A cash investor suffers but a single loss; a mark-to-market counterparty suffers a thousand losses.
Each mark-to-market of one of those Warren Buffett-ish “weapons of mass destruction” is a mini-Hiroshima for one counterparty and, when the market zigzags the other way, a mini-Nagasaki for the other counterparty. All before Enola Gay has left the tarmac.
Each mark-to-market of one of those Warren Buffett-ish “weapons of mass destruction” is a mini-Hiroshima for one counterparty and, when the market zigzags the other way, a mini-Nagasaki for the other counterparty. All before Enola Gay has left the tarmac.
The federales are applying torniquets to the banks before checking to see if the cuts are arterial.
JRB
3/1/09
JRB
3/1/09
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