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Strategies & Market Trends : 2026 TeoTwawKi ... 2032 Darkest Interregnum -- Ignore unavailable to you. Want to Upgrade?

To: Elroy Jetson who wrote (31327)	3/19/2008 1:13:36 AM
From: TobagoJack	Respond to of 218180

cb ilaine would, i suppose, call them 'the victims' in any case, this just in in-tray quote The CDS are coming in because the trade was a disaster for Bear Stearns shorts they ended up with losses even though they made the right assessment. It was the equity holders that were carried out, not the bondholders. Smart move on the part of the Fed. We should now expect a lot less speculation in the CDS markets - basically a lot less CDSs altogether. David Rocheâ€™s liquidity pyramid unwind just stepped up another gear. Don't take the credit spreads narrowing as a major positive - it is another nail in the coffin of financial companies' earnings going forward (and bonuses). Anyone else hear that two ECB governors and three BoE officials, including King, cancelled trips yesterday? Action turns to Europe? Interbank yields are going the same way as they did prior to Northern Rock yet again¦ unquote