminishing, it is increasingly clear that Helicopter Ben needs some emergency backup. It's funny how the market works that way. Mike Shedlock / Mishhttp://globaleconomicanalysis. blogspot. com/
BEA 4th Quarter GDP 1st Estimate 0.7% Q&A: Why Did GDPNow Rise After Durable Goods? When are Construction Revisions Coming? Moody's Investors Service on Thursday placed Ambac Financial Inc (ABK), which insures more than $500 billion in bonds, on review for a possible ratings cut, an event that could trigger similar downgrades on billions of dollars of debt. A cut could mean the ratings on the bonds it insured -- which amount to $556 billion in value -- would also be lowered, forcing the owners of those bonds to mark down the value of their portfolios. Moody's announcement came after Ambac, hard hit by the turmoil in credit markets, said it was recording a $3.5 billion write-down, equivalent to nearly two-thirds of its net worth, and plans to raise $1 billion in new capital to maintain its ratings. MBIA Inc (MBI), the world's biggest bond insurer, sold $1 billion of surplus notes last week to shore up capital and preserve its crucial triple-A rating. 'The markets are...
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