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Strategies & Market Trends : The Epic American Credit and Bond Bubble Laboratory

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To: Claude Cormier who wrote (63452)	6/12/2006 12:53:12 PM
From: mishedlo	Read Replies (1) of 110194

It cost them $814M in the 1st quarter. But they were able to manage it seems. Don't ask me about this off-balance-sheet accounting, I don't understand it. It did not cost them anything of the kind. It potentially cost them lost profits but not all at once. If it actually cost them close to $1B they would be out of business I think. That "cost" presumes they did not have any of those hedges on and then all of a sudden hedged everything when gold was at $700. They lose additional profits every quarter. It do not happen all at once and it is not a real cost of anything but "potential profits" Mish

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