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Politics : Formerly About Advanced Micro Devices -- Ignore unavailable to you. Want to Upgrade?

To: michael97123 who wrote (402949)	7/30/2008 1:47:41 PM
From: tejek	Respond to of 1574005

they sold it for 20 cents on the dollar and financed 75% of the sale. Doesnt mean the purchaser doesnt own the cdo and is responsible to pay off the balance. I am pretty sure i am correct on this. Only if the CDOs turn out to have value. And what about the 2006/2007 garbage?

To: michael97123 who wrote (402949)	7/30/2008 1:51:38 PM
From: tejek	Respond to of 1574005

Oil jumps $3 after report says gas supplies fell 19 minutes ago By STEVENSON JACOBS AP Business Writer (AP:NEW YORK) Oil prices shot up Wednesday, jumping more than $3 a barrel after the government reported a surprise drop in U.S. gasoline supplies. But analysts said the market, despite the big advance, is still concerned that high prices are choking off demand. Light, sweet crude for September delivery rose $3.61 cents to $125.80 a barrel in early afternoon trading on the New York Mercantile Exchange. The contract had fallen below $121 a barrel earlier in the day, and closed $2.54 lower on Tuesday at $122.19 a barrel. The Energy Information Administration said in its weekly inventory report that U.S. gasoline supplies fell by 3.5 million barrels last week. Analysts surveyed by energy research firm Platts expected gas supplies to increase by 400,000 barrels. U.S. crude stockpiles also fell by 100,000 barrels last week, less than the 1.3 million barrels analysts had predicted. The drop in gas supplies suggests record oil prices haven't curbed U.S. fuel demand to the extent that some energy market experts had anticipated following crude frenzied run above $147 a barrel earlier this month. "It's stopping the bearish momentum that we've seen over the last few days," said Phil Flynn, analyst at Alaron Trading Corp. in Chicago. Still, analysts said oil's recovery doesn't mean prices are about to go higher again, but rather shows that traders saw a short-term buying opportunity after Tuesday's sell-off. "I still expect to see further air being let out of this balloon," said Stephen Schork, an analyst and trader in Villanova, Pa. He noted that U.S. demand for energy is falling across most sectors. Inventories of distillates, which include heating oil and diesel, rose by 2.4 million barrels, more than the 1.8 million barrels expected, according to the EIA report. And Americans continue to cut back on their driving to cope with almost $4-a-gallon pump prices. The average price of a regular gas fell 1.5 cents on Wednesday to $3.926, according to auto club AAA, the Oil Prices Information Service and Wright Express. "We clearly have demand destruction," Schork said. Before Wednesday's modest rebound, crude prices had dropped in seven of the last 10 sessions, and are down about 17 percent from their peak above $147 a barrel earlier this month. Prices remain about 60 percent higher than at this time last year. Comments from OPEC President Chakib Khelil indicating he did not see a need for the oil cartel to cut production if prices continued to fall were pressuring oil prices, according to analysts at JBC Energy in Vienna. The dollar was stronger Wednesday against the euro, limiting oil's gains. Investors buy commodities as a hedge against inflation and a weaker dollar but tend to sell when the American currency strengthens. Lending some support to oil prices was Tuesday's announcement from Royal Dutch Shell PLC that it may not be able to fulfill some oil export contracts after Nigerian militants sabotaged a pipeline in the Niger Delta. Militant attacks on Nigerian oil facilities have trimmed nearly one quarter of the country's regular daily output. The strongest Nigerian militant group, the Movement for the Emancipation of the Niger Delta, said it sabotaged two pipelines early Monday in the southern oil-producing region. In other Nymex trading, heating oil futures fell 2.67 cents to $3.4455 a gallon while gasoline prices gained 1.53 cents to $3.023 a gallon. Natural gas futures fell 11.3 cents at $9.017 per 1,000 cubic feet. In London, September Brent crude fell 8 cents at $122.63 a barrel on the ICE Futures exchange. ___ Associated Press Writers Pablo Gorondi in Budapest, Hungary and Alex Kennedy in Singapore contributed to this report.