I know I've already had a post today, but this had to be commented upon:
So tell me, if the CEO's of CitiGroup, BofA, and Bear Stearns are all telling us that the market has stabilized, why are the world's major investment banks coming together to form a liquid fund of $75 billion to hedge against sub prime debt securities? So far we've had write downs of $20 billion, and the hedge is 75, the coming sub prime disaster seems to have no bottom.
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