Open Question
I was accepting how they were poo pooing the impact of the auction rate
securities matter until I just read on blogging stocks that there are $330
billion of these securities. Ouch. That is not chump change. The financial
institutions that sold them could be in for a substantial hit if they have to
take them back and then sell the underlying municipal bonds. That is a large
pile of munies to be sold at a time when many municipalities are being hit by a
declining tax base because of the housing crisis. This, in turn makes it hard
for the municipalities to sell new bonds.
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yes and C is already being made to buy them back and refund everyones money at a
tune of over 8 billion not including the 100 million in fines.and any other bank
that they will find that screwed these people onto buying worthless goods. the
word ouch will not even begin to describe it...chris
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I've beem hearing of this since spring. From the days of monolines getting hit.
The noise has been turned up since June. I have not heard CNBC with this.
Then again I don't get to watch the dayside of it, but BB Radio talks about it.
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I've beem hearing of this for since spring. From the days of monolines getting
hit. The noise has been turned up since June. I have not heard CNBC with this.
Then again I don't get to watch the dayside of it, but BB Radio talks about it.
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I left out the URL.
http://www.bloggingstocks.com/2008/08/07/cuomo-gets-citi-to-buy-back-7-billion-w
orth-of-auction-rate-sec/
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