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To: NOW who wrote (61393)	12/11/2002 10:47:01 PM
From: Perspective	Read Replies (1) \| Respond to of 209892

Yeah, I'm still reading through that 66 (!) page document by Gotham. The stuff I posted was my hunch, but I didn't have the data to back it up. If that sh*t is true - it's LTCM^2. They have no business being AAA, and the SPV consolidation will force the issue. I can't believe S&P is still backing their rating. That $8.6B in hidden liabilities totally destroys their credibility, and reduces their claims of "no-loss policy writing" to confetti. Now I just need to dig on my own to verify that Gotham is telling the truth on the SPV exposure. Big difference between a company with no debt against $4B of equity and one with $8.6B of debt against $4B of equity. Backing those short-term debts while UAC or Onyx is in the middle of rolling up a securitization is the nail in the coffin IMO. The biggest difference between the MBIA scam and Enron is that this one will fvck every municipality and touch even the most conservative investors when they go BK. It will be the most massive simultaneous debt downgrade the financial world has ever seen. BC