ajtj99's Market Pulse

[rich ruscio]

There's a new White Stripes CD (Icky Thump, recommended), and the last song on it is called Effect and Cause. From that ...


well you can't take the effect
and make it the cause
i didn't rob a bank
cos you made up the law
blame me for robbing peter
don't you blame paul
can't take the effect
and make it the cause

Why did BNP Paribas halt withdrawals (for three investment funds)?
"On August 7 BNP Paribas suspended the funds, which had made investments linked to risky US subprime home loans, because of difficulties in valuing them"

Oh, my, like it was possible to value them the day before? Week before? Month before?

But, now ...

French banking giant BNP Paribas said on Thursday it plans to unblock three of its investment funds, whose suspension earlier in the month sparked turmoil on global stock markets.

On August 7 BNP Paribas suspended the funds, which had made investments linked to risky US subprime home loans, because of difficulties in valuing them.

In a statement the bank said the "conditions had been met" for valuing them and that the funds would be unblocked on August 28 and 30.

"BNP Paribas Investment Partners has drawn up a methodology allowing, as it committed itself at the outset to do, to resume the process of subcriptions and redemptions," the subsidiary said in a statement.

here's the news link. There's lots of them, too
http://www.afp.com/english/news/stories/070823181745.eb1luz9s.html

Now, I'm not a forensic accountant, but I played one at a big Corporation, but that's just BS.

And, while I haven't seen much about the ECB, all the Fed did was REPO's, and they've been pretty good about draining. Hell, M3, uncalculatable at an affordable cost, is pretty flat for a long time now.

I still think that I don't know what, if any, event caused all this to happen. All that sub-prime sludge is still around, just like it has been for a year or three, and just like it will be a year or three from now.

No news == real ripoff.

AIMHO,

rr