Hmmm, the speculation is an interesting distraction for the day. Let's consult the crystal ball... or better yet let's dial 1-900-Psychics. Surely they know something we don't know.

Hey, even better, I don't know why I didn't think of it earlier... I'll consult the trusty Magic Eight Ball in my drawer for an affirmation...

LOL

 

I think the big dogs at Soloman used to consult an 8 ball whenever they wanted to figure something out.

-------------- Either you sling crack rock or you got a wicked jump shot
 
Best Response

Yeah I'm seriously hoping it's Bear. Even if Lehman went under it would be a catastrophe. The reason why I said HSBC is that these guys are holding on to the lowest tranches of subprime debt. They believed that their fund managers were better than anyone else and that's why they were holding on to this stuff on their balance sheet. All the other banks (citi, barclays, etc.) had sold it to the buyside. BNP money market funds stopped redemptions, and they were holding AAA-rated subprime. Imagine the valuations on the lower tranches. What's even more scary is that HSBC is holding these on their balance sheet so there is a possibility of the bank failing, and not just investors losing money. If HSBC failed, it would bring down thousands of other commercial banks around the world including Citigroup, which in turn would bring down most of Wall Street and...

OK you know what, this is too depressing, it better be Bear!

 

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