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Strategies & Market Trends : John Pitera's Market Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Augustus Gloop who wrote (8405)	11/13/2007 4:23:30 PM
From: Hawkmoon	Read Replies (2) \| Respond to of 33421

You all read the WSJ article that mentioned Buffet is out there shopping around re-insurance coverage for CDOs and CMOs? Never owned Berkshire, but after article I'm starting to think about it.. He's sitting on $45 Billion in cash and I can't think of a better "blood in the streets" scenario than what's happened in the asset backed securities market. Hawk

To: Augustus Gloop who wrote (8405)	11/13/2007 11:00:24 PM
From: John Pitera	Read Replies (3) \| Respond to of 33421

CATEGORY---- THINGS YOU CAN JUST TELL NOT WORK OUT WELL----- ``Just because they're in Level 3 doesn't mean we're not pricing them correctly,' Goldman Chief Accounting Officer Sarah Smith said in a Nov. 9 interview. ``We mark our positions to the point where we could exit at that moment" This sounds like all the Hubris of Enron's Skilling getting angry at the Press conference when Grubman asked why Enron was the only company that could not produce a balance sheet at the time of quarterly earnings release. Skilling commented, "thanks a lot for the question, asshole." Contrast Goldman's smith's response to that of B of America's response of CFO Joe Price's response this past week "Where valuations will be at the end of the year is anyone's guess," The write-down was in line with recent estimates by some analysts. But the move increased the overall damage to Bank of America to $4.6 billion in write-downs, with no end in sight. Chief Financial Officer Joe Price said. Now I truly admire Joe Price's absence of mendacity and spin, but it kind of reminds me of JP Morgan's measured response as to what would was going to happen to prices in the coming year. Of course, he famously commented that "Prices will Flucuate" You should see Gregory Peters of head credit strategist at Morgan Stanley give his 8 minute interview on Bloomberg. If you swing over there it's still on the main page tonight.