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

To: Hawkmoon who wrote (113012)	3/26/2008 11:00:51 PM
From: James Hutton	Read Replies (1) \| Respond to of 306849

I haven't looked at their financials for a couple quarters, but I did have significant assets in their bank, before it imploded. Their foray into banking went horribly bad, because of their exposure to MBS and HELOCs, which were bought for 0.27 (max) on the dollar. The guy who masterminded all that resigned, but is still on the board likely making money he doesn't deserve, so don't put too much stock in corporate management. It's not too big to fail, but it has a lot of borkerage accounts that would be likely taken by another bank and/or brokerage if things got worse. I guess I should say in a quasi-free market, which we had until recently, it was not too big to fail. Now, who knows? I wouldn't touch it here except with what you can afford to lose. If BSC can go under in two days, ETFC can do it faster. It's nothing more than an expensive call option. BWDIK