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Strategies & Market Trends : Mish's Global Economic Trend Analysis
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To: RealMuLan who wrote (70837)11/2/2007 5:09:17 PM
From: Chispas  Read Replies (1) of 116555
 
In seeking the truths revealed by that analyst -

This one pointed out something that I'd not thought of:

"Goldman Sachs reported that in the third quarter of 2007 its profits on derivatives used for hedging more or less matched its losses on subprime mortgages. It is likely in reality that the bulk of those profits were incurred through model-based write-ups of value on contracts that were within the Level 3 category - after all, Goldman's Level 3 assets increased by a third during the quarter."

atimes.com
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