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Politics : Welcome to Slider's Dugout

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To: jim_p who wrote (6885)	11/5/2007 6:33:32 AM
From: SliderOnTheBlack	Read Replies (3) of 50231

"SFAS 157 = LTCM x 10" - Is Citi BANKRUPT? jim p, SFAS 157 (the new accounting rule) could rock the markets. In fact, it already is. The LTCM crisis was caused by their burning through just $4 Billion in capital. Only $4 Billion caused that crisis. Here's what we know so far about - this crisis: We just saw Merrill write off $7.9 Billion. Citibank is writing off $10 Billion. They weren't the first and they won't be the last. Before this is over - we will exceed LTCM by 10-fold. Here's an interesting blog post that asked the question: "Are Citibank, Goldman Sachs & Merrill Lynch - all bankrupt?" goldsilverstockcharts.wordpress.com It's starting to smell like one giant "Enron" isn't it? Tonight's smackdown... a walk down Subprime Memory Lane, a revisit of "Liquidity vs. Reality" and the "LIE" formula that's worked so well (so far) for Paulsen and Bernanke... and some ideas on how to trade it. Mo later, S.O.T.B. PS: Isn't it amazing how Fannie Mae is staying under the radar and off the headlines? They are holding "the mother lode" of subprime paper -- and you and I are "guaranteeing" it.

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