Naz News, Gappers and FLE's

[mcmike]

D day is Friday

according to various news releases
i think the markets have basically priced in the worst possible outcome
that those danged financial WMDs are going to blow up the financial bastions of institutions around the globe

however, the spectre of an insolvent Iceland, and other turmoil could send us down more

Asian markets were in free fall in their Friday sessions.

maybe i didn't atone enough?

http://blogs.wsj.com/marketbeat/2008/10/09/the-looming-lehman-cds-unwind/

note the first reply on that blog:
"Interesting that the fed is so concerned. How much of the $400 billion is a “true hedge” and how much represents the equivalent of Las Vegas gambling? It’s a sad commentary on our financial system and government that the Fed has to get involved to help settle “gambling debts”."

did anyone see that the CDSs for fannie & freddie were priced?
http://www.efinancialnews.com/homepage/content/2452085102

October 10, 2008
Banks still too delicate to start lending again
"Some were particularly nervous before today’s auction of Lehman credit default swaps. Until the auction is completed the banks do not know how much they would have to pay out or receive on the contracts after the collapse of the Wall Street bank.

The implosion of the Icelandic banking system has not helped matters, either.

Yesterday Landsbanki, one of the three banks to be nationalised by the Icelandic Government, launched a fire sale of about €600 million of loans that funded private equity buyouts.

UK banks hold loans for some of the same buyouts and may have to write down the value of those loans to the price that Kaupthing receives. "
http://business.timesonline.co.uk/tol/business/columnists/article4917039.ece