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At $82.3 billion, Goldman Sachs Level 3 assets are more than twice its capital. This is not therefore a peripheral problem, which can be allowed to remain hidden within the arcana of accounting conferences. The reality is that, as was demonstrated in the true recessions of 1973-74 and 1980-82 but not in the mere dips of 1990-92 and 2001-02, the value of highly illiquid Level 3 assets taken on at the peak of a bull market is pretty well a big fat zero
2. Secondly, the region's central banks should collaborate to dump billions of US Treasuries, federal agency securities, European government bonds and mortgage-related securities over the next few weeks. This will push yields up sharply across G7 and serve notice of a buyer's strike.
Banks must disclose the size of their debts from poor quality home loans, Gordon Brown said on Wednesday night, amid signs that the impact of the global credit crisis may be even worse than suspected.
I feel for those who thought they were going to enter their retirement and continue to enjoy thos things they've known thier entire lives.
THE HAL TURNER SHOW HAS LEARNED THAT TWO MAJOR U.S. BANKS HAVE "FROZEN" ALL THEIR "LINE OF CREDIT" ACCOUNTS -- CUSTOMERS MAY NOT BE ABLE TO USE THOSE LINES OF CREDIT ANYMORE. . . .
This is ominous because it is clear evidence that both Banks may no longer have enough resources to meet their customer credit needs. These two major banks may be COLLAPSING.
The information I received indicates that Bank of America and Wachovia are the two banks which took this action.
One of the most important barometers of the world's financial health could be sending false signals....bankers and traders are expressing concerns that the London inter-bank offered rate, known as Libor, is becoming unreliable.