Great, finally we learn where those few trillion $$$ of rotten debt (IWF) still floating around in the financial system have gone in the meantime (just kidding)
btw, I have not understood yet how conversion of preferred to common shares helps to fill in holes in the balance sheets, it does not generate one single extra dollar, does it ?
---------------------------------------------------------
message of today:
Consumer Credit Falls a Record $11.1 Billion in March
By: Reuters | 07 May 2009 | 03:20 PM ET
U.S. consumer borrowing fell more than expected in March, plunging a record $11.1 billion, a Federal Reserve report showed on Thursday.
March consumer credit fell at an annual rate of 5.2 percent to a total of $2.55 trillion. This was the biggest percentage drop since December 1990.
