Happy hour Thursday? Or weekend bender?
Let’s not forget…this pile is level 3 “property.”
UPDATE: Goldman Sachs says it’s out of the woods, with a net short (?) position in mortgage-backed securities and collateralized debt obligations. Ten seconds later (or was that ten seconds before), Larry Fink of Blackrock (one of the creators of the mortgage-back securities market) says things are going to get worse for the market and its prime sources of capital. Bank of America inches along, writing off $3 billion for this quarter. Between Deutsche Bank and Lehman brothers, the guestimated losses still range between $250 and $400 billion (only a fraction of which has been reported so far) – a number of bankers indicated they won’t be disclosing additional losses until the annual reports come out in early 2008.
Me thinks everyone’s fishing for one last bonus.