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ACA maybe testing new lows....IMHO

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twk000jester   Sunday, 12/09/07 10:53:20 AM
Re: mkinhaw post# 13
Post # of 25 
ACA maybe testing new lows....IMHO

a few snips

"...CIBC resurrected its well-worn reputation as the bank most likely to walk into a sharp object. The bank confirmed it has $9.8-billion (U.S.) worth of hedged exposure to the crumbling subprime mortgage market, and warned it could suffer "significant future losses" because of these positions. That number, which doesn't include an additional $741-million worth of unhedged exposure, was far greater than predicted, and several times higher than any of the other Canadian banks...."

"...Other analysts suggested the number could be even higher if ACA Capital Holdings Inc., a shaky bond insurer with which CIBC has $3.5-billion in exposure, tumbles into bankruptcy...."

"...What investors are focusing on, however, is $3.5-billion worth of exposure that is thought to be hedged with ACA. These assets have already declined by half in value, meaning that ACA would owe CIBC $1.7-billion. These assets have likely deteriorated even further in recent months, and the question now is how much, if any, money will ACA be able to pay...."

"...How does CIBC get this big of an exposure in the first place?" asked another analyst. "And why $3.5-billion to one counterparty? These are two massive mistakes, and they're going to pay the price...."

Link - http://www.theglobeandmail.com/servlet/story/LAC.20071207.RCIBC07/TPStory/Business


Dollar Danger, Will Robinson! Dollar Danger!


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