A BRADY-PLAN FOR RMBS
Here is one of the most important or interesting stories of the past weeks.
CIBC offloads the downside risk on its CDOs, selling it to Cerberus.
To my eyes, this lends credibility to the notion that this is what the government ought to do for the banks of America. That is, a Brady-plan for RMBS (residential mortgage-backed securities).
Monday, October 13, 2008
The Value of Certainty
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