I seriously can't believe what I'm reading.
The collapse of banks, lenders, financial institutions and hedge funds worldwide is coming.
Everyone head to the shelter, and don't come out for a few months or years. What we're about to witness in 2008 your children's children's children will still be studying.
Markets can stay irrational much longer than you think they can, but at one point... "Mark to Market" anyone? Auditors anyone? This is surreal. Untold billions have already been lost (but not taken) and trillions more are to come.
Wow. If you're not scared now, you will be in a few seconds.
Top CDO Classes May Lose 80 Percent, Barclays Says
Dec. 6 (Bloomberg) -- U.S. mortgage assets in collateralized debt obligations have lost so much value that the top classes of the securities may be worth as little as 20 cents on the dollar in a liquidation, Barclays Plc analysts said in a report.
Initially assigned low investment-grade ratings, about 20 percent to 30 percent of principal would be covered for the ``super senior'' portions of mezzanine asset-backed bond CDOs, which mainly contain mortgage bonds and other CDOs, Barclays said in the report yesterday.
The senior-most classes of CDOs containing highly rated asset-backed bonds would recoup 30 percent to 65 percent, it said.