Sunday, November 23, 2008

EVEN MORE HIDDEN STUFF

It's hard to "restore confidence in the markets" when major players are allowed to keep a LOT of stuff OFF THEIR BOOKS. BTW, how did the WSJ find out and why didn't the NYT or Bloomberg?
Bailout Talks Accelerate for Ailing Citigroup
Billions in Toxic Assets May Be Removed; New Phase for Government Bank Rescue
NOVEMBER 24, 2008
By DAVID ENRICH, CARRICK MOLLENKAMP and MATTHIAS RIEKER
Wall Street Journal

In addition to $2 trillion in assets it has on its balance sheet, it has another $1.23 trillion in entities that aren't reflected there. Some of those assets are tied to mortgages, and investors have worried they could cause heavy losses if they are brought back on the company's books.

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