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Non-Tech : Bill Wexler's Trading Cabana

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To: The Reaper who wrote (2617)	8/16/2007 5:39:43 AM
From: RockyBalboa	Read Replies (2) of 6370

Wide spread problem: >>>>>>>>>>>> BNP Paribas (FR:013110: news, chart, profile) , one of the largest banks in France, said last Thursday that it would stop valuing three asset-backed securities funds while suspending investor withdrawals. U.S. subprime-mortgage woes, the company said, led to a "complete evaporation of liquidity" -- a notable sign of how housing market troubles in the world's biggest economy are rippling across the globe. Other asset-backed securities funds from Union Investment, Frankfurt Trust and WestLB Mellon Asset Management have also been halted. In addition to the halting of those funds, there are European money-market funds -- so-called "enhanced" money-market funds -- that have investment exposure to the asset-backed securities sector. According to data compiled by Morningstar, there are more than 500 of enhanced money market funds available in Europe, though not all are invested in asset-backed securities. More than 25% have declined in value over the last month. <<<<<<<<<<<<

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