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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: pater tenebrarum who wrote (63387)1/31/2001 2:50:02 AM
From: patron_anejo_por_favor  Read Replies (2) of 436258
 
<<note: financial services income statements and balance sheets are among the most opaque around...no-one can lie better than they do. virtually every sub-prime lender that went belly-up in recent years had a 'record quarter' just prior to going into ch. 11.>>

You've got that right. Their balance sheets are black boxes, from which no light escapes! Sorta like BAC when the Cali-Ute stuff hit the fan, all we got was rumors and denials, untill they had to 'fess up because of defaults (and of course, recent press releases documenting extended lines of credit). Only the lord and their CFO know what their derivative books look like....and I'm not so sure a lot of these CFO's have more than a passing familiarity with what they've got (think of Merriwether during the LTCM/LLCF fiasco)....
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