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Message
re: "Mark To Make Believe"
Posted on 3/4/09 at 8:05 pm to LeonPhelps
Posted on 3/4/09 at 8:05 pm to LeonPhelps
quote:
I'm pretty sure the market for your house on fire is the same as our current stock market which means if no one wants to buy it gets marked down to zero.
That is not how it works, fortunately.
1
Posted on 3/4/09 at 9:17 pm to kfizzle85
All I got from it is that the level 3 bullshite is just that - bullshite. I'm for getting rid of all of that crap. Mark EVERYTHING to market. If the bid is zero, then you're fricked. If I'm carrying a margin balance, I have to mark to market EVERY DAY. Scottrade doesn't care how thinly traded my stock is or what my assumptions about it are. If I exceed margin requirements, I have to put up capital or sell something. If banks had been held to those rules for the last 3 years, we wouldn't be where we are now.
ETA: and FWIW I will make a market in any CDO with a bid of $1. Consider this a published bid.
ETA: and FWIW I will make a market in any CDO with a bid of $1. Consider this a published bid.
This post was edited on 3/4/09 at 9:19 pm
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