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Politics : Ask Michael Burke -- Ignore unavailable to you. Want to Upgrade?

To: Alias Shrugged who wrote (103552)	3/9/2006 6:09:08 PM
From: Knighty Tin	Read Replies (1) \| Respond to of 132070

My guess is that they've looked at the bizarre derivatives and their "let's pretend" valuation, and, unlike Warren Buffett, haven't figured out that they must be kicked out of the portfolio ASAP. General Re is still losing money on its derivatives program, years after Buffett started eliminating it. Like The Queen Mary II trying to come to a screeching halt, these huge portfolios can't regurgitate this stuff quickly. And Fannie is much bigger than General Re. I think the Treasury is looking at the possibility of the collapse of the entire US financial system unless Fannie gets this crap under control. But that's looking on the bright side. <VBG>