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Strategies & Market Trends : The Residential Real Estate Crash Index -- Ignore unavailable to you. Want to Upgrade?

To: Think4Yourself who wrote (92423)	10/19/2007 9:12:54 PM
From: Qualified Opinion	Read Replies (1) \| Respond to of 306849

Pimco, Fidelity to join SIV rescue fund - Draghi Fri Oct 19, 2007 9:08pm EDT WASHINGTON, Oct 19 (Reuters) - Investment fund giants PIMCO and Fidelity have joined the so-called super SIV fund set up by three big U.S. banks, boosting confidence in the plan, Bank of Italy Governor Mario Draghi said on Friday. Draghi said U.S. Treasury Secretary Henry Paulson had discussed the fund with officials attending the G7 meeting of central bankers and finance ministers. "Paulson has done a short briefing on the SIV fund," Draghi told journalists at the close of the G7 meeting. "PIMCO and Fidelity have joined." Bank of America Corp (BAC.N: Quote, Profile, Research), Citigroup Inc (C.N: Quote, Profile, Research) and JPMorgan Chase & Co (JPM.N: Quote, Profile, Research) said on Monday they plan a fund aimed at preventing the dumping of billions of dollars of bonds within Structured Investment Vehicles (SIVs) and linked to subprime mortgages and other debt. PIMCO is the world's biggest bond fund and Fidelity is the world's biggest mutual funds firm. Calls to Fidelty and PIMCO were not immediately returned. PIMCO's support for the super SIV fund comes as a surprise after Bill Gross, the chief investment officer of Pacific Investment Management Co. or PIMCO, criticised the effort as "a little lame" in a television interview. Draghi, however, said the presence of the two giants would boost confidence. "Some have criticised the fund because they think it could be a way to delay the realisation of losses but with the presence of PIMCO and Fidelity, we are more confident," he said. "We know that it will take a lot of time and work to get the fund working." Link; reuters.com

To: Think4Yourself who wrote (92423)	10/20/2007 9:59:13 AM
From: Smiling Bob	Read Replies (1) \| Respond to of 306849

You don't really think that was THE sell-off? The correction that puts the entire sub-prime mess and lingering effects on the world economy that has been vastly understated up until recently, in its place? The HBs sink, then almost everything else. That hasn't happened yet. Retailers have fallen some, financials just starting- but much more room all around. And then they have to wallow for awhile. Friday was the tip of the iceberg. If WS falls for the "rate cut's going to relieve and cure" rally again, it will be much smaller and briefer. Mainly because of the skepticism that's grown surrounding the health of US and the data that's provided. The overseas investors are catching on- govt either in denial or lying Message 23982823