$5 Trillion here, $5 Trillion there ... pretty soon, before you know it, it really starts to add up ...
_________________ "If ye love wealth better than liberty, the tranquility of servitude better than the animating contest of freedom, go home from us in peace. We ask not your counsels or your arms. Crouch down and lick the hands which feed you. May your chains set lightly upon you, and may posterity forget that you were our countrymen." -- Samuel Adams
I'm surprised it took this long for people to take notice of this....it has been in the works for a while....I-Banks have a ton of securitized products that are kept off balance sheet....Citi alone has $1 Trillion of this stuff (mtgs, credit cards, if they packaged it, it's there)......wonder why Goldman Sachs barely is taking any writedowns.....$62 Billion in off balance sheet QSPE's and Unconsolidated VIE's......Morgan over $30 Billion......Lehman and Merrill DON'T EVEN LIST THEIR UNCONSOLIDATED ENTITIES ON THEIR FINANCIALS (at least I have not been able to find them as of yet, maybe I missed them, it's entirely possible) if these entities have to bring the unconsolidated stuff on their balance sheet in '09 and the housing crisis lasts through 2010, the writedowns will be enormous......one of my professors talked about this in grad school a few weeks ago........very scary when you think about it.....
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