When GS hit $250, I called them the best short on the market and posted their tremendous L3 losses to prove it. At the time, they were claiming no writedowns on their $73B in crumbling, illiquid L3 asset backed paper.
It’s time, again, to do a little math.
http://www.markit.com/information/products/…
Let’s use ONLY the AAA paper average loss, and [...]
NEW YORK (MarketWatch) — Wachovia Corp. said on Wednesday it lost a stunning
$23.9 billion in the third quarter as it took a massive impairment charge for it
acquisition by Wells Fargo, and added more than $6 billion to its credit loss
provisions.
The company (WB) reported a total third-quarter loss of $23.9 billion, or $11.09
a share. In the [...]
Ambac Responds to Article Related to Its Second Lien RMBS Exposure
NEW YORK, May 22, 2008 (BUSINESS WIRE) — Ambac Financial Group, Inc. (ABK)
(Ambac) today responded to a Credit Sights article published on May 21, 2008 that
calls into question the current level of Ambac’s loss reserves on its second lien
RMBS exposure. In the article Credit Sights [...]
SAN FRANCISCO (MarketWatch) — Moody’s on Thursday reiterated its negative
outlook on Ambac Assurance Corp.’s Aaa insurance financial strength rating in the
wake of its parent Ambac Financial Group’s earnings release earlier this week.
Moody’s noted that Ambac’s incurred losses in its direct RMBS portfolio and ABS
CDO portfolio are somewhat higher than the ratings agency’s estimates, but remain
below [...]
One of the better works out there that attempts arguing against the idea of gold being an investment is Peter L. Bernstein’s “The Power of Gold - The History of an Obsession”
I encourage everyone to read the book to understand the arguments against gold, because Mr. Bernstein has done a good job of illustrating [...]
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